All Forum Posts by: Al Pat

I don't have an exclusive agreement with my realtor and it's me who finds the deal BUT, I always pass that on to my realtor and he handles it all. I have been using him for last six years and he is now a family friend. I do that because he is part of my team and and he manages the entire process. Twice , when I gave up on the properties that were too high in price for me, he kept an eye on them and to my surprise, worked out a deal with seller and a bank on my behalf and I didn't even know he was negotiating for me because he knew how well it was for my portfolio. Build your team to be successful in this business.

Generally speaking, forming an LLC where property is better option when you have to sue the tenants etc. It works both ways. I would highly recommend seeking legal council for this. I have my LLC in a state where my properties are located.

This process is an easy one if it is paid for (free and clear) then see real estate lawyer to transfer it using quit claim deed but you may also need to an accountant if you held it in LLC for a while to see how to take distribution (return of capital etc.) and how to deal with depreciation. May some CAPs on the forum comment on this.

I had a break into one of mybhouses years ago and they can through the back window. no one was hurt and I replaced a window pane. It is your responsibility. Landlord should pay for it and by the way it should be no more than $50. I wouldn't recommend you charging tenant for it.

I was able to do everything myself via Secretary of State website. Thereafter, I obtained EIN from IRS website. however, read the forum to choose right classification for your entity, such as S Corp, C Corp or Partnership. My LLC is classified as partnership. Most real estate investors have it setup as partnership that requires 1065 or K-1 filing at year end. All in all it cost me just about $100. You can also buy corporation kit online for about $65 to $80 that includes seal etc. I couldn't justify $500 to $700 for this process.

Welcome to GA. There is a BP meet up on Jan 30th, you may want to look up. Property prices have somewhat risen in metro ATL in last year so make sure to pick good market with healthy tenant pool. Where in South Florida do you recommend?

@Danial Qureshi the meeting starts at 6:30pm, however it will run till 8pm (evening).

I am kind of contemplating the same thing. I have several SFH so obviously leaning towards MF but the deals are scarce. even SFH are priced higher than usual. What's other BP investors are doing?

MF in Atlanta, in the perimeter and outside metro area are priced too high to sustain the cap rates. I am looking for small to medium MF but have not came across anything appealing. If properties are priced too high and has poor rental history or below market rents, I think it will be hard to secure commercial loan. 

Thoughts?

I transferred several of my properties from my personal name into LLC name through lawyer about a year ago. Since these properties were held free and clear, he used quit claim deed to transfer them into wife and husband held LLC (partners). However, landlord's insurance is still under my name. Can someone provide me an insight here as to how to handle this. I had little issue with my tenant where she called one of those injury lawyers from TV ads and my insurance spoke with the lawyer and denied the claim after collecting all the evidence from me Landlord was at NO-FAULT). Never heard back from the lawyer in last six months and my insurance company didn't investigate if the deed is under my name or LLC. I have been with the same insurance carrier for over 7 years so may be that is why but how it should be insured? is there any difference in premium if it is under LLC?