All Forum Posts by: Prashant P.

I would look into a commercial bridge loan. Below is a link to an article written by a fellow BP member. About half way into the article he lays out how to use a bridge loan for a situation just like yours.

http://www.biggerpockets.com/blogs/2985/blog_posts/22410-what-the-heck-are-commercial-bridge-loans-and-why-would-you-need-one

You need to provide some more information.

Is the property completely vacant or are their tenants.

How many units is the property?

How do you plan on renovating, one unit at time or complete rehab.

The problem I see is that if the is a true apartment complex you will need commerical lending.

To build equity in a commerical apartment complex a lender will not only take into account property condition but also your rent roll. This may be hard to do with your scenario.

I got a new toy last night and was looking in the app store and saw there are quite a few property managment apps?

Example: RentTracker Property Management

Anyone use one of these?

You can just do a google search for california LLC operating agreement and a whole bunch of sites will pop up. Find one that says law forms and you will have to pay $20 or $30 to download.

It is a word document and you can input all your information.

J Scott I figured you couldn't do it but I am not very familar with the rules

I was researching SDIRA and came up with the following scenario. Just wondering if anyone has done it before or has expierence in a SDIRA.

My LLC buys a property for $20K fixes it up and now has a ARV of $40,000. I am the only member of my LLC (100% ownership).

Now can I buy the same property from my LLC using my SDIRA?

The reason behind my thinking is that I paid all cash for the property and repairs. I have my money sitting around in a IRA. If I buy the house from my LCC using a SDIRA, I will 1.) free up cash to buy and fip a house and 2.) make income collecting rent in my SIRA

I don't wholesale or take virtual seminars from so called gurus but I can offer this advice.

When I am trying to rent out one of my properties, I buy a prepaid cell phone. On the voicemail I leave a message including more details about the property, rent and when it is going to be available.

In the market I am in you can recieve up to 20 calls a day from all kinds of people. At the end of the I go through all the messages and kind of do a prescreening.

That is a good idea. I tell my tenants to leave it on all the time. Mine has a setting that turns it on/off at a certain humidity.

I mean an air dehumdifer. You can get a portable air dehumidifer from Lowes or HD for $150. You will be surprised at how much water it will suck out of the air. If it helps with the smell, you can keep using the portable one or they make whole house systems too.

Have you tried putting in a dehumidifer?