All Forum Posts by: Skip Reath

Wanting to know if anyone knows of a way to reduce ownership % in condo complex. I currently own 10 units in a 35 unit complex. Have 4 units under sales contract but finding difficulties in getting buyers financed. Fannie's rules require no more than 10% can be owned by a single entity. Is it possible to transfer ownership to another LLC I am the sole member of to reduce the number of units owned by my current LLC? Would this satisfy Fannie's requirement or is it not going to help? Don't really want to transfer ownership to other persons as that creates all sorts of other problems such as tax implications, insurance implications, legal issues etc. Any ideas?

Anyone know of Lenders in Chicagoland that loan on non-warrantable Condos?  I own more than 10% of the units so this creates the issue.  I know of Lenders that will lend on them with a larger downpayment usually 20-30% down, but would like to know if any will lend with less of of downpayment.  Loan would be for owner/occupant not investor.  

@Greg Felt  Greg could I get the contact info of your property manager guy? Thx

I would lean towards keeping it.  I have several homes in the suburbs of Detroit one in Brighton.  Although the area doesn't appreciate like CA it's more a buy and hold area.  As long as the property management isn't a burden and you can find decent long term tenants then I would hold as you are building equity.  If you do sell consider lease option as you can usually ask a higher price for the property and take some of the pain out of selling for a loss.  Just my 2 cents....Good Luck

Hi Rachel-

Does your partner live in GR?  Always best to have boots on the ground where you invest.  I have lived in GR all my life and have seen many changes.  I think the most important thing is the trust level you have in your potential partner and property manager.  Also it would depend on the current condition and location of the property.  I would verify all that is being presented to you before committing to any deal.  If you have any specific questions would be happy to assist.  Good luck!

@William Curry  Thanks William unfortunately I was forced to use my property managers HVAC guy b/c of the hot weather the tenants needed it repaired ASAP.  Would have preferred to get a few bids.   Will keep you in mind for future needs.

Thanks Again

Anyone know a good HVAC person in the Farmington area in Michigan?  Had the pleasure of having a A/C compressor stolen and need to have it replaced.

Thanks!

Anyone know of a good contractor for some repairs needed on a house I am selling.  Home is in Deerfield, IL.    Just had the inspection and several items to be addressed.  Specially the garage and replacing some cement entry steps along with some other minor things.

Thanks!

I always create a separate LLC for each property. In Michigan it's only $25 a year to maintain an LLC. Just create the LLC then purchase the property in its name. I'm assuming you are the sole member. Umbrella insurance is also a good idea. Good luck!

@Tim VandenToorn Hey Tim not that savvy with the blog stuff.  What's your contact info?