All Forum Posts by: Tim Chiu

Hello,

Does anyone have experience where some transfer funds were missed since it was not captured in the rent roll provided by seller?

The specific situation is that an inherited tenant moved out at the end of their lease. This tenant remembered paying double deposit, but looking at the rent roll and signed lease they only paid one month rent for security deposit. Digging into the paperwork a bit more we found a hand written break down in the corner of welcome letter that stated a Last Month Rent was paid at signing. Since this was not disclosed from the seller in the Rent roll we did not validate this information when going through the documents.

Any suggestion is appreciated and if there are regulations where the seller is responsible for misrepresenting or not clearly documenting funds that need to be transferred to buyer.

Thank you

Hello, Does anyone have experience where some transfer funds were missed since it was not captured in the rent roll provided by seller? The specific situation is that an inherited tenant moved out at the end of their lease. This tenant remembered paying double deposit, but looking at the rent roll and signed lease they only paid one month rent for security deposit. Digging into the paperwork a bit more we found a hand written break down in the corner of welcome letter that stated a Last Month Rent was paid at signing. Since this was not disclosed from the seller in the Rent roll we did not validate this information when going through the documents. Any suggestion is appreciated and if there are regulations where the seller is responsible for misrepresenting or not clearly documenting funds that need to be transferred to buyer. Thank you.

Hello, it will be great if someone can recommend Property Management Companies in the Portage Wisconsin area.  It will be ideal if they currently manage 50+ unit multifamily buildings.

Thanks!

Hello, It will be great if people can recommend property management companies in Milwaukee Wisconsin area for multifamily properties in 20-50 unit range. Thanks, Tim

Hello, It will be great if people can recommend property management companies in Milwaukee Wisconsin area for multifamily properties in 20-50 unit range. Thanks, Tim

Hello all,

I would think this is rather common but I would appreciate it if someone have this experience and can chime in on the topic.

I have two properties that I would like to sell and have 1031 exchange into a larger property.  These two properties resides in two different states and the current plan is to have the local title companies that process the closing do the 1031 exchange for each property as well.

I think it should be fine to define the same property for each exchange and roll them into a single purchase.

Any feedback is appreciated.

Thanks!
Tim

Thanks @Dave Foster and @Chris Heeren.  I will contact the the title companies.

Hello, it'll be greatly appreciated if you can share some contacts that you have worked with for 1031 exchange services.  I am in Wisconsin so someone in the state will be great.

Thanks!

Tim

Hello, I am wondering if anyone has experience putting together a deal involving multiple domestic and international investors using a LLC. For example, 5-7 partners get together on investing a $5 million dollar apartment complex. Other than the obvious that the international investor would need to have a US tax ID and bank account, is there anything that would be needed? Thanks much, Tim

Hi Brad, on the number side of things it looks like you meet the 2% rule which typically means the property will cash flow.  And it is also more typical to find those in C and D areas.  I personally havent invested much in C or D areas due to the tenants that you would normally attract there.  I am not familiar with the area you are looking at but in general you would expect lower quality tenants with higher turnovers.  It may be more difficult to find good tenants as well as good property management companies that will take the job.  And if you are having issues with property management companies would you be willing and want to manage that property by yourself?  Also I would be concerned with the neighboring properties and residents. If those properties are badly managed it will affect the tenants you can attract as well.  In terms of umbrella insurance, it is different for your own personal home vs the rental. 

Thanks,

Tim