All Forum Posts by: Brian Plajer

Can't you purchase it as a vacation home and put down 10%?

Thanks guys!  I must have listened to over 400 podcasts and read many books and this is where I learn of the Estoppel certificate. Love these forums. 

Hello,

When reviewing a multifamily property and the current rent is listed how do you verify that the current tenants are actually paying their rent? Anyone can create a spreadsheet. I often hear about the rent roll but how do know its legit and is there any recourse if it turns out to be fake

Thanks Dawson. I asked a family member who I remembered is a property manager and she uses a system called Yardi and Clickpay for payments which links to Yardi

I have zero experience with commercial properties, but my questions are: are you allowed to convert to storage units? cost to do so? competition in the area for storage? Expenses to run the storage facility?

Yes, self-managed now and planning to scale up. Used to use Cozy which was purchased by apartments.com last year. I checked out Appfolio and it looks like they have different programs based on number of units. Relatively cheap too.  Thanks for the info!

I am interested in transitioning into multifamily property maybe a 4 -8plex. I use Apartments.com for our individual condos to send leases, payments, track expenses. When thinking about scaling up to multifamily what tools are owners using to help manage their properties with multiple tenants

I feel like this is the most important question that leads to many different answers. I guess if it was easy everyone would do it. How does one know the Rent Roll is even accurate? same with expenses? 

As far as what you should charge, I was see how much laundry mats nearby charge and be close or a little higher since you provide the convenience of on-site laundry. 

I have an LLC for three condos that have increased in value. My question is can an LLC open a HELOC in order to purchase future properties? If so, can any bank help with that or something special since its an LLC? I Appreciate the help/guidance