All Forum Posts by: Mordy Chaimovitz

Ok. 
I Recently closed my 1st deal on 2 SFH's with a conventional loan. I wanted to transfer the properties into an LLC but my attorney says that technically it's against the clauses in my loan to transfer the loan to a different entity and I could be in default of the loan and the bank can come and ask for the money back.

now I am under the impression that many people do this anyway and the lender won't bat an eye, but am I making a mistaken assumption?

has anyone had any bad/good experiences with this

thank you all in advance for your responses.  I look forward to reading them. 

Guess what! It doesn't matter if you are making a million dollars a day!

DONT USE IT! 

Find a good deal and use OPM (other people's money) to finance your deals! Partner up with other people who want to invest passivly in your deal. Your return on investment is infinity! You didn't put down a penny!

but if you must know.  I just bought 2 single family homes having no money in savings. Living paycheck to paycheck. I got a money partner that liked the deal and we are going 50/50. Both on the cash flow and the eventual equity from the sale

you can make less them minimum wage and invest in RE. And that is one of the many reasons I 💚 Real estate!

so get a move on and buy something already!

separate llc's. This way if you have a tenant that sues, your other properties won't be subject to that lawsuit and can't be touched. 

it might cost a little more up front but it might cost you everything down the road

also try to set up the llc before closing so you don't have to pay to transfer title from your name to the llc. It's expensive and a pain. 

Hey landlords and PMs i have 2 apps that i like that i would like to share with you

1. Dolly 

this app is the Uber of movers .

if you need something moved. check this one out!! i needed 2 fridges moved from 1 place to another.    i booked in the app, and guys came with a truck and it was awesome.

they are great if you need something moved from 1st floor to 2nd floor, junk. anything that needs to be moved. 

Thumbtack 

this is the Uber for handymen painters electricians etc.  i havent used them but the app looks great with reviews for contractors etc.

please post your helpful apps. thank you!

hey i would LOVE to join! i clicked on the link but it led me to a page that said i need permission from the owner of the document to access it. please advise

thank you!

I started in real estate with the goal of getting into syndication. On the way I have picked up 2 SFH that were great deals and will eventually be a source of seed money to get into bigger multi family units.

I bought these units with a passive money partner, and I am looking for more. (Deals and partners)

my feeling is that, although I want to get into big multifamily, I should still be looking out for smaller deals as stepping stones to help me scale while I learn the ropes. 

 So I would say, don't ignore smaller deals that come up on your path to big syndications. Not only will they help you financially, but you will learn a ton along the way. 

You might want to find out from your lender what is considered a gift. Some lenders won't care where the money came from as long as it shows on your bank statements for 2 months. There is actually a term for this, its called "seasoning" a loan. So let's say you have a private money investor funding the down payment. You can schedule closing to be after you will have 2 bank statements showing the downpayment money in there.  Then your loan is seasoned. 

keep in mind for rental properties your lender might require that you show at least 6 months reserves for vacancy protection as well.  So when you are raising money for the down payment you will probably need to show. Down payment plus 6 months plus closing costs sitting in the account you will use to close for two statement cycles. 

This is not the case for all lenders, but find a lender that can work with you.

I would strongly encourage you to email this broker from Cincinnati/Dayton.

tanya roesel Caldwell bank realty. You can look her up or PM me for contact info. 

Hey! 1st of all, good luck! 

2nd of all I just bought my 1st 2 investment  properties and I didn't have any money for downpayment. I partnered with someone that had some cash lying around and was looking to invest. I presented the deal i wanted to get into to him and showed him how we csn both make a profit, then took out a conventional home loan for the rest. 

you are a real estate agent. You have access to good deals before alot of other people,

      could be you know people that want to partner with you too!

as far as what to buy; if you are looking to get to 66 doors in 5 yrs you might want to think about how you will be managing those properties. Maybe you have connections to good property managers through your real estate brokerage. find a PM that your are comfortable with and try to find properties he feels comfortable managing. Those are the types of properties you should be looking for

now you are starting to build a team to help you reach your goals. 

have fun!

I just hired my 1st PM in chicego. He comes with excellent references and I am very excited to have him on board. 

we need to get some work done in order to get my properties rent ready and he is managing the project for me. 

of course I am confident he will get it done quickly and properly, yet I also want to be in the loop as far as progress. 

How often can I be expecting/asking for updates or progress reports without being an annoying, micromaneging owner that he doesnt want to deal with?

(I would love to hear from you property managers out there, or anyone else that can share some wisdom on this topic)

Thanks!