All Forum Posts by: So Da

Thanks Remington - I hope to connect soon!

Thanks for the info! Ill check out what Jon and Mark have to share.

I'm looking for a lawyer with real estate experience in Ohio. Anyone have any recommendations?

I primarily need advise on setting up an LLC as there is just so much information out there that conflicts.

Initial questions:

Can I create an LLC in another state while the property is in Ohio?

What are benefits of using an LLC registered out of state (Wyo or Dela) vs Ohio? Are there real benefits?

How do I separate my personal assets and business assets while still making money and using it?

Also, if anyone has any recommendations on books or any other source of information on this topic I would greatly appreciate it!

Thanks!

@Joe Villeneuve

Trying to understand this. The equation for CoC return is:

Cash on Cash Return = (Cash Flow/Cash Invested) x 100

Couldn't you perform this for yearly cash flow/initial investment. This would be X% CoC for any given year?

Thanks

@Joe Villeneuve wouldn't CoC return be each year not just the first year?

CoC is a return on cash investment. Your investment is all cash so you will see a very low CoC return.

Cashflow = Rent - Expenses. this will be fairly large because you don't have a mortgage to pay.

Both can be good deals depending on what you want out of your investment, goals, etc. 

@Genny Li  - Thanks for the info. I'll keep looking for local banks.

@Caroline Gerardo - Unfortunately, the feedback I keep getting from banks is that a conventional loan will not be acceptable for use with a non warrantable condo. 

I am in contract on a condo in Ohio that is in a non-warrantable complex due (I think - need to confirm) to the fact that the owner occupancy to rental occupancy ratio being too low.  

This would be my first time dealing with this type of loan or circumstance.
Are there any watch-outs or things to keep in mind when applying for non-warrantable loans for this type of property? 

Any good lenders that lend for this type of RE on Ohio?

Hey @Sachin Amin thanks for the details, it is really helpful to be able to see and hear your experience. Any learnings over the last few months?

@Rebecca P. & @Sagar S. Would either or both of you be willing to share a little more about your experiences?  Who gets billed for maintenance work, tenant or property owner? How can you manage that billing? What is the procedure if you are not happy with the work done or the quote they find for you? Can you find your own maintenance techs to do the work if you don't like any of the quotes Hemlane provides? 

For showings, do you have to do all the coordination on showings outside of initial contact with the agent?  Are there showing or placement fees? Did the leasing agent place the tenant, if so what were the fees? 

Sorry for the question dump but I'm would like to know more before pulling the trigger on Hemlane.