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26 January 2020 | 1 reply
We’ve turned a lot of business away lately and have started considering third-party property management as a mutually beneficial way to expand our offerings.
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25 January 2020 | 12 replies
Ideally, I give them three choices, all of which make me happy, and they pick which one.Example:Offer 1 - All cash.
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27 January 2020 | 5 replies
Vetting who you work with and making a smart choice is imperative.
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26 January 2020 | 1 reply
Here is how my management services agreement is structured: 1) Define terms ("manager", "properties", "portfolio", etc)2) Term length3) Authority of Manager- specifically spells out what the manager can do on behalf of owner (and exclusivity)4) Responsibilities of Manager5) Responsibilities of Owner6) Property Maintenance (spending limits and expectations)7) Compensation (spells out ALL fees that I would ever charge an owner)8) Liability and Indemnification (protective of Manager which is industry standard at least in my region)9) Insurance requirements for owner10) Leasing (how manager will acquire tenants, non-discrimination)11) Termination (notice requirements, etc)12) Legal stuff (choice of law, merger clause, notice, etc)Hope this is helpful I can expand on these if you're interested more
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25 January 2020 | 1 reply
I know you do not need a real estate license, but do you think it is beneficial?
28 January 2020 | 9 replies
This is definitely new to me, so an outside input is always appreciated before I look too far into something that may not be as beneficial as I initially expected.
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11 February 2020 | 8 replies
The second choice is to refi the first property to 25% equity and consider it as an investment property.
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25 January 2020 | 3 replies
You should probably consult a lawyer and cpa to help you decide.As a general rule, for LLC owning directly real estate, it is often recommended to have the LLC recognized in the state where the property is located as it is a requirement if your LLC need to be represented in court (think eviction or code enforcement problems).There are ways around like using a local operating entity or even in some cases land trust.The choice of the LLC state may also be based on some cost factors.Last but not least, while all LLCs have the same inside liability protection, states differs widely on outside protection.
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26 January 2020 | 27 replies
I'm accredited, so I was thinking to invest directly into MF (out of state), but after all PM fees and everything, it would only cash flow $100-$150 / door, and I'd have CoC maybe 6-7%.My other choice was to invest in a few syndications for more passive work and likely less headache.
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29 January 2020 | 1 reply
Depends on what your strategy is... if you are house hacking then you will not be using an LLC since you will take advantage of a FHA loan with a small down payment... if you are doing a buy and hold then having it all in an LLC is beneficial to mitigate some liability.