All Forum Posts by: Richard Sherman

@Bob Ferrari is he able to bring in an investor (maybe you or someone else in the family?)  has he started talking to local banks and credit unions?

@Account Closed the last several deals we have done have been working with a good broker who is not afraid to write offers on properties that are off market.  At least see if they are open to it.  I would absolutely make sure you have that side going as well as any other "marketing" strategies you might have.

@Tara Yoder it is all a personal decision.  Are you able to house hack your current house or purchase one to house hack?  i.e. a multi unit (up to 4 plex) and live in one unit so you can get a owner occupied loan, rent our your current house...wait a couple of years and do it again?

If you do not already have the LLC setup I would not set it up, just get a good landlord insurance policy (i.e. make sure your insurance company knows you are renting the property) and add on an umbrella liability policy. If you already have the LLC, it is not a bad idea to run the income and expenses through it to keep it separate for taxes etc, but the bank almost certainly does not want you to transfer title...they might not do anything about it or they may make you transfer it back.

@Steve K. vacant properties are much larger liabilities than occupied.  You are for sure going to pay more to get them covered.  I would shop around and especially look for a broker that does larger commercial rental properties (multi-family) that can shop around with some brokers etc.

@Mauricio Parrarios Hi!  The source of the income, as long as it is stable, should not matter too much to most landlords.  We would love to have a tenant like you as your income is very stable and that is a great thing for a landlord!  You might need to explain the 457b withdrawals to a landlord, but if you show your bank statements that should be enough.

We have a change machine in our largest property...MASSIVE pain...always jamming but it is nice when it works.  They are way more expensive than you would think as well ($500 plus for decent ones.)

Some tenants will buy $10-20 worth of quarters at a time.  We do have one building with a laundry lease that we inherited (VERY good deal, first $26 of each machine goes to the company and we get 100% of the rest.  They have the pay by app etc (so they can get credit cards etc) but I imagine those machines cost quite a lot more.

@Jake Thompson this isn't an article, but goes into why I choose not to build (yet) on a property I already own.  It might add some insight.

https://www.biggerpockets.com/forums/311/topics/63...

@Patrick DiDomenico We do coin operated but the smallest property that is at are 6 units and no laundry hookups, the others are all larger than that.   

We DO charge for extra parking at our properties and will probably start charging for garages as well at the properties that have them.  That will depend on your market and property size probably.  Also, look at things like water usage if you pay that and consider a leak search, replacing toilets with low flow etc.  

Call around to your local credit unions.  In our area, no banks have coin machines but several of the credit unions do.  I keep an account there just for that.  Cash out about 1200 a month and deposit into the main account and deposit anything under $1 to the credit union..haha.  If you can not find an option for that...rather than pay the 7% or whatever coin star is, I am probably looking at Coinmach or whatever the laundry lease guys are.