All Forum Posts by: Charles Carillo

@Elenis Camargo

Hopefully you do; but in all honesty, you probably will not see anything.

@Dave Jackson

It is very normal to have a business owner /commercial policy on a rental property. It sounds like the current 4-plex is considered your home and may have an owner occupied policy on it? The business owner/commercial policy usually has much higher limits; like $1 million of liability. I would suggest finding an independent insurance agent to source the best policy for you.

@Jason Arvin

I have a real estate attorney in Tampa that was previously a CPA. DM ME.

@Elenis Camargo

Yes, our property managers will send our judgements to collectors but the chances of getting paid is very, very slim; especially in C class and forget about it in D class.

If you get the judgement and garnish their wages; they will just get another job. Recently however; it came to the attention of our collectors that an evicted tenant of ours from 2-3 years back just purchased a home. We have since placed a lien on their home.

I still feel the goal of an eviction is to get someone out; if you get the judgement, send it off to collections, who knows. Maybe you have inadvertently just financed the home down payment for one of your previous tenants (just like me).

@Yannic Lienert

We work with a number of foreign investors and can provide you with a list of USA; accountants, lenders and attorneys that work with foreign investors. DM ME.

@Stephen Brown

I would try and find a great independent agent in your area that works with dozens of companies. You can find this by reaching out to local landlords who own properties similar to yours.

@Kyle Curtin

I have provided both before when purchasing 1-4 unit properties. Usually, a bank statement is required for all cash offers and a bank letter/pre-approval is required for a property that will be purchased with financing.

Lastly, they might require the bank statement to be in the same entity's name that is purchasing the property or the owner of that entity. For example; Joe Smith is purchasing a property with Park Properties LLC (owned by Joe Smith); the bank statement usually can be in either the company name or the actually LLC owners name. However; they usually will not accept a bank statement for a completely unrelated entity (this has happened to me) or person.

@Shawn Osz

That sounds like a solid down payment. Have you spoken to the owner about holding paper? Are they interested? I would do that first before providing them with an offer that includes offer financing. You can also provide them multiple offers/options. Possibly one all cash for $X and one with seller financing for $Y. Usually it is hard to get loans for properties under $75k; that might be something you discuss with them as well. 

@Teddy Johnson

You are not able to avoid the personal guarantee (your assets at risk either way as you mentioned) so I would take title in a new property specific LLC. This saves time and minimizes hassle.

@Marco Magoni

We work with a number of foreign investors who invest in the US. DM ME if you need a list of professionals that work with foreign investors (CPAs, attorneys, lenders etc.)