All Forum Posts by: Nicholas Lovric

I’m looking for an AI program that specializes in local markets to make sure I’m setting markets rents appropriately. Anyone have any suggestions?

Hey Investors,

One of my biggest learnings when buying a apartment buildings (5+ units), Close in the first week of January if possible. This cost me $15k additional.

Two things you’ll benefit from:

1. Before buying the property, The city valued the property at $1.1M and I paid $1.7M. We closed December 2nd 2019. Because we closed in 2019, the school system appealed my taxes to be raised on a value at $1.7M and won. In commercial real estate, you pay 2019 property taxes in 2020. Therefore, in my situation, I had to pay an additional $15k for my 2019 property taxes. If I would have waited one month, I would have saved $15k. No matter what my property taxes were going up based on what I paid and I knew this for 2020 property taxes but didn’t realize this was also the case for my 2019 property taxes.

2. This can apply for any beginning of a month closing, not just January. At closing all rent will be prorated, meaning you’re guaranteed that rent. You don’t have to chase tenants down.

Hopefully this helps

Cheers

Nick

I have one Limited partnership created which I run my 48 unit under. I'm looking to buy more and everyone I talk to says I need to keep each property in its own LLC for liability purposes. If I do this, The next LLC I create will not have any history prior to purchasing the property.

What are banks/lenders requirements when I create a new LLC for an acquisition? Does this newly created LLC need historic financials? What are best practices for acquiring my second commercial $1M+ property on the topic of LLCs from a lenders standpoint?

Any advice would be greatly appreciated

Cheers,

Nick

Thanks Bill for the advice! Before they do anything, they have to consult their accountant and run the numbers. 

Thanks Sean for the advice! We will have to put one of these strategies in place. 

Hey BP Friends, 

I’m looking to purchase a multifamily (56 unit) from sellers who acquired it with 1031 exchange proceeds. They want to seller finance it and aren’t sure if they would have to pay out all the deferred taxes all at once or over the period of the loan? Any insights would be greatly appreciated.

Cheers,

Nick 

Whatever area you're looking in, search in google realtors in the area. Then, go through each one and call them. Find the realtor that knows the market, isn't pushy and has a constant pipeline or might know of someone looking to sell. I spent 2 years finding the right realtor in the market I wanted to invest in when I bought my 48 unit. Do the heavy lifting upfront and persistence will always overcome resistance. 

Thanks Steve!!! It’s definitely something for me to consider. I had no idea these existed! Thanks!

Nick 

Hey Bigger Pockets peeps,

A big shout out to Bigger Pockets, Thank You for helping me hit my goal in purchasing a 48 unit apartment complex in Canton, Ohio. I'm a big advocate of BP and couldn't have done it without your support. Thank You!!!

This is my first post to the forum. To give context, the contract ended with the current coin laundry supplier which didn't make sense continuing the service. I'm in the market to purchase 8 electric stack-able coin laundry machines. Ideally, I would purchase 4 machines now and 4 more in 3 months as my cash flow increased. I'm looking for advice on what companies I should be looking to team up with or companies I should stay clear from. Any advice would be greatly appreciated.

Cheers,

Nick Lovric