All Forum Posts by: Mike W.

I have three properties and plan to purchase 3 more in the coming months. Wondering if I should create an LLC to hold all six properties.

I'm purchasing my first multi-family and plan to have a property manager oversee the property. He's requesting 10% monthly fee. What services should I expect from him for this 10% monthly fee?

I'm using Loopnet to find multi-family properties and wondering the accuracy of the cap rates. Has anyone used it to purchase a property?

Also, should I be using cap rate or something else?

I'm purchasing a multi-family (2 unit) home out-of-state and working a property management company that will act as dual agent and the property manager post purchase. Where do I have opportunities to negotiate a better rate? Rent on the property will be approx $1200 per mo.

- For small multi-unit they charge a management fee of $150 or 10% of the rent per month, whichever is greater. 

- They collect a fee of one months rent upon renting the home, $250 upon the signing of a 12 month renewal commitment from an existing tenant.

I'm interested in developing a portfolio of multi-unit (2-4 unit) rental properties and wondering the best way to obtain the money a down payment. Is there an option available that doesn't require me to dig deep into my own pocket? Can I start an LLC and take out a business loan? What options are out there and what's the best way to get started in this business? I'm doing this for passive income with the goal of increasing monthly cash flow.