All Forum Posts by: Charli Stevens

Marcia:  

Thanks so much for your thoughtful answer and links! It is greatly appreciated!

Charli

Recently, was contacted by a person who wanted to see an open property. Once there and seeing that they liked the property, they mentioned that they were disabled and had a voucher. I've tried to do some research on line to find out more about the program and requirements for landlords, but it looks like there could be a few different options for programs that said person qualified for. If it helps identify the program, the prospective tenant (PT) did mention that the program would have to inspect the property and would have a couple of follow up inspections on an annual basis. Also, PT did state that they didn't need any special modifications to the unit. Thoughts? Experiences? What have other Biggerpocketeers run into out there? 

Thanks so much!

Charli

Lots of great ideas here! If you had an interest in the vacation rental market, you could study the AirBNB results, regulations for the area. As tenants move out, you could furnish the units for weekly/nightly rentals--either through a ST Property Manager or through an AirBNB. If you post on a different thread, someone might be able to recommend a reliable cleaning person to do your "turnovers" in that situation. The property looks lovely! Congratulations!

Both Dean Porter and Mike Adkins are great! They are with separate ReMax offices. 

Anyone out there looking for an opportunity to get in on a small deal? We've got contracts on 2 of 6 townhomes in St. Charles County. Great location. No HOA's!!!! Quiet street, great schools. It is close to us and I can manage them if someone comes forward and wants to join in or you could manage them. They are rented at an 8 1/2 cap rate. The TH's are newer units in great condition. Would love to help you make money too!

Good day to all! Thank you in advance for reading my post and any possible suggestions. So, in reviewing another thread on here, I came across some useful information regarding transferring property ownership via Quit Claim deeds. And, thank you to that person for pointing it out! It seems that if we utilize a Conventional mortgage to purchase a rental property (that must be done in our names) and then do a Quit Claim deed on it (as the Real Estate agents recommend) that the bank can activate a transfer of ownership claim and consider the loan due in X days. Not exactly a great scenario. 

So, we have an LLC set up for the rental business. But, it is my belief that the properties should not be titled within that LLC. That LLC should remain strictly for the Property Management end of our business.

My question is what is the best way to title our properties? LLC? Irrevocable Living Trust (our primary property is titled this way)? Something I'm not aware of? Should each property have it's own legal ownership entity (this has been suggested to us) or should they be held in one place?

We do want to protect our risk. But the possibility of having the loans called in if we transfer ownership on financed properties makes investing in new properties difficult.... Thoughts? 

Again, thank you! Have a lovely day!

Jim, thank you. Yes, you would be right. We are in the process of doing that. I'm trying to be exacting. Thanks for the advice! 

Peter: 

Thank you so much!

Charli

Thank you!

Immediately, would love a multi-family Chesterfield or West/Wentzville area as we live in Warren County. Hipefully, I'll have a second project coming up soon. Thanks for reaching out!