All Forum Posts by: Account Closed

@Rana Khan I'm in a similar situation as you. I plan on taking a trip once a year to see my properties in addition to looking at new ones. My property manager also visits each unit every six month to check on the status of the unit and determine if it needs any repairs.

Hi BP Nation,

I'm currently looking at purchasing a quadplex that has all four units on different lots, but the units are still connected. To avoid getting 4 separate loans, I'd like the seller to combine the 4 lots into 1. Is this the right way to think about this situation or is there another solution?

Thanks for the help!

@Robert Harpster 

Sorry no one replied to this, but I wanted to give you my thoughts given I don't your market. I typically look for properties that have a market value to monthly rent ratio of 1000 to 1 and this property doesn't meet that test.

However, there are other factors as well such as appreciation that might drive your decision to purchasing the property. 

I have a checklist of several qualitative and quantitative that I utilize when evaluating properties and suggest you develop something similar for your area. 

@Brandon Alexander I imagine they have a checklist of interior and exterior items to review. One of my units recently had one of these inspections and after we have a call to talk about items that came up during the inspections. To my understanding I am not paying extra for it, but I would to properly maintain the units. 

I think @Nathan Gesner shared an excellent idea and its what I would do if my property manager didn't do it.

@Joe Dupa 

I don't know the numbers for the property that you are considering, but when I evaluated a potential property I look use compare the property value to the amount of monthly rent generated. I do not invest in properties that produce less than a 1000 to 1 ratio. 

That is only one factor that I consider and please understand there are many other factors to evaluate.

I face a similar issue. I own property down in Mississippi, but I live in the greater DC area. I plan on driving down once a year to inspect my property and look at new property. 

My property manager also inspects each property once every six months.

Do you have any specific questions?

What are you hoping to gain from putting each property into an LLC? I assume it's for legal reasons.

Just curious, how much faith do you place in rental comps and what you actually decide to rent your property for?

@Dennis Folk - Thanks for the information on dealing with termites. Literally just had this issue come up while purchasing a new property in Mississippi which I believe probably has the same problems as Florida. Definitely going to have the work bonded.