All Forum Posts by: Samir Shahani

Can you post numbers? :) 

It's not cool to be lazy.  

If you think you're so smart and so good at doing things so efficiently, we don't you do something big and change the world.  

Give millennials a good name. 

@Chris K. Thank you my friend, you always nail it.  We are proceeding as you described.

@James Mc Ree understood and already cleared with our bank.

@Garrett Diegel

@Christopher Blanco

Thank you.

Is there any downside to a Quitclaim deed (assuming we got title insurance and a clean title transfer when buying the property)?

Do we pass on all liabilities to our entity through a Quitclaim deed (e.g. the LLC is the sole owner of the property)

Hi all,   

My brother and I own 2 properties. 1 in his name. 1 in my name. We operate an LLC (50/50 ownership).

Is there an easy and cheap way to transfer the properties to the LLC?

All of the above is in Pennsylvania (in case that makes a difference).

Thank you.

Simply not worth it.

Save more money and buy another one.  In the mean time, your loan will continued to get paid down by your renters.

In 7-10 years, you will have a decent piece of equity in these properties (loan paydown + ~2-3% appreciation annually (v. conservative)?)  You can pull a decent portion of equity then and use it to buy more properties :) 

@Jason Hirko 

@Dan Walker

I totally agree with Jason.  If I was your employer and found this forum posting, I would fire you.

Be ethical or be gone. 

@Matt Walden

Firstly, not sure about who your realtor is .. but generally speaking, the realtor is going to tell you what you want to hear.  So be sure that you can get those rents up if it is a big factor in your decision.

The deal looks fine .. although in your statement, you suggested that monthly expenses are $1500, whereas .. including P&I you're looking at close to $4,000 a month in expenses.   This doesn't seem to take into account incidentals or other potential issues which may drop your cash on cash return significantly.

Consider the deal, your up front investment, the return, etc.

If you're still comfortable, go with it.  If you need more advice, feel free to PM me. 

You are not liable for someone else doing drugs. Always protect yourself through insurance and an LLC.

Regarding the specific question - seems like you answered it already. If you can't deal with it, call the cops.

I set mine up through Legalzoom.com

In hindsight, I would have done it myself and saved a couple hundred bucks.

There are dozens of topics online on how to do this.  A simple google search pulled up Nolo (do-it-yourself legal advice publisher, been around for decades). 

You may want to  consult with a lawyer, but once again, the process is so simple - just requires a little self education.

Good luck and PM me if you need any specific advice.