All Forum Posts by: Pavel U.

@Pavel U. That's amazing! Were all of them found through the MLS? Most of the numbers I've been crunching aren't as favorable as I'd like, but I'm still learning the ropes of analyzing properties, especially house-hack MFR.

Yup, I'm MLS only, and always been :) The 2 that are pending inspection are both 'commercial', well, 1 commercial, 1 mixed-use (commercial main level, 2 bedroom apartment second level). Good areas only... I only buy in South Minneapolis.

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It's getting tougher and tougher to find good deals, have to be quick - the moment it shows up on MLS, call your agent and go see it asap, same day, within hours, and make an offer "on the spot" - if numbers make sense that is. If you wait 1-2 days, you're too late, someone else will take it ;)

I just closed on a duplex few weeks ago, and my offer was accepted on 2 more, pending inspection.

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Originally posted by @Cody Barrett:

I am not 100% sure quite yet, when I first spoke with the mortgage banker before I obtained a pre approval, she stated that to have the loan be in the LLC it would have to show the ability to finance it. Like I had to personally with a w2 etc.. So when I go to refinance it down the road, if I understood her correctly, my LLC will have show the yearly cashflow/income and reserves needed to have the mortgage be financed by it. It is a smaller local bank..

Quit claim from your name to your LLC.

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Quit claim from your name to your LLC.

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Originally posted by @Joe Splitrock:

@Cody Barrett how did you get financing with you new LLC? The challenge I run into is having conventional mortgages, I have to list the property in my own name. Just wondering how you got around this.

Quit Claim it, after closing. Quit claim from your name to your LLC.

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I've consulted with some of the best asset protection specialists on that :)

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Originally posted by @Gloria Mirza:

To protect your properties you would need to have one LLC per rental.

I disagree. You can have multiple rental properties per LLC, just spread them out nicely. I also suggest getting an umbrella insurance as well. If properties are paid off, you can also register one LLC to be the "Bank", i.e. you are the Bank essentially. Then mortgage those paid off properties by that same Bank. If someone was to sue you, and they got into your LLC, the Bank (you) needs to be paid first, then whatever is left (almost nothing) goes to the winning party.

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@Kristine Eickman I recommend you sign up for ezlandlordforms.com, they have state specific leases, not to mention a ton of other legal documents you'll most definitely use.

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Minneapolis, Minnesota

Welcome @Liz Hansen. I don't think a budget sheet will help much, IMO, simply because it all depends on the property and its condition. Few years ago was amazing time to buy, so that's great that you did!

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Welcome to the forum @Brent Larson! There's a LOT of good stuff here.

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All Forum Posts by: Pavel U.

Pavel U. has started 1 posts and replied 179 times.

Post: How to Analyze Duplex in Minneapolis

Post: How to Analyze Duplex in Minneapolis

Post: Why I filed for a LLC. Only own 1 property too.

Post: Why I filed for a LLC. Only own 1 property too.

Post: Why I filed for a LLC. Only own 1 property too.

Post: Why I filed for a LLC. Only own 1 property too.

Post: Why I filed for a LLC. Only own 1 property too.

Post: Lease Agreement

Post: New Member from Minnesota

Post: New Investor From MN