All Forum Posts by: Steve Vaughan

Glad to hear you had contingencies and deposited at a title co. The title company follows the contract.  I suspect they will be refunding it to you soon.  How much are we talking about @Ryan Wanner ?

Was the earnest money deposit placed with a title company or other 3rd party, I hope?  Was there a specific reason for the back-out?  Was it just during your due diligence period? Inspection or financing contingency? Please provide a little more info in these regards @Ryan Wanner and I or others may be able to help more.  Thanks!

@James Wise very true, unfortunately. An invited guest of the neighbor who harbors the evicted turd is not considered a trespasser.  I can still try, though!  May take the idea off the table.

Your positive attitude during a nightmare scenario speaks well of you, @James Wise !  I learned a valuable tip (and some 'sweet' humor lol).  Can't always say that!  From now on, my 3-day notice and subsequent eviction ppwk will name all addresses of the dwelling.  Something like #2, an apartment located at 123 Main Street and/or all or any part of said address (then name legal description).  Don't know what judge Judy would say, but at least it will be 'addressed'!  Thank you!  

I would ask the realtor you already have a relationship with to run some comps for you. Comparable sales of similar duplexes within the last 3 and 6 months. This should be pretty easy for them. Comps are the strongest value indicator with small multi's like this. Run the financial ratios also, of course! What is the GRM? NOI? Cap Rate? Make sure the numbers make sense or don't buy. Good luck and keep us posted @Brad Ickes !

I try not to have more than about $2MM in assets in each LLC. I may make an exception for the exact same real estate and just do 1 for all 16. I normally only place apts of 5 units+ into an LLC, never every single little house @Aaron Thivierge .  Too many barriers to financing and insuring single-family homes inside an LLC. Not to mention all the tax prep work and bank acct mgt.  I agree with @Andy Mirza .  One LLC is sufficient.  He is also practicing and backing up what he is saying, having done it himself. Realtors can be like attorneys sometimes.  All CYA protection, but no thought to the work and redundancy of their advice. Is this what he has done?  Does he even own his own home?  A lot of realtors don't. Good question @Britt Griscom !

Maybe you are referring to 'tricky instances' regarding active duty folks receiving sudden deployment orders?  Yes, active duty personnel are given leeway to terminate a lease early, but veterans shouldn't be directed to go anywhere.  Maybe voice your concerns to the applicants.  They can tell you if they may be transferred to a different hospital or something in the future.   

Thanks for asking @Bob E. .  Never used rentometer before. They came back at what I was expecting as market rent.  Zillow said $1695, rentometer $1395.  The $300 (20%) overage by zillow is what I was citing!

For me, the necessity of an LLC depends on the asset. For singe-family homes, no. Tax filing is a pain with these things. Getting financing and insuring a single-family in an LLC is a pain as well. I waited until I had 'commercial' property, over 5 units. I put those into an LLC. I open new ones when the commercial assets in that LLC exceed about $2MM. Don't over-sophisticate the ownership of a house. Good luck!

I pulled a couple of my places up on zillow just for the heck of it.  The rent estimate was 20% ($300) over actual market rent.  Careful you don't try to rent for $3900 and sit vacant!