All Forum Posts by: Danielle Lynch
Danielle Lynch has started 6 posts and replied 18 times.
Post: First Multifamily Looking in South Florida
- Posts 19
- Votes 15
It's hard to make deals pencil right now. I live in Fort Lauderdale. Can't rationalize 4.5% cap rates borrowing at 6-7% interest rates. I personally like the Chicago market where I've been. Their cap rates are around 6.5%. I am starting to consider buying a deal for cash now while prices are low and then refinancing or selling once prices go up. The main issue here is the insurance problem
Hi does anyone have any recommendations on a Florida Commercial Real Estate Lawyer?
Quote from @Michael Worlund:
Hi all, I am looking to build a team here in the greater Tampa area before I begin seeking Multifamily properties. If you are an Agent, Contractor, Lender, Insurance broker, or any of the assets I will need to get going I would really appreciate a response.
I currently have a couple SFRs in TN and one on Treasure Island. I would like to start moving into Value-add multifamily and BRRR.
Thank you.
Hi Michael. I have capital and I'm in the process of raising capital. Tampa is an area of interest. Value add 16-32+ units is my buy box. @Jon Parker is an expert in Tampa development. He needs investors.
Post: Deed Question: Parent & Subsidiary
- Posts 19
- Votes 15
Quote from @Tom Gimer:
Quote from @Steve Vaughan:
Don't forget to check to see if your title and hazard insurance policies will be affected.
I'd never do a small / residential property like this. Maybe @Tom Gimer has a second to assist.
I personally would never do this as the transfer serves almost no purpose and certainly not without consulting with the title insurer and obtaining a policy endorsement.
And no, the parent LLC would not be referenced in a deed to a subsidiary.
I'll contact my insurance. Just to clarify, Isn't the point of transferring a property into an LLC to limit your personal liability? What do you mean it serves no purpose? I'm not a lawyer so maybe I'm missing something.
Post: Deed Question: Parent & Subsidiary
- Posts 19
- Votes 15
Quote from @Chris Seveney:
@Danielle Lynch
Just keep it in your personal name and get an umbrella policy
That’s how we handle our single family rentals
I have an umbrella policy. But i've already transferred 2 of my single families into an LLC. So if I'm understanding correctly my insurance isn't going to cover anything that's in the LLC's name? I'm also looking at buying a multifamily property and I've read that you should almost always have that in an LLC.
Post: Deed Question: Parent & Subsidiary
- Posts 19
- Votes 15
Quote from @Chris Seveney:
@Danielle Lynch
You do not need to list the parent company on the deed but as the other post mentioned your title insurance will not be valid in most cases which view as a greater risk than anything you could be sued from a tenant that is not covered by your insurance policy
Post: Deed Question: Parent & Subsidiary
- Posts 19
- Votes 15
Hi Im doing a quitclaim transfer on a deed from my personal name to my LLC. The LLC is a subsidiary of another LLC of mine.
I.E. The deed is transferring from Danielle Lynch to Harbor View Oasis LLC which is owned by parent company Chicago QTS LLC. Do I need to list the parent company on the deed? If yes, can I hand write it? I already got it typed, printed, and notarized before I thought about this.
Any suggestions on a Arizona Commercial Realtor? Looking for someone to set me up on the MLS. Been looking in Florida but would like to take a look at the Arizona Market.
Post: General Contractor & Property Manager Suggestions
- Posts 19
- Votes 15
Quote from @Jon Huber:
Quote from @Danielle Lynch:
Hi, I am shopping real estate deals down in Miami, Fort Lauderdale, Hollywood, Palm Beach FL. I am looking for a trustworthy knowledgeable general contractor and property management company in the area. If you know of one that would help me out a ton.
I think you need to narrow your focus. PMs and GCs that service Palm Beach aren't the ones that service Miami. Are you leaning towards any area? Also, long term or short term rentals?
I was looking for a GC to ballpark some market #s. So I'd take any market right now. It would be great to have both. Just so I have rule of thumb #s to run my deals
Post: Investing In Florida? Good Or Bad?!
- Posts 19
- Votes 15