All Forum Posts by: Nicholas Lohr

damn, yeah makes sense. thank you. 

I have a commercial 6-plex that is in the name of a LLC. I just went the courthouse to try and file an eviction for non payment of rent and someone there told me that I HAVE to have it done by a lawyer because it's in the name of a corporation. However I got the impression that she might be mistaken.

I then contacted an eviction attorney and she also said it must be done by a lawyer for the same reason.   But it occurs to me that of course a lawyer might say that in order to get the business.

Anyone know if it's required I use a lawyer as they say?

@Kenneth Garrett @Jason D.

thats good to know thanks. Each lender that I have my 4 loans with all said a flat out NO to the lending to a LLC thing. One threatened the Due on Sale Clause when I tried to transfer it to a LLC post closing. Perhaps I need to shop around more. Good to know that it's possible.

@Ki Lee I got the sense you were talking about a single family house, duplex, tri-plex or 4-plex correct?

If so I would be very surprised if the others on this thread thought it a good idea (or even possible) to use commercial financing for that.  Honestly I've never heard of anyone using or a bank even offering commercial financing for a property under 5 units but I've only been at this for 3 years so I could be wrong... but it would be news to me. 

It's working well for me, I'm up to 14 units since starting in 2016.  I actually don't know another way I could have done it.  Feel free to message me with any questions...

Having good insurance is fine. I used to think the LLC was absolutely needed too, it isn't.

When you are in month 9... 10... 11... etc...   of the process and you still haven't broken ground yet the time value of money may occur to you.  Sorry to be a naysayer I'm just right in the middle of it right now and it certainly occurred to me!

I'm doing something similar at the moment. I am turning a 4-plex into a 6-plex. I highly recommend you do not do this. I strongly feel the new build approach should be tossed into the "too hard pile" until you get more experience under your belt and also until you can build something more substantial. The amount of time and effort it takes is simply not worth it. I literally could have done 3 BRRRR deals in the time it took to build this single duplex.

I'm finally in the framing part of the job after 2.5 YEARS of effort!

Read my response in this thread.  (Halfway down) This is what lies ahead if you go down this road.

https://www.biggerpockets.com/forums/44/topics/600...

I highly recommend you start with a rehab of an existing structure.  Feel free to message me with any questions... 

just increase the Purchase Price to include the rehab costs as well. and decrease or leave blank the Estimated Repair Cost. 

I'm still relatively new to tenant screening, I've probably done about 50 at this point,  and I've yet to have someone who can't follow directions meet my rental criteria.  Actually most of the time the "directions" end up being too much for them and they don't even do the application.