All Forum Posts by: Joanne Szewc

Can a Property Manager apply their fees against a tenant security deposit even though the tenant has not moved out during that transition time of property Management?  

Also, as an owner, I was not provided all the Fees that the PM was giving tenants.  Are there not any rules / regulations on what and how much fees can be accumulated to a tenant?

“Any Advice for living that close to a tenant? “

Tenants -set the boundaries and all can be well.  Be specific on how and when to contact in issues , which is same for getting calls and texts actually.  Being next door, tenants can be better in maintaining there 1/2 since you see it every day.  And as mentioned above, screening is key.

“Any Advice on what I should look at for potential location? “

Location depends on what you are looking for : schools, jobs, etc. 

“ What concerns should I be aware of that are common with duplexes?”

Almost all is similar as any residential.  The fex things to know is utility metering, yard seperation, and possibly parking.

Join in on local real estate groups, many are free.  You can use the app meetup to find most.   Great way to network amd learn.

I believe their are some rulings with Mac /Mae and banks on number of mortgages, not necessarily number of properties as not all properties have mortgages per person. I don't have the logistics for it, and wasn't sure if HELOC was part of the limitation.

Hi Kent,  Here is my opinion/input to your questions:

1. Reasonable potential, numbers fairly accurate.

2. Agree: 2bedroom and 1 bedroom mix in a quad would be best (i would go with 2 of each).

3. Not familiar with new building codes, however, I would say that  you are on target that renters rarely care for such and sometimes may become an issue for maintenance costs etc.  This one you would need to do the math on it, to see what best fits your pocket.

4. Will PM you.

Consider the extra steps for your operations (bookkeeping, operating agreements) and if that is worth it.  County records are public and one can obtain ownership information.  Plus consider that in a legal dispute, the lawyers should be able to obtain information and could then each entity be claimed against.  Additionally, review rental agreement and current laws as I believe that rental agreements require for owner to be disclosed.

@Stephen Phan - replied via PM on contact info.

1. What fees can I expect?

       Fees for 1031 can depend on how many buildings are you selling and buying and your choice of 1031 option.

2. What are the challenges of getting approved for a commercial loan

I had no challenge to obtain approval for a 1031. In the midst of one, and only challenge was not able to use series llc for acquisition property.

3.) Is it difficult to get approved for 2 separate buildings simultaneously for our 1031?

Not sure since mine is several independent buildings sales for exchange of one property containing 2 buildings.

4.) Any great lenders that are highly competent, efficient, accessible, with reasonable prices you can refer?

I used a broker and he worked well with finding reasonably good loan options.

5.) any other info on this process is welcomed!

I am open to a phone conversation as the process can have many what if scenerios. 

I use and like Profit Realty in San Antonio.

@Eric Barnett  here are some of my experiences and thoughts:

I originally had started with a LLC, and then upon time, learning of series LLC, created a series . All new acquisitions are directly into the Series LLC, however, in applying for a commercial loan for a multi-family, the bank would not "loan" to a series llc, not the "child" nor the "parent". There are banks that will, however the rates tend to be higher. So with having the original LLC I was able to resolve quickly.

As for closing a deal into a series, use the Series Name (ex: "Name LLC - Series A") at closing. This eliminates the deeding process after a close, also be aware of any loan agreement on re-deeding issues. To help with being anonymous, can do a DBA name on the series A such as "Street Apartments". If you use a property manager that further helps.

As for series llc documents, yes the operating/company agreement would have the series llc each listed or amended to it.  Best to have this prior to purchasing so that you can purchase into the series directly.

The trust I think is the best solution should a rental property already exist in your name (especially with a loan on it) and want to move it to the series.

As for accounting it depends if the LLC is sole member or not on Schedules vs K1 and such.

Hope it helps a bit.