All Forum Posts by: Charles Carillo

@Xzavion Schultze

Once you pay off your car, your credit will most likely increase. What is the reason that you need to get your credit score higher? If you don't have any debt, a 750+ credit score, and income, you should not have any issues being approved for a mortgage. 

@Zack Aboona

I would contact your real estate attorney before you do anything. This is a much different scenario from a tenant just moving someone else into their apartment who is not on the lease. Also, there is now a child involved.

@Wayne Popeski

For us, if one person has a credit score that meets the requirements, they are fine. I would also make sure you perform a full background check on both of them prior to approving them.

@Art Giacosa

Setting up an LLC in a state where there is anonymity is great for protecting your privacy; however, privacy is really the only additional thing you are achieving. It will not protect you or deter your property from getting sued. If your LLC is sued, you will be required to defend the LLC, your name will then become known, and the plaintiff's attorneys will amend the complaint to include you. Suppose you are personally sued; during the discovery process, you must provide information on all of your income and assets (including your LLCs in any state (with or without anonymity). Anonymity is great, but it only does so much.

I am not an attorney. Speak to an attorney before making any decision.

@Hai Doan

Have you spoken to them about moving earlier than in September? Offer them cash for keys to assist with moving and the costs of their new apartment. You could do some renovations with them there, but you will be turning their home into a job site. I doubt this will go over well.

@Carlos Rodriguez

Is the partner who wants to exit the LLC also on the mortgage? Have you spoken to your CPA and attorney? That would be my first step before making any changes.

@Albert Vanek

We have partners who are foreign investors. DM me and I will send you contacts for; attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Jack Quin

For us, a 530 credit score is a no-go from the start. 3x income is great, but they do not pay their bills.

When I self-managed and listed on Zillow or any other platforms, I usually would initially assess people by speaking to them on the phone. 2-5 minutes on a phone call with a prospective tenant will give you a good idea of what to expect. Go through your requirements, one by one, that you also listed in the ad, and confirm that they meet all of them. They will confirm they meet them or tell you a lovely story. The more they talk, the more you will learn. If you are comfortable with them, set up a showing, or if not, tell them the property manager will call them to set up a showing (they are applying to so many places that they rarely follow up when no one calls).

@Kevin S.

We avoid window A/C units since this type of apartment unit only allows you to push the rents so high. People only pay so much for window A/C units (in most markets). Possibly, if you are in a very expensive market, you might be able to add value to a property with a window AC, but in most markets, window units are going to cap your rent growth potential. If you are focusing on C-class properties and renovating them as such, this might work, but if you want to renovate C-class properties to B-class properties, it's more difficult with window units.

@Kev Pito

If you purchase a gas station, get a Phase I Environmental Site Assessment performed. Request that your attorney include that contingency clause  in the PSA.