All Forum Posts by: Rik Patel

@Federico Gutierrez what is your opinion on have a duplex investment in cleveland heights area? By coventry village and by cleveland heights high school?

Hi Everyone!

I want to borrow $40,000 for a downpayment on a $170,000 house from a family member. I'll be getting a 30 year fixed loan at 5% for the house. What's a way I can structure a loan deal with my family member? How would you pay them back?

Hi All! I'm currently residing in Florida where there's no income tax but looking to invest out of state where there is and had a couple questions regarding the matter.

1. Do I setup an LLC in the state I'm investing in?

2. If I setup an LLC, I'll qualify for commercial financing which I don't want, however, I want the protection the LLC provides. If I transfer title after the purchase, it might trigger a due on sale clause?

3. How are investors cash flowing with paying income taxes from out-of-state investments?

4. What legal structure do you recommend I setup?

Yes they marked it down on their move in inspection checklist, Is it safe to put a clause in the lease that the rental is "as-is" in terms of cosmetic fixes? @Adam Wigdorski

1. Yes, it had scuffs before they moved in, they just wanted it touched up. I'll let me know that the property is in as-is condition?

2. She just handles showings and getting it leased. Completely agree, I need to make it clear with her to contact me directly instead of the tenant. Thank you @Gregory DeRosso

Thank you both for those responses! @Justin Juhan @Ray Harrell. 

Hi Everyone!

I just bought a new construction town-home last year for rent. I just had a new tenant call me saying the wall needs small touchups for paint along with some other small tasks. I have a property manager that takes care of just the leasing portion. It makes me wonder, if I were to buy properties out of state , how is everyone getting these small tasks taken care of? My tenant doesn't want to do it and no handyman (if available) will come out for small tasks. If a property management company were to take care of small issues, wouldn't they just find any company since ultimately their sending the bill to the landlord?

Why does Cleveland have a declining population? From what I read, there is a strong rental market there? @Brandon Sturgill

Completely agree with @Megan T. ! Even down here in Miami, there are only a few buildings allowing Airbnb's and the units are overpriced. 

@Alan Harry My brother lives 5 minutes from downtown, didn't have any luck finding a building that allows Airbnb a couple years ago, it might have changed now but really not sure!

Do you suggest any investor - friendly realtors in that area? @Robert Matelski