All Forum Posts by: Joy TaylorSimmons
Joy TaylorSimmons has started 1 posts and replied 4 times.
Post: My 2 Options: Personal vs Commercial Loan
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That could be the case Jaycee. But the real deal is that the bank did not want to put the property in an LLC.
The bank had a problem with my holding LLC and after speaking with the law firm who created the LLC they were still confused.
Post: My 2 Options: Personal vs Commercial Loan
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Hi Danny,
I agree with the general consensus regarding the 10% down. I own a 5 family and 4 family in upstate, NY The 5 family is considered commercial and the 4 family is not commercial and I needed to have 20% down on both. With the 4 family the bank did not understand my LLC and I had to put the property in my name. The insurance and depending where you are at in upstate, the taxes are where it hits your pockets. The other thing to consider is your renting strategy, Long, Medium, or Short term/Airbnb. This is key to your whole operation. I know people who used community bank and love them. I did not use them.
Post: What Was the Biggest Lesson You Learned As a First Time Landlord?
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Quote from @James Carr:
Title says it all. Curious to hear what the lessons you all learned after your first year of landlording.
The biggest thing I learned was that to put "EVERYTHING" in your lease, no matter how small. I remember having section 8 tenants, and letting them know that I would pay electric for the 1st month only. 7months after the first month I was taken to court by 2 tenants. The Judge stated that if it is not outlined in the lease I was responsible. Of course the tenants said I never had a conversation with them about electricity.
Post: Reliable Handyman - 2 properties Brooklyn, NY
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Hello, I have 2 Multi properties in Brooklyn and looking for a reliable handyman to help get 4 of the apartments rent ready. Any information would be helpful.