All Forum Posts by: Alan G.

I can tell you from experience to stick with small local banks and credit unions. I buy homes for cash and after they are rehabbed and rented I go and finance them with blanket loans. I went personally to no less than 10 banks and credit unions before I found a good match. Since then they have done everything for me. Go and discuss your situation personally with them. Find out what there criteria is and work with them. Build a relationship. Small banks and credit unions will keep these loans in house and the underwriters have a much more vested interest. And yes, all of my loans are under LLCs so it CAN be done.

The day of our final walk through before a tenant moves in we ALWAYS rekey the locks. We use the quickset smart key which allows us to rekey a lock in about 10 seconds and costs nothing. I find it's just an additional selling point to tell people what we do and that they, and only us have an updated key and no contractors have access. It's just an extra security measure that makes people feel good and secure.

There should be a workbook gallery in your Excel program. Just look at the loan calculator under personal finance. Will do exactly what you are looking for.

Tedd, I use one bank account to collect rents. I also use an excel spread sheet with all properties listed by address for my rent roll. This way I can do a quick glance on any given day to see who has paid. I just type in the date and amount I received next to each address.

Jay, That's true but keep in mind you won't lose the tax benefits. You just can't use them now. Every year they will carry forward and keep adding up. They will be used when your income drops or you sell the property and everything will be recaptured.

Jon, I look at the value of the assets rather than the number of properties in each LLC. My comfort zone is approx 600k in each. Now, this could be 1 commercial building in its own LLC or 10 SFR each worth 60k in each. And yes , you will need a separate bank account for each LLC, not each individual property. Alan Jon, The amount was actually a recommendation from my attorney. Some people may go less, some more. It's all based on your aversion to risk. Of course putting each property into its own LLC is the safest but you have to draw the line somewhere. I do know people that do it but they also only invest in large apartment buildings so they should absolutely be in separate LLCs.

Jon, I look at the value of the assets rather than the number of properties in each LLC. My comfort zone is approx 600k in each. Now, this could be 1 commercial building in its own LLC or 10 SFR each worth 60k in each. And yes , you will need a separate bank account for each LLC, not each individual property. Alan

My recommendation is to do it. You can absolutely add it to the hud. The extra $500 or $1000 you give the agent will pay huge dividends in the future. I have done this several times and it will elevate you to an entirely new level in there eyes. I have come to settlement several times with a bottle of Dom for my agents. Trust me it's the best $125 you can spend. I have also given my agent an incentive for getting me a better price, meaning if he hit my target of an additional $5000 off, I would add $1,000 to his commission. This business is about long term relationships.

David, Stick to small local banks and talk to someone in there commercial loan department. Since you are dealing commercial many small banks will keep the loans in house, removing many limitations including this 10 loan limit everyone keeps talking about. Also, although some banks won't touch a 40k loan they will however let you do a blanket. Use your personal loc to buy 2,3,or 4 properties for cash then go get 1 blanket on all of them and take your money back. Rinse and repeat.

I had requested info from paynearme and the response from the company was they can't help me since i have under 100 units. Has anyone else found this also?