All Forum Posts by: Scott Esmail

Does doing a cash out re fi of my own properties in Fl cause the property taxes to be re assessed ?

I am in contract on a 58 unit muti-family in daytona beach. This is my first multi in that area and also with one bedrooms. 40 are 1 bedrooms and the rest are 2 bedrooms. I'm concerned if im going to be able to fill all the 1 bedrooms with quality tenants. Has anyone had experience in either multi family in Daytona or with 1 bedrooms, how are the tenants, is it hard to fill, do they turn over a lot? It is not close to any Universities and there are a lot of multi family buildings in the area which also makes me nervous. the tenants that are currently living there I believe most of them will have to go because they are not qualified. The building is in bad shape and has not been well maintained im just not sure once I fix it up and turn it around that I will be able to get decent tenants. I have looked at other properties close by and what type of tenants they have however none of them are 1 bedrooms. The complex is very tight quarters with the 1 bedrooms only being 600sqft it is almost like a motel style on the exterior, which also makes me nervous what type of tenant I will get. The rents are low right now but can go up some but nothing spectacular. I want it for long term not to flip so not sure if it is the right property.

I am not giving legal or tax advise but from what I understand LLC are not recognized in Canada and will be treated like a C Corp.

Not a flow thru entity like a LLC would be treated in the USA.

However LP's entity both in Canada and the USA treated the same as flow thru's entities and that may be what he would want to create an LP to partner instead of a LLC.

Or if your not doing too much volume he can buy/partner in his personal name and get good liability insurance. However a lawyer and accountant may be best to consult there much smarter then myself  

@Alex Bekeza I am under contract for a 5 plus deal and I guess the bank considers me a  first time operator. Can you let me know a few of those lenders that will lend to first time I am actively looking for a loan

I would continue to do what got me to the 10 million, if that opportunity no longer exist then I would slowly try new things until I found a new investment that worked for me. I would be careful to try not to invest too much at the beginning until the strategy is proven and try to be as caution as I can not to over invest until I am familiar and see it worked on a smaller scale first.

I have always thought David has been really good on the podcasts

thank you at @NathanG

thank you @Joe Splitrock

Thank you @tylergibson

Yes @Scott M. it's in Orlando Florida