All Forum Posts by: John Retka

I have been Landlording and managing my own properties for 20+ years. I might have an opportunity to PM some properties I don't own. Unfortunately, I am not a broker so I can't legally do that in MN. Has anyone ever heard of a broker partnering with a PM to form a JV as a "silent" partner? Not trying to be shady, just don't have a desire to get my broker Lic…

Nevermind

One caveat to the story, the multi member LLC that I would be part would be investing as an LP in someone else's syndication. Does that change your thoughts at all?

I have a relative who is looking to 1031 out of their first rental. I have been thinking of creating a new LLC that would they could "contribute" to as part of their 1031 and combine that with my investment $$ and investment $$ from my 3 kids in the same LLC so that the new LLC can participate as an LP in an apartment syndication. Neither my relative nor my kids are sophisticated investors but I am. This would be my first syndication deal-I have a GP with a deal already picked out.

I seems from what I've read that I'm missing something in my thought process here. The operating agreement is one issue, but I'm really interested in whether or not I would be in violation of SEC rules to raise funds for the LLC to invest in the syndication.

TIA!

@Karli F.did you also take a damage deposit?

An LLC is a tool to use for a number of reasons. Buying your first property is not one of them! Don't believe the horror stories about liability - as mentioned before, you can insure against most of that. One single family home as a rental does not require an LLC. If you were buying something a lot larger, an LLC would be a must. Message me if you want to know more. I've been a LL for almost 20 years now. PS-my properties are in a trust but that's because of my personal situation and choices.

@Sam P. SFH LL for almost 20 years. Zillow is the best. No more discussion required. Don't listen to other opinions. Zillow is currently the best there is. Period. Exclamation Point!

@Micah Haworth Maple Bank in Champlin! Ask for Derek-till him I sent you!! You won’t regret it!!

@Jay E. Shop around - unless your credit is poor those closing cost are off the chart. IMO you are paying way too much to buy down to that rate. Something does not seem right....

@Misael Carlos Vera I would not advise Sec 8 as your first rental. I did it and it was a really tough way to learn landlording! I bought 1 house/yr for first 4 years and put Sec 8 in all of them on purpose. It went poorly for a whole host of reasons-some my fault and a lot that was not my fault. Until you learn how to properly screen tenants I would not encourage you to do Sec 8. Been a LL for 18 years and moved my last and final Sec 8 tenant out 3 years ago and will not go back.