All Forum Posts by: Todd M.

Hey everyone,

I'm in the process of purchasing a multi-family apartment building and just discovered none of the current tenants have any kind of move-in inspection.  A bit weird for me.  I'm use to a move-in inspection documenting the condition of everything at time of move-in.  Now, I'm imaging a scenario when every one of these tenants move out that I'll be paying their entire security deposit + interest even if there are damages beyond normal wear and tear.  Example of what a tenant might say - this 2x2' stain on 2 year old carpet was already there when I moved in.  

Any words of wisdom for this situation? 

I had my LoI accepted on a 17 unit building this week!  Big step for me.

I'm looking for MN based RE attorney to help review and consult on the upcoming purchase agreement.

Any suggestions?

I familiar with saying you get what you pay for, but what should I be expecting to pay?  roughly

Thanks in advance

Thanks for replies so far!  Seems I missed an important details, my bad.  

The mortgage is still in my personal name.  Quit claim was just for public records.  

Hey everybody,

I've held an investment property (4-plex) for years and have built up some equity.  I'd like to access this equity through a Home Equity Loan (HEL) and use it to make downpayment on another investment property purchase (12 unit bldg).

I bought this 4-plex in my personal name with a conventional mortgage . After closing, I quit claimed it to an LLC.

Does this sound familiar?  Pretty common strategy as I understand.

Does anyone know if I'll have to quit claim it back to my personal name in order to obtain a HEL?   Or, can I avoid the quit claim back?   

Also, if anyone has recommendations for HEL providers, I'm just starting my search.

Thanks in advance,

Todd

Heyo,

I'm getting lost in trust, LLCs, series LLC, umbrella policies, etc. Been searching all over hell and back, so it's time to reach out for suggestions.

Here's my situation and what I'm ultimately hoping to do.

Situation

Property 1: I operate this property in an LLC and it's cashflowing nicely. (bought the property personally about 15 years ago, quit claimed it to the LLC.)

Property 2: I operate a this property in a different LLC and it is NOT cashflowing. (again, bought the property personally, quit claimed it to the LLC)

What I'm wondering about is getting Property 1 to help Property 2 financially.  As in, have Property 1 pay for Property 2 mortgage until Property 2 cashflows better.

I'm guessing there is going to be ways to do it, but with possible liability exposure trade-offs, but I don't know.

Does my description and what I'm hoping to do make sense?  

Happy to help clarify anything.  

Happy Thanksgiving,

Todd

Hi everyone,

I have a duplex financed in my name, but then I transferred title to single owner LLC with a quit claim deed.

Now, I'm thinking of selling this duplex FSBO. (Never done FSBO before)

Do I need to quit claim the property back to me?  If so, when?

Also, definitely not as important as questions above, but for those experienced in something likes this, let me know any book / online recommendations for FSBO. Still not sure I'm going to do it, but the market in my area seems like a good time to try.

Thanks in advance

I'm on the RentalHero trial right now and coming from Quickbooks at $70 / month for only 2 properties.  So far I'm really liking RentalHero and hope it could work for me.  That's some serious monthly savings.  

But, from this thread above, I'm wondering if not having Balance Sheet a big deal?  Or, is there a manual workaround like keeping track in a Google Sheet or Excel?  

Hi,

Any recommendations for property managers in Minneapolis?  

I need to find one for my duplex and four-plex.  I prefer to pay a percentage of rent vs. per door fee.  Ideally, the company could take of lawn and snow removal as well as finding tenants, maintenance requests, etc.

Thanks in advance!

Good to know, thanks! I have a fourplex and a duplex held in an LLC. Didn't know about 5+

Any recommendations on bankers to connect with?

I have 4 traditional mortgages and looking buy another multi-family or commercial investment property.  I believe I need to find a bank that provides portfolio loans, right?  Or smaller banks which hold the loan.

Any recommendations for banks in Minnesota... in or near Minneapolis?

I have over 5 years REI experience. It sounds good to work with a local banker and consider the investment itself rather than a deep dive of my debt to income. I understand I can hope for up to 70% LTV.

Thanks in advance,

Todd