All Forum Posts by: Adam Craig

I am approaching my 10 max Fannie/Freddie mortgage mark. From the research I have done it looks like my only options are to find a portfolio lender which I have had a hard time doing OR you can get commercial loans and lump multiple properties into one loan.

Can someone explain the commercial loan side ... how it works/advantages/disadvantages.

Thanks

Okay - I will call more and be more aggressive, thanks for the tip.

I am about to max out my 10 fannie mae mortgages. I understand that lenders who dont sell the loan (portfolio lenders) can go above the 10 limit. I am having a difficult time finding these lenders - I called several community banks/credit unions without any luck. Any ideas? Alternative stratagies?

Thanks

Just took out a $1mil umbrella policy to cover my 3 single family homes. It only cost $323/year and seems like less work and tax prep then opening multiple LLC's.

What are the disadvantages and risks of going this route. I know some people do a LLC with each property, some do umbrella, and some do both - is that overkill?

Right now I have a property manager and I have no complaints so far. I wanted to stay away from the multi family space for the time being - I feel like SFH is better option for the long run in terms of resale and being liquid - not to mention usually better quality tennant and lower turn over in SFH.

I am a 26 year old investor with 3 rental properties that i bought in the last year. My goal is to build a large portfolio of single family cash flowing houses for my retirement. My market here in Cleveland tends to lag behind the rest of the country and the swings are not as volatile so prices are still 40-60% below the highs of 2007.

As a buy and hold investor looking 30 years into the future - does it make sense to keep these assets until I retire our should I sell them if the market here goes back up in 5-10 years.

Example - the house I picked up in a Cleveland suburb for 50K sold for 120K in 2006 - if the market reaches this level should you always sell if you are looking long term.

My Property Manager holds the security deposit

I have an internet business with thousands of transactions a year- this I use quickbooks for - my CPA set this up. For my real estate I have been using a spreadsheet because its not all that complicated. I will talk to my CPA and maybe we will get everything over to quickbooks.

Right now I have 5 different checking accounts for 5 different rental properties to keep everything separate. Is this common practice? Seems like when I am at 20 houses, having 20 checking accounts/20 debit cards/ can be a bit much.

The other thing is that my property managers system is set up so I need a separate account/email for each checking account so instead of having all my properties under one account I have 5 separate log ins.

Good tips.

No this contribution would not put me into a lower tax bracket. My reserves are fine according to my mortgage broker. I dont think I will be maxing it out but I will add something