All Forum Posts by: An Duong

@Daniel F. Harb @Mindy Jensen  Let me know if you guys find the code!  Also for Pro can we keyword search the forums?

@Ty Man Thanks for the input. I don't think the Piercing the Corp Veil issue is too big as long as you keep your monies separate (which you should be doing anyway) and conforming with some small formalities. A good lawyer or lawyer service (legalzoom) helps. I might do both LLC and an umbrella insurance policy.

Can you search keyword search the forums as a pro?  Also is there still a discount code available?  I will switch to pro today if there's a discount code.

Hey BP.  

I am exploring options to invest in Puerto Rico.  I am looking at multi-units and might go down in April or June.  Anybody have any insight on where to look?  Good Property Managers or real estate agents down there?

@Clint Galliano Thanks for the input. I think I will go with Legalzoom since it will be a single member LLC with my wife as the manager. I assume the marriage certificate trumps the operating agreement so not to worried about partner dissolution lol. Plus they can act as my registered agent so I don't have to do with mail solicitations or put my personal address to public.

I checked the FAQ and didn't see this covered. I need to form an LLC for some properties that I am buying in 2018. I can go to the state website and do it myself for free (not including state filing fees), go through legalzoom for about 175 and I can pay extra for them to file it for me again every year, or use a lawyer which will cost about $500 for the lawyer's time. Which is the best way to go?

@Jennifer SlaughterThanks for the tips you are right I don't have to be there!!!  Good tip.  What types of questions would you ask beside references, amount of properties managed, servics and years of experience?

@Antoine Martel What are some important must do's if not visiting the property and any suggestions for finding the right team?

I imagine yelp and referrals from my real estate/mortgage person.

@Richard B.  @Matt Leonard @Steve BraceroRight I will visit at least once.  I have a friend in Springfield and am looking at Trulia crime heat maps so I intend to just buy near wear he is since he says his area is nice and crime stats are low in that area.  His family is there to teach at one of the colleges so hoping to get Educator tenants.

@Steve Bracero Financing is being worked on now. Property is in my range to buy straight cash but I will use leverage and just put down 20% maybe try to do a BRRR.

Hey guys,

I am thinking of investing in a multifamily property 2 hours a way from me.  I am in Boston and I am looking at Springfield MA.  I am considering having a real estate agent video tape/vid chat house showing, have an inspector inspect the house (without me), I would go there for the closing of course, but maybe deal with minor upgrades like flooring or cabinet upgrades as remotely as possible and finding a property manager to take care of it.  Has anybody ever done that or have any advice, particularly on finding good property management?

Thanks!

An

Brad, 

You need to start treating this like a business and not like you are babysitting  them.  Do not budget on your agreements or your contracts.  If you give a little they will keep pushing to take more and more.  If the couple is late or causing you head act kick them out.  Sounds like there is high demand based on your Airbnb.  

ALWAYS get a security deposit. You can not give tenants slack otherwise they will see you as soft on your contracts and their commitments.  Be fair but it sounds like you are allowing them to step all over you.

I hope you a screening your tenants/roomates.  For me I always need to make sure they have a credit score of above 700 or 750, check that they have bank accounts, view their last three pay stubs, get reference from their past 2 land lords, get two personal references and 1 job info/number (to confirm employment).

You need to tighten up the ship otherwise it is going to be that much closer to sinking. Good luck.