All Forum Posts by: Charles Carillo

@Joshua D.

I would check the laws in your state but in Florida you need to close on the property before listing it on MLS; if you are an unlicensed investor and you do not want the current owner to know you are listing it.

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@Steve Ma

There seems to be a few different things going on here. Who is drawing up these leases? You should (the owner should) speak to a RE attorney and have them review and edit your current lease or have them draft a new one for the next lease term. I would not be accepting a lease that the tenant is drawing up. If the tenants pay but they pay late is a separate point. In these COVID days, tenants that pay can stay...even if it is late (your definitely not renting a restaurant space now). I would add a late fee into the lease and enforce it. I read on BP all the time about landlords getting mad when someone pays a week late or so; when I self-managed I had no problem with late rent...if it came with a late fees...an extra 5%-10% in 7-10 days is not bad.

@Justin Pittman

Your income does not directly affect your credit score. Your income and credit score both are important when you are applying for a loan however; they are viewed separately. 

@Joshua D. Not sure about PA, but in Florida, you cannot represent the owner of a property without a license and signed listing agreement. It is a third degree felony. Double closing is most likley the best way to go.

@Jamie Angst

If the unit is still able to be rented; I would rent it for the normal lease term (12 months). Maybe rent it with a lease to own option (speak to your attorney). There are cash buyers that will purchase it but it will be much less than if you repaired it and sold it retail on the MLS.

@Phil Beck

I do not think that will be an issue but it will require more email communication with the operator compared with phone calls.

@Santo Menon

Before you purchase a property you should complete an inspection with a licensed inspector that will outline deferred maintenance and larger CAPEX items that need to be replaced (roof for example). Normally you will hear from them "this hot water heater has 2 years left"..."this roof is near the end of its life" etc. You can then figure this into your purchase price/offer and the business plan for the property. Before you purchase the property you want to make sure you have adequate repair reserves (for the outlined items and other normal maintenance) and have reserves for debt payments if you experience a short period with a decline in property income. I feel one of the biggest mistakes investors make is not having adequate reserves.

@Bellman Tumasang

It depends on the properties you are referring to. It also depends on your personal financials. Before you make a decision, you should speak to your CPA or attorney. That being said, if you have 30 single family properties worth $100k each, you could group a few into each LLC. If these are much more expensive properties or apartment complexes, you would do one per LLC. Lastly, if you have this many properties worth millions of dollars, I would suggest you hire a bookkeeper for a few hundred dollars a month or have your CPA handle your bookkeeping for you (more expensive). Either way, you can have someone handle this for a minimal amount of money vs. the value of your portfolio.

@Phil Beck

There are a number of different ways to invest into real estate passively without using an online platform. In the past, when  I have invested passively, it is with a person/company I have personally been in contact with that also has a track record.