All Forum Posts by: Benjamin Timmins
Benjamin Timmins has started 13 posts and replied 186 times.
Post: Shady contractor, small claims court and JAMS Mediation clause
- Landlord
- Utica, MI
- Posts 190
- Votes 99
Id try and force court mediation if at all possible. There has to be a reason why he wants to do it through JAMS. Maybe he is friends with the mediators there, maybe he knows he will get off lighter there.
Post: Turnkey renting for 1000 mo retail worth 150k...what can I expect
- Landlord
- Utica, MI
- Posts 190
- Votes 99
Would need to need to know more. Profits per door? Id expect rent to be more a month for a property that sells for 150
Post: Postlets Alternatives? Suggestions For Online Syndication
- Landlord
- Utica, MI
- Posts 190
- Votes 99
What is zillow doing differently that makes you not want to use it?
Post: Getting started in Multifamily Investing
- Landlord
- Utica, MI
- Posts 190
- Votes 99
Originally posted by @Georges Tchankwe:
All the information shared on here has been extremely useful. One quick question i have, as a novice, once you make the purchase, I assume you then proceed to register your building as a business asset; under what status would you register it? I just acquired a 3 unit, and i figured i have to protect my asset by registering it.
All suggestions are welcome.
If you have a mortgage, your options are limited. You can't transfer it into an LLC because of the "due on sale" clause in mortgages which the banks are enforcing these days, which will make you pay off the mortgage within 30 days or transfer it back into your own name.
Post: Finally %100 fully Occupied!
- Landlord
- Utica, MI
- Posts 190
- Votes 99
Congrats @Karen P.
Post: Are my tenants paying their utility bills?
- Landlord
- Utica, MI
- Posts 190
- Votes 99
Should be able to call and find out. Inform them that you own the property and that they are renting from you and want to verify that the accounts are being paid. When me and my father owned our commercial property, we had it set up with consumers and the insurance companies to notify us if the bill wasn't being paid of if the insurance had lapsed.
Post: Dealing with Clueluss FSBO Sellers
- Landlord
- Utica, MI
- Posts 190
- Votes 99
I wouldn't mock up a settlement statement if they are that unfamiliar with the process. They could very well take it as actual numbers and then try and hold you to them. I would suggest to them that they need to either consult an attorney or get a realtor to represent them.
Post: Getting started in Multifamily Investing
- Landlord
- Utica, MI
- Posts 190
- Votes 99
@James RyanMake sure that the rents are the actual rents, not what the realtor or owner thinks the rents could be moved up to. You should buy based off of what is, not what could be.
If you have no experience, it might be better to hire a PM, but the only way to get experience is to do it yourself, and a duplex/fourplex would be the best way to get the experience. Just be prepared to make mistakes and deal with the head aches that come from those mistakes.
Post: people avoid me because I look different, what should I do ?
- Landlord
- Utica, MI
- Posts 190
- Votes 99
Im not sure if it really has to do with your race or looks. I mean, it can't be because you are not white, if you are talking to them over the phone before hand and give them your name. Its pretty obvious your not white, just by the name alone. Im not saying theres not prejudice or racism in this world, but they would have to know before hand just from your name that the person they are going to meet at the restaurant or what ever isn't going to be white.....