All Forum Posts by: Andrew Severino

I definitely suggest getting other estimates. Pricing for this kind of work can vary per contractor. Shoring is not rocket science, a qualified contractor should be able to make heads or tails of your situation with firm recommendations.

Property manager for 48 unit apartment complex in Mandeville, LA.  Minimum 30 hours per week, Monday - Friday plus weekends for leasing appointments.  Office hours are on site.  Responsibilities include tenant relations, fielding maintenance requests, managing repairs and maintenance and scheduling and meeting leasing appointments.

Property management experience with multifamily residential apartments required.  This is salaried position, compensation depends on experience but will range from $2,000-$2,400 per month.

Must have experience with property management software.

Reply with resume and brief introduction,

Anytime!

Real estate investors need to stick together! 

Ari L. , the others are right. Your personal objectives are of paramount importance. However, if you want the leverage of a larger asset, a 1031 into a larger property is a good idea. But do not wreck a good thing unless you are going to leverage into something larger. Side note, while I have utilized a 1031 exchange, and am currently holding an investment property that was purchased with one, I am not sure if there are tax consequences or penalties for doing a refi on a property that was purchased with 1031 money. It seems to me that would defeat the purpose of giving the tax deference to begin with. But like I said, I've never considered doing that and I do not have that answer. Good news is, it should be easy to get.

Also, you do not have to do a full exchange. The language "of equal or greater value" in the IRS code applies to getting full benefits. However, you can exchange a partial amount of your gains, into a smaller property and still enjoy a benefit, just not the full benefits you would exchanging your entire gain for a property of "equal or greater value". Word of advice, consult with a reputable, knowledgeable intermediary who does this full time. They should know all the calculations and rules. I have had wonderful experiences with First American Exchange. The regional manager in my area is an expert on 1031 exchanges, and they are a publicly traded company that I believe has been around for over 100 years. Why is this important? Because there is little to no regulation overseeing intermediaries, but as publicly traded company First American is held to higher standards, such as financial reporting and shareholder obligations. You are in the right track. 1031s are super beneficial over the long haul. Like Albert Einstein said, "compound interest is the greatest mathematical discovery of all time." At least I've read that he said that in many places and form many sources. Google it!

Shaquille Turner , for ROI stock with multifamily. Are you aware that VA loan limits are considerably for 2,3, and 4 unit properties than single family? Many people are not aware of this. If you are searching multifamily homes using the SFR VA loan limit, to may be getting stuck with homes in need of repair at this lower price point. Get a 3 or 4 plex and clean up on that rental income while living for free, or very close to it. I am helping a client do this right now. It makes perfect sense. Also, VA loans allow you to get up to 4% cash from seller, as long as it is applied to actual prepaid and closing costs (closing costs, appraisal, insurance premiums, etc), so if you had money allocated for this, this 4% back from seller at closing may fee up some cash for minor repairs to get past the VA inspection.

No money no keys. And if he signed a lease that states what is due for move in, and he doesn't have it keep his deposit. You have lost time and energy with this nonsense, and you should be compensated. After all, you still have a vacant unit. When hear sob stories and nonsense, I don't hear words. All I hear is "blah blah blah blah blah". I guarantee you, if you don't run a tight ship by abiding by all contractual obligations, on BOTH side (you included) you will fail in this business. I learned this the hard way, fortunately when I was very young. And don't be afraid to draw the line. I've learned that my landlord-tenant relationships are BETTER by not cutting slack. Your tenants will respect you, and you are sound them a disservice by setting a precedent that lease terms are not set I stone, and always negotiable. This creates grey areas and cause problems. Trust me on this! Or do favors and cut slack and learn the hard way. But you are on this website to learn where others have failed. Take the great advice you will get on Nigher Pockets and avoid unnecessary pitfalls that will cost you money and stress you out. Property management can be a positive, rewarding experience when treated like a business and done professionally.

This is simple. Create the LLC so at closing you can put the property in the LLC. Commercial loan structures are much more flexible to take title in an LLC, as long as you personally guarantee, and even if they are not you can still close in your personal name and immediately transfer your interest into the LLC. I've done this many times, even with conventional mortgages for 4 units and less. This gives you the additional liability protection should a lawsuit arise If you have considerable cash in the acquisition, you can create a multiple indebtedness mortgage ( that's how we do it in Louisiana) that is recorded in a second position to the first mortgage giving even more protection for your cash that is invested in the event of a lawsuit. You and your wife would be the mortgagors in this case. As for you last question, transferring money in and out if an LLC is a non issue. LLCs are extremely transparent, including from a tax perspective. In fact, the LLC should just flow to your personal returns without additional penalties. So pull money out and put money in at will, just account for it properly, and have a separate bank account for the LLC. Full disclosure: I am not an accountant or attorney, just an experienced real estate investor of 21 years speaking from my personal experience. Consult your CPA to confirm there are no additional concerns specific to your reporting that I am not aware of. Best of luck! Welcome to the club!

1) I am never ok with a tenant violating a lease. 2) You have the right to know what is going on at your property and who is in it at all times. My advice is is the following: 1) They need to be notified immediately if the breach and that you can terminate the lease agreement immediately. 2) If you decide to profit share, I would suggest a new lease at a higher rate that includes a subletting clause holding you harmless if any and all liability or claims resulting from an incident at the property. This leaves all the work to them, with yiu having a guaranteed increase in rent with very little downside risk. 3) I am currently doing Airbnb in one of my rentals. It's easy! If you have interest in this business, evict them and do it yourself. Good luck!