All Forum Posts by: Aaron W.

@Robert Conlin There is no one right way to do a partnership. In fact, every one will likely be slightly different. As long as it appears fair or is acceptable to all parties, then that is a good partnership. I would highly recommend having an attorney draw up the partnership agreement in order to make it legally binding. This is in addition to establishing an entity.

Food for though before you jump into the partnership: 1) Ensure each partner brings some substantive and complementary to the table. 2) Establish and maintain open, honest communication from the beginning. You must be willing to have the hard discussions from the beginning. If one partner does not feel they can share their thoughts openly, then sooner or later this is going to negatively impact the partnership. 3) Ensure all partners have similar values and goals. It won't make sense if one partner wants to hold long term and another wants to flip properties. 

Best of luck!

@Account Closed I'd reduce the number of options. Pick the top two you prefer and make the offer. Oftentimes, when there are too many options, individuals end up not choosing anything. Keep it simple and you'll have a higher chance of a response.

Best of luck!

@Jonathan Bell This group has many well established, experienced multifamily investors and operators. This is a good place to start.

@Jeff Hudak People do business with those they know, like, and trust. It usually takes time to network and find partners to work with. This can sometimes come together quickly and you are able to jump into a deal quickly with the right potential partner. I'd recommend attending networking events to get to know other investors. Tell everyone what you are doing and discuss the "opportunity" you have instead of asking for money.

Best of luck!

Good luck with the tenant. It may also require you to help fill out the paperwork with the tenant in order to get it submitted. Unfortunately, our property managers have had to take those extra steps to get a very small percentage of our tenants to apply for the assistance.

Best of luck!

@Joshua Rowland From my understanding, the income part of the DTI is your income before taxes and deductions which I've taken to be the $59,742 from your screenshot.

@Jonathan Bell This is a people business and you should treat the broker and anyone whom you come in contact with respect. It will take time to build this relationship. People like to do business with those they know, like, and trust. In the multifamily arena, the broker has a lot of sway over who will get the deal. They know it too!

I'd also recommend starting small to build up your portfolio and experience. This is also another major factor in determining whether or not you will get a deal.

Best of luck!  

@Noel Peralta Will your tenant qualify for federal assistance?  

Depending on the lender, they may be more interested in the pro forma (potential) income and expenses to ensure you are able to make mortgage payments on the property. Having a vacancy is not necessarily a deal killer.

@Andres Munoz If you feel this will be low maintenance then it could be an easy lift. However, issues are inevitable and not all tenants are rock stars. 

We always have a property manager manage all of our properties because we want to be passive with our properties. However, not all property managers are created equal. You must do your homework to find the best property manager you can. The PM can make or break the profitability and success of your rental by the way the manage.

Best of luck!

@Amy Jankowski Congrats on your new acquisition! 

What is the purpose of having a tax ID for each unit? Are you owning in your personal name or in an entity, such as an LLC?

I'll defer to accountants on the tax benefits of multiple tax IDs (if any), but I don't know if it will make a difference unless each unit in the duplex has a separate owner.