All Forum Posts by: Dinesh T.

Connecticut law states that the security deposit MUST be held in an escrow account. When I went to the bank today, they advised me to open a Landlord Tenant account which I believe is not an escrow account. Can someone advise me if both are the same? What do you do in your business?

-Dinesh.

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Originally posted by @Jeff B.:

Easily done by yourself. Get the existing Vested Title, the APN and a Quitclaim Deed form.

Fill in the blanks and be sure to not ZERO dollar sales value, no taxes and Purpose="Change in Vesting".

Thanks J. Can you please explain what is meant by not ZERO dollar sales value?

-Dinesh.

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Originally posted by @Jacqueline Carrington:

An EIN (tax ID) from the IRS is free and can be done directly on their website.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online

Thanks Jacqueline.

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I just formed an LLC & now I need to transfer my existing properties which are currently in my name to this new LLC. Is this something I can do myself? Or does an attorney have to be present?

-Dinesh.

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No I incorporated in Connecticut as I live here. I have heard that Delaware is more friendly. Hopefully Connecticut was not a bad choice.

-Dinesh.

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Originally posted by @Justin F.:

https://www.irs.gov/Businesses/Small-Businesses-&-...)-Online

it's very quick, let me know if you need help- do it online as that is the fastest way

Thanks Justin. Very helpful & I was done in less than 10 minutes.

-Dinesh.

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My attorney created an LLC for me. When I went to the bank to create an account, I was advised that they would need a tax ID for my LLC. I called the IRS, but could not get through. Please let me know what my next step would be to get a tax ID for my LLC.

-Dinesh.

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The CAP rate calculation assumed only 11 months of rent per year. However, I agree that SFR does have that risk. One additional factor I was leaning towards a condo is the reduced maintenance headaches as I do work full time.

-Dinesh.

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My realtor called into question my calculation when I stated that the CAP rate is low on a specific property she was showing. I had included rehab & closing costs. I have heard in podcasts about targeting 10% CAP rate. Is the norm not to include rehab, closing or any other costs of acquisition?

-Dinesh.

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I have heard that multi-families are better than condos, but my analysis shows me otherwise. Please advice if I should pull the trigger on the below condo:

Condo: Offer: 62,500; Rehab: 10,000; Rent/mo: 1300; HOA: 200, Tax: 1400, Maint: 1716; PM: 1430, Admin: 300; 25% down @ 4.5% interest; NOI: 7051, Cash Flow: 4201, CAP: 9.52%

Multi: Offer: 82,000; Rehab: 30,000; Rent/mo: 2000; Tax: 4000, Maint: 2640, Insurance: 2500, Util: 1300, PM: 2200, Admin: 300; 25% down @ 4.5% interest; NOI: 9050, Cash Flow: 5318, CAP: 7.95%

1 Vote

All Forum Posts by: Dinesh T.

Dinesh T. has started 25 posts and replied 47 times.

Post: Security Deposits: Escrow or Landlord/Tenant Account

Post: Transfer Deed to LLC

Post: How to get Tax ID?

Post: Transfer Deed to LLC

Post: How to get Tax ID?

Post: How to get Tax ID?

Post: How to get Tax ID?

Post: Condo or Multi-Family?

Post: Does 10% Cap rate include rehab & closing costs

Post: Condo or Multi-Family?