All Forum Posts by: Ryan Moore

To clarify, a different lender would be used to get the home equity.  When you say "they will do a title search", are you referring to the lender of that home equity loan?  Or will something be alerting the primary mortgage lender?

I'm curious about a strategy with getting a home equity loan on a MF property. The property was financed with a lender under a personal name, then transferred to a LLC after closing (I'm aware of the due on sale clause). Will there be a lot of headaches with trying to get a home equity loan when the property is owned by a LLC? ...the primary mortgage lender has it under the personal name and not a LLC?

@Carolina E. Thanks for that.  I definitely think automatic lighting is a good thing to have on board.

Congrats on everything.  You need to get out of retail.  I made that move about 3 years ago after working retail as an tech/intern/rph for 10 years and it was the best decision I've made professionally. 

One unit of my 4-plex will go unoccupied next month for hopefully a very short time while we find a new tenant.  So far this year, 2 other units have had vandalism while they were vacant and under renovation.  What strategies do you use to monitor and keep your vacant properties safe? 

@David Calme  I have 1 MF and didn't want to pay for quickbooks or anything like that just yet.  Check out Google sheets, they have a  template called "Financial Statements" by Xero that I am currently trying out. 

Purchased my first 4-plex earlier this year and while under contract, 2 of the 4 tenants just left, breaking their lease.  The owners at the time did not alert me to the change in occupancy and I had to find out about this change on my own thru random inspections of my own.

Going forward, with future deals where the units are occupied, what strategies should I utilize to help ensure that I'm not taken by surprise when tenants up and leave.  Should I have it built into the contract that the owners must alert me in X amount of days when a unit goes unoccupied?  Should I have something in the contract where I can back out of the deal upon leaning about a change in occupancy?

@Mike McCarthy Even though I downloaded office for $10 through my employer, I have been playing around with Google.  They have a pretty basis P&L spreedsheet in there that I'm trying out for my 1 and only property that I have.

Ok this particular one is the 'buy it one time and use it for as long as you want to' type.  I don't really need any cloud-based options, use it anywhere type options.... that is what I use iCloud for.  Sounds like this one is what I may be looking for.  No recurring payments, doesn't lock me out after a year