All Forum Posts by: Keith A.

I am in the process of putting together a one page document for pitching to private lenders.  I was looking for some guidance from investors that have already done this.  I was thinking experience, example deals, etc.  Any help or examples would be appreciated.

@Charlie Miller Thanks Charlie for the detail as this helps a lot.  I'll check them out.  I will be looking for more than $50K so will need to find out what additional information they would require for that.  Do you know if they also will refinance the properties off of the line into long term loans?

Thanks @Mike Hanneman for the response. I was thinking the same to also be able to use those as leverage for a portfolio loan or a LOC using them as collateral. I just didn't know if a back woudl even consider those in their calculations to give me a line on the LLC.

I have properties in both my personal name and business LLC name. Some of the ones in my personal name have conventional financing and others are free and clear. Similar with the ones in the LLC, some with private loans and others are free and clear.

I would like to get a business line of credit to help with acquisitions and grow the portfolio. My question is will they look at the properties in my name as well as the ones in the business LLC or only look at the business properties and their performance? I was putting together information for this and didn't know whether to include the personal ones. Also, does it make sense to move any free and clear properties in my name to the LLC so it shows higher revenue? Thanks in advance.

Additional information: the LLC is taxed as a partnership.

I have a property under my LLC that has a private mortgage/loan on it. I was working on generating a 1098 and noticed that the 2015 1098 form is asking for a social security number in the Payer's box and not an EIN. My LLC is the payer. Is this the proper form to use when reporting interest paid by borrower and income for lender? Any help is appreciated.

Originally we managed our properties ourselves and used Buildium.  In the last year we started using property management for new acquisitions.  The PM provides monthly statements on income/expenses and there is an ACH to my account in bulk twice a month.

Is it best practice to take those statements and enter the details of them into my own software versus just the ACH?  They provide end of year statements for tax purposes but was curious how others handle this.

Thanks @Michele Fischer.  That makes sense and here if you don't send this information out within 30 days then you are required to return the full deposit.  I wanted to avoid that scenario even if I don't get back the overage.

What would be the protocol if a tenant abandons the property and the final rent owed and damages exceed the security deposit?  No address was given to send any notices to.