All Forum Posts by: Tobey Porter

Let me start by saying we are not judgmental people; this post isn't meant to be shaming.  We have a tenant who I would guess is up over 400 lbs.  His toilet split the other day.  We hadn't given any consideration to toilet weight limits until the plumber brought it up with our property manager.  Obviously this is a touchy situation, but we're just looking for options on how to handle it.  We're worried we may have to start replacing toilets every 6 months and are trying to avoid that expense if possible. 

Hello - as for your question about the realtor, I would do a little research and find one who deals with investors.  Our realtor deals with everything but his most attractive quality is he has been investing in the area for 30 years so knows the rental market like the back of his hand.

Also, if you plan on investing in Indiana, you may want to verify something.  When we were looking to invest there a few years ago, Indiana doubled your property taxes on any non-owner occupied property.  Not sure if that still holds true but that is definitely something to take into account when running your numbers.

*Title Correction "partnership" deal*

I'm looking for some advice on a potential deal.  We've found a couple multi-unit properties but are short on a down payment.  We know people who are willing to help with that, but we are curious how to structure the deal and split the money.

I'm sure there are different options, but curious some opinions.  Would we split the monthly cashflow evenly, or based on the percentage invested. 

Being new, we're just not sure how to do a deal like this and make sure we are fair to both parties.

Thanks in advance

Thanks @Sam Eligwe.  I was able to find one through some co-workers of mine.

Some banks will want you to differentiate the usage of the property.  If you purchase it as a vacation/rental property, banks may require the typical 25% down for an investment property.  If you purchase it as a 2nd home, you can find lenders that will go down to 5 or 10%.  A lot depends on how you will use it.  You may want to talk to a CPA because they have different tax advantages/disadvantages as well.

We've opened a few accounts for LLCs with a couple different banks and both required my SSN.

@Stephen David Smith Jr. - I'll direct message you my email.  Thanks.

Hello - I'm looking for a recommendation for a RE attorney in the Sarasota area.

Thank you.

@Dan Schwartz - Thanks for your thoughts.  Really appreciate it.

@Jason Hirko - we do have the loan contingency and it specifically talks about a low appraisal.