All Forum Posts by: Mike Hanneman

I would speak with your lender then and see what they will do. Most will provide you with some sort of pre-approval letter but you need to ask what the lender needs from you. You need to been in contact with your lender and agent at the same time.

This is common because most of the time you can't get into a multifam property until an accepted offer, so your lender will know what form to provide you, at the same time talking to your agent about what the seller is wanting to see from you.

Get a pre-approval letter for whatever your budget is, but don't send the seller your letter with your max budget number listed, this way the seller doesn't know what you can or can not afford. Your agent should be helping you through this unless you don't have an agent, then in that case go find an agent! They are free to the buyer and will help you out a lot.

Go talk to an attorney, make sure to get this right the first time around.

Do you already own this? What did your inspection report say about the lean? Are the walls inside plumb? You usually don't get a wall that leans without it taking something else with it!

When will your rent collection feature come out? I just checked out your site and it say coming soon.

I don't require it but I strongly recomend it for the above reasons. I don't want to see my tenants lose their belongings due to a misfortunate event, but I won't require it because then I have to track it, and I see it as what the government is making it's citizens do.

Moving out west is more expensive then the area where you just came from. Something to think about is I know a lot of people, both in washington and in Colorado ( just moved from there ) and they are all trying to invest back in your old area. Trying to find a deal in Denver or anywhere close can be a challenge in itself. Denver is one of the fastest growing cites in the US right now and prices reflectr that.

Glad to see your coming out west for something other then the new pot laws though. I've spoken to many people that moved to both CO and WA just because of that.

COnfront this PM, and get rid of them. I know there has to be better ones in your area! Also go to every REI meeting and tell people about this PM, REI is a game that uses word of mouth, maybe you'll save some other property owner the hardship of having to go through this same thing with this same PM. It might also get other owners to check up on this PM.

Well look up frivolous law suits and get ready to laugh and then be sick. Anymore anybody can sue for anything, especially if an attorney thinks they have a chance to get money out of you.

Your best bet is to talk to an attorney as every state is a bit different. Just because you have an LLC doesn't mean you won't get sue and lose, happens a lot more then people on this site think.

Also an LLC does not protect you if you do something wrong, i.e. car accident. Their attorney can and will go after your assets even though they are in an LLC, not really sure why people on this site believes an LLC protects against that. It doesn't. Also a property still should have an umbrella policy against it in case you do get sued.

But in any case please don't take someones word for it on some forum when they have no skin in the game. I see things typed all the time about LLC's that make me hit my own forehead. I'm in the middle of talking to multiple attorneys and CPA's now trying to get my nusiness set up officailly and the stuff that I'm told contradicts alot that is being said in these forums.

Your milege may vary...

I too recommend putting in an offer to secure this. Put a financing contingency in there in case you can't find a lender. Then go to work asking everyone you know and people you don't to lend. If this is truly as good as a deal as you make it seem there shouldn't be an issue with finding a lender.

There are multiple exit strategies with a property that can be purchased 50% below market, i.e. house hack, quick flip, renovate and flip, wholesale, buy and hold, etc...

The key is locking this deal up by putting in an offer and getting it under contract!!