All Forum Posts by: Toby Khan

I think as rates go up it will turn into buyer's market. I am already seeing days on market much higher than 3 months ago along with price drop week after week. 

Thank you guys for all these valuable suggestions. Would it be safe to say one LLC for upto $1M equity.

Hey guys,

We have more than 20 properties in one LLC. As we are buying more properties in Kansas I'm thinking if we should connect with a local CPA down there to have another LLC based in Kansas then newly bought properties to be under that LLC. What's the rule of thumb for how many properties to be in one LLC (best practices for risk and fees).
Any advice would be appreciated. 

Toby

@Arsen Atanasovski Thank you so much for sharing your experience. 

Hey guys-received this info from a potential insurance agent (I have not looked at this deep level on insurance policies before), Any thoughts or opinions on what you nice people use when it comes to your rentals would be highly appreciated-

The proposal may be adjusted for coverage such as;1. Dwelling limits - the amount provided is system generated - calculated by sqft and building type/material. You may want/need more or less coverage for replacement cost depending on the value that you would like. Let's discuss this.2. DP3, DP2, DP1 type of policy - the quote provided is a DP3 policy which means it provides the broadest coverage when it comes to causes of loss. A DP2 and DP1 policy provides less coverage and would mean that the losses would need to fall within a certain type to be covered. This type of policy may also not provide 'loss of rents' or loss of income to you if your tenant is not able to live in the property due to a covered loss. Some agents like to provide this coverage because the premium is less but it may not pay out when you have a loss. We could address your concerns and if this fits your needs we can make adjustments and lower your premium. 3. Carrier - When we spoke it seems that the best fit for your needs was Travelers. We do have other carriers that we can consider as well. The only one that would not work would be State Auto. State Auto is the company that I quoted the other locations with and are competitive. State Auto no longer insures quadplexes, they only insure single homes and duplexes only. They do have competitive rates and are great for the other properties but not your new quadplex. 4. Coverage adjustments also apply to the other locations if you would like more competitive rates. We can make slight adjustments to the proposals from State Auto so that you can be more profitable with your investments.

Toby

Yep fees are there but I mean theirs is higher than others. Is your experience from recent months?

@Arsen Atanasovski did you have good experience? Assuming once the closing takes place there wouldn’t be much going on other than making payments in the debt but from what I heard it’s their prolong closing time and the fees that investors hate the most.

Hey guys,

Has anyone used Finance of America Commercial LLC-it seems that they are very slow to be able to close and communication has been close to non existent. We have some investor in MN who mentioned to run away from them as fast as possible. I wanted to see if anyone had a better experience with that particular lender.

Toby

Lots of great info here! thank you guys!!

Hey guys,

My background is in software and my circle of folks are also in the software niche (aside from real estate). This evening I was thinking of existing real estate related issues that can be solved by software tools by building the tool using software language to serve investors or agents or property managers or anyone who is in real estate space. 

Real estate investment calculations can be done using BP calculators or a lot of seasoned investors have the custom calculator built in their sites. So may be that's not something needing solved. But may be how to automate the process of buying/selling a property can be fully automated where the app will remind you the steps (each day what needs to be done) along with timer that shows certain days left (for buyer) to complete inspection (usually 14 days when offer is excepted if inspection contingency is in place), appraisal & closing.

Feel free to share anything that comes to your mind, something you would like solved. I can work on it and hopefully have a tool for folks to use it to make the transactions easier.

Thanks

Toby