All Forum Posts by: Levi T.

@Jonathan Farber That's good. Time solves all problems. As you do more deals, you will find the banks and other laws will have their own rules that can require you both to have your names on things, so the operating agreement becomes your only tool. 

Always give yourself a good exit, one your can exercise at anytime. Normally partner interest at current  appraisal value. 

If your are the GP, always put yourself as one of the managing Memeber with absolute say on everything, that way you cut out partnership bs, and can just get things done within the day to day business.

Good luck moving forward

Your idea is fine, seen it plenty. Your going to need an LLC for each partnership, operating agreements, and commercial lending from a local bank. Both you and your partner will be the guarantor of the loan, if you where not planning on your partner to have to guarantee it, you get all new rules on capital limits and partner interest, which then kicks things into PPM and SEC stuff. Bottom line is your going to need an attorney for this.

 Out attornies stuck in some wording  in our late payment notice to cover the payment with reservation notice, which is also our certified notice for court. No need to stick it in a payment receipt, etc. We use Appfolio's services as well, even offer CC payment.

HVAC are not signed to be run under 70, our tech locks them out between 70-80. It's going to breakdown a bunch. If it where me, I'd give them set days to remove the "property modication", because it's an insurance hazard, or we will remove it for them with police escorts, at their expense. Let them try and sue for that, not even worth the court fees.

Me and my agents look for vans with latters on them, normally can roll by Lowe's in the morning and find a few. Our pricing is fairly pinned, so we invite them to make a bid, and if they are in scope for pricing, we give them a go. All contractors blowup every few years and you have to go find new ones, so it's good to keep a list, you never know!

just get a skiptrace on the owner name and property address. 

I normally have a 5-10 minute call with the owner, setup an appointment with them within a week or two, show up, take a look, hand them my contract and tell them what they need to know, let them know to call me if they have questions, and go home. 

We are closing on around 3 million per quorter when in season, works out to around 30-40 units.

I'm on a flight to Golden Co to shred some trails on my Mtb. Best

So take a clue and quit trying to get them to sign it on the spot. Makes you look shady, you doxed the deal right there. Go in with the idea that it's going to be left and mailed back.

I close100% of all my deals, already done deal time they call me, because I follow a process. I sign the contract and leave it with them, while telling them it's good for 7 days, include a return envelope. Most mail it back within 48hrs. It's all about trust!

Do a commercial loan on the new property, then lean on the free equity of the older ones vs refi. You keep your old rates and use the cash in the next deal.

I have an apartment building next to Mary Washington University in Fredericksburg VA. It's mixed rental, about 30% is students. I'd be totally cool with going 100%. All my students parents co-sign, and they all have at minimum at 10k monthly income to fix any conserns. Students brought our rents up by $400 a month, and give us zero issues, they all spend6-8 months in the units, but pay for 12. State laws don't let you charge more for deposits, x2 rent is the limit for any class of renter, but you won't need that if your getting students with good co-signers. Our last 3 where co-signed by attornies, congressmen, and a real estate investor, all pulling 30k-40k per month.