All Forum Posts by: John Buchanan

I'm looking for a (real/sample) business plan for a startup property management business. if you have one you're willing to share, let me know.

thanks

John B

Steve - the property is in NC, I'm not aware of state statues prohibiting the 60day notice, are you?  

my interest in a 60day notice is being able to have more time to get it rented out. 

Is it possible to setup a month to month lease so that a 60 Day Notice to Terminate is required?

My leases are all year long leases. and one of my long term tenants is now asking for a month to month lease when his year lease ends soon.  the property is located in a town with two large universities, so renting a unit during the school year is typically difficult. (all my leases roll in summer for this reason). I'd like to accommodate his request, but want to protect myself from getting stuck with him leaving in December or another time period that proves nearly impossible to find a new tenant.

any advice/suggestions?

thanks!

John

I have two new tenants moving in, unrelated, purely roommates unknown largely to one another. (they found each other to rent the unit)

Should I have one lease, with both listed, or two separate leases?

thanks

I along with several friends want to pool our monies together to buy 1-3 duplexes.  The other two parties will only be investors, while I'm the active party finding the property, overseeing any renovations needed, hiring/overseeing the property manager, etc.

I've read prior posts that someone in my capacity (b/c this is a significant time commitment), may want to structure the deal so I'm compensated (and the other two investors are agreeable with this)

One post mentioned a finders fee of anywhere from 1-3% of the property value, then an ongoing 1% of gross rents plus some sort of cut of the end profit when we sell, later down the road. 

curious to hear how others setup their own pool before like this and what was their fee structure. also - we'll be using an LLC, but should I as the managing person setup my own LLC and officially have that as the Managing Entity?

any color/insights would be appreciated. thanks!

If you own an investment property outright, no mortgage, what options exist for borrowing against the value?  whats a typical % of appraised value can you borrow? aside from hard dollar lenders, do traditional banks/lenders work in this space?  i'm sure there's plenty of other questions I'm not asking.

thanks

I'm looking to partner with and/or acquire an existing small/mid size Property Management business in Northern Virginia.

If you currently own/manage a small/mid size property management business in Northern Virginia and are considering exit strategies or partnerships, let's talk.

my cell # is 757-329-4086

John Buchanan

I'm looking to setup a real estate LLC for a small group of investors (all known to each other) and from what I've read it appears the Rule 506 best applies (bc we're buying a property out of state). I'm in search of an attorney to draw up the paperwork and so far it seems the prices for doing this are all over the board. if anyone has an attorney they could recommend that prices well for a smaller situation, I'm all ear. I'm in Virginia if that makes any difference.

thanks

I'm in the process of selecting a SD IRA Custodian, to purchase a property worth approx $150k. Anyone have a firm they like and have had good experience with? I've looked at Pensco (who appears the most expensive) to Entrust Group, IRA Services Trust and Equity Trust.

thanks

I've been asked if I'd be interested in setting up a small LP/LLC so other real estate investors could pool money together and invest together in a couple rental properties. I've looked into what would be required and come up short.

Since I don't know all the individuals involved, and they're not accredited investors, I've read I would have to file with the SEC if I wanted to lead this LP.  

Does anyone know what's required to setup a small (8 person) real estate syndication? 

thanks