All Forum Posts by: Vern M.

@Ned Carey

That is precisely the problem that I was having. So going down to the zoning office has been added to much due diligence list of things to do.

Thanks

@Stephanie Potter

So if I understand you correctly, I could buy the property as an LLC using a HML, then be able to convert the property over, (to what type of prop?) and then be able to get a conventional loan.

If using a LLC is there to separate my personal and business assets/liabilities, how do I convert the prop so that it doesn't look like my personal and business are one?

(hope I explained my question right)

that is such a relief!  I don't mind the footwork, I just want to be sure I'm going in the right direction.

Thanks alot

Okay, so I read a discussion in a little while ago that hovered around my current issue but I didn't quite get the definitive answer that I was looking for.

"Do HMLs only lend to LLC's?"

I've spoken with 4 today and I have 6 lined up to call tomorrow and so far all have said that don't lend to "people".

If this is not the case, then cool, I'll keep hunting on.

If this is true, is there a way to purchase with LLC and then convert, gift, sell, (something) in order to refinance with a conventional loan?

Else, I am going to have to look at alternative options to fund my purchase and rehab.

Thank you all in advance

Okay, so this was a great discussion that hovered around my current issue but I didn't quite get the definitive answer that I was looking for. 

"Do HMLs only lend to LLC's?"

I've spoken with 4 today and I have 6 lined up to call tomorrow and so far all have said that don't lend to "people". 

If this is not the case, then cool, I'll keep hunting on.

If this is true, is there a way to purchase with LLC and then convert, gift, sell, (something) in order to refinance with a conventional loan?

Else, I am going to have to look at alternative options to fund my purchase and rehab.

Thank you all in advance

I'm partial to the mini blinds. they're cheap enough so the tenant can buy their own and replace damaged ones before move out.

I would move someone in ASAP.  Its costing you money just carrying it for that month, thats also lost income that's will affect your year end budget, and you don't know if they'll find a better deal, or lose their deposit in July.

I agree with Colleen F.  I managed one site that had a resident with a Rottweiler as a service dog, even though that was a prohibited animal on the site. We stated that she had to prove that it was in fact a service animal , certified and in what capacity.  Turned out she had no documentation other than it being trained in pet smart.

We didn't have pet fees, but we made sure that we walked the apartment, during move in, with a uv light to ensure everyone knew that we would be charging for animal damages at move out.

We are about to start visiting a few more sites in anticipation of closing our first deal. But have some questions:

We plan on using HML for our first prop. When we refinance, are there any incentives offered by either the city or banks, that we would benefit from? We do plan on marketing to voucher holders and vets.

How do we confirm that a building, that looks like its for 3 apartments, is in fact zoned for 3 apts?

Thanks

I usually take a photo of all damage, and break down bill for parts and labor. For capital item replacements, they only pay the pro rata portion of the original item. (fridge, carpet, etc)