All Forum Posts by: Victor Patel

Yes, you can proceed. This type of transaction occurs frequently. It's not a personal sale between you and your son, but rather a sale from one LLC to another. Whether it's considered an arm's length transaction is debatable, but it's not illegal.

Move forward with the sale and ensure full transparency with all involved parties, including your CPA. As long as your intentions are clear and honest, you should be fine.

Erin,

Were you able to find insurance?  If not, feel free to reach out.  I can put in touch with a couple of local insurance agencies.  

Curb appeal is certainly important.  What appears to be great "curb appeal" to one person might be overwhelming to another.  It's all in the eye of the beholder.  The new buyer could certainly scale back on the "curb appeal".  I don't think that would be a deal breaker.   Just my 2 cents.

Owen,  

Pursuing a career as a realtor can be incredibly rewarding, but it's not as simple as it may seem, especially in the early stages. Both @Nathan Gesner and @Lauren Stark have provided valuable insights on this.

One potential path for you is to join an established team to gain experience. While the initial years might not be financially lucrative, the knowledge and skills you acquire will be invaluable. By working with a high-performing team, you can absorb as much as possible. After a few years, you can branch out on your own and even build your own team!

Real estate can be a fantastic career if you dedicate the time and effort to learn thoroughly. This dedication can help you avoid becoming part of the 70%-80% of new agents who leave the industry within their first couple of years.

No, No, No.  As an investor and a commercial real estate broker I would not expect a buyer  to spend a dime on due diligence unless the buyer/seller come to an agreement on a purchase contract.

How about a lower price but with a slightly higher interest rate?  Your payment may remain about the same as the original deal!

 Patricia,

I wouldn’t rely solely on the seller’s agent, as they are only sharing information provided by the seller and represent the seller’s interests, not yours. It’s crucial to conduct your own due diligence, especially when it comes to rent comparisons and property sale prices. Consider hiring a buyer’s agent to represent your interests.

That said, properties with underperforming tenants could present an opportunity. You might choose not to renew leases, make improvements, and then raise rents after taking over. I’ve seen many buyers successfully execute this strategy over the years, turning such properties into valuable investments.

Kenny,

As a lifelong real estate investor and a broker with over 30 years of experience specializing in multi-family properties, I can confidently say that success in this field is all about building relationships. Spend time where sellers and brokers gather. Attend local real estate investor (REI) meetings and get to know people. Don't focus on buying or selling right away—just connect and build trust.

Both brokers and sellers prefer doing business with those they know and trust. Once you establish these relationships, deals will start coming your way effortlessly. It takes time and patience, but the long-term benefits are well worth it.

I’ve personally gained invaluable knowledge, listings, and deals from friendships I’ve built over the years.

The more people you engage with, the faster you’ll achieve your goals!

Karin,

I know I’m a bit late to this post, but I’d like to offer some advice for your future investments. I’ve been a real estate broker specializing in multi-family properties in the Cincinnati, OH market for over 20 years.

While I’m not sure where you’re located, in Hamilton County, OH, where I work, the county auditor’s website provides land usage codes for all properties. Each property type—whether a single-family home, duplex, triplex, or quad—has its own code. It only takes about 30 seconds to look this up.

I highly recommend verifying this information yourself rather than relying on the seller, broker, or anyone else. If there’s a discrepancy between the usage type listed on the auditor’s website and what’s being marketed, don’t hesitate to ask questions. Doing this can save you time, money, and a lot of frustration in the long run.

Hope this helps!

Not every real estate agent is an investor, and not every agent focuses on 1-4 unit properties, let alone has the ability to purchase them. I've been specializing in multi-family properties for over 20 years, and during that time, I've personally acquired just four multi-family properties. It's a niche I genuinely enjoy, and that's why I focus exclusively on it. I don't sell single-family homes or any other types of property, though I do own other commercial real estate.

If you're looking to invest in multi-family properties, it's crucial to work with an agent who specializes in that market. They’ll have stronger connections with both buyers and sellers, which can open up more opportunities for you!