All Forum Posts by: Charles Carillo

@Mak K.

Speak to your real estate attorney and CPA. The attorney can assist with making the transfer but first speak to your CPA and see what your tax liability will be; if anything.

@Jayden Espinosa

I am not sure about the legality in Utah but we always rent out garages (for vehicle storage) if the property has them. In my experience, garages are super easy to rent. I would offer a discount if the tenant pays 6-12 months upfront (less hassle on your end).

@Hana D.

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

@Duane Ward

Create some listings online for different sized units at different prices and gauge the demand by the calls and the quality of the callers (they have enough income and can provide the first month rent, security etc.). I would not count any callers that are "looking to make deals". 

@Aaron Brown

Typically, the HML will have a pre-approval letter that you can submit with offers. If there are any questions about the down payment; you can provide a copy of your bank statement.

@Freddie Williams

We have owned multifamily in central CT for decades. Not sure what areas you are looking at but central CT is a cashflow market; you are not going to see huge appreciation there. CT as a whole has not seen much of a population increase over the past 20 years; it has only been increasing by about 5,000 people a year.

@Shashank R.

I would clear any joint banks accounts you have with the manager. Start interviewing new managers immediately and then formally notify tenants that management has changed from the old manager and that you will handle any issues and rent collection (until the new manager is hired). I would probably fly there to sort it out.

@Gibran Salazar Terraza

I imagine you mean as a hard money lender since this is a real estate community. I would speak to a real estate attorney first that works with hard money lenders to make sure that you do not have to be licensed to lend money in your state; along with what the estimated mortgage costs would be (when you lend money on a property; you want to secure that with a mortgage on the property). Your borrower would cover all of the mortgage costs and attorney fees when you lend to them. 

One issue is that $15k is probably not enough to the borrower for them to be able to purchase a property. This might mean that you would have to be a second position mortgage; which makes the investment much riskier.

@Ginger Mermer

New floors, bigger deck and an updated kitchen for $15k; I think that is a little low. I would get some estimates. Also, there are going to be more repairs required than what you think.

Make sure to factor in all of your holding costs; lender fees, interest, insurance, taxes, utilities etc. How are you going to sell it? Through an agent? I would put aside 6% for that as well.

@Eli Shicker

The acquisition fee is a fee paid to the general partners for putting together the deal. 2% is a pretty standard acquisition fee. A disposition fee is a fee paid to the general partners when the property sells. Disposition fees are not as common as acquisition fees.