All Forum Posts by: Toby Khan

Lots of great advice/suggestions here! 

@Henry Clark -Would love to learn more about self storage business & buy something in that asset class near future. 

Hey guys, do you use big banks (Wells Fargo, Bank of America etc) for line of credit or stick to small/medium size banks, may be credit unions? I spoke with a big bank and it’s clear the business analyst assigned to talk to us has no idea how real estate works. 

Hey guys-would you recommend buying on personal name with 25% down to lock in low rate & 30 years amortization, or keep buying under LLC with 20%-25% down 5 year fixed & 25 year amortization? I saw Michael Zuber release a video-he seems to be leaning towards the 30 year fixed loan for even investment properties. mainly his reasoning was that Govt trying to push investors out so demand is low since supply is low for now. Any thoughts?

@Daniel Anshus thank you so much for the advice. I checked Redfin and realtor to find the comps in that neighborhood-most houses same size selling for $350k. County taxing me at price of $274k. My guess is that once they run the comps the tax bill goes up higher. Flip side Corey’s increased $500 for the year on a multi family. I don’t think I should poke the bear at this point as the prices are higher and it might not help me. I’ll have to hike the rent a bit but it’ll still cash flow hundreds of dollars so I’m in a good spot with $1k tax hike this year. Feel free to chime in if anything comes to mind.

@Daniel Anshus-Thank you for commenting on both platforms! I am trying to utilize every investor platform I can to take on the county lol.

Hey guys, Just got a letter in mail that Dakota county (Minnesota) has increased the tax bill $1k this year for the single family house that I own as investment (non-homestead) bought with 25% down. Should I appeal to accessors office? Has anyone had an experience with county t lower the tax bill?

@Bob S.-Thank you!

Hey @Andrew Eherts thank you so much for the advice/suggestion. They are holding onto the security deposit and $2k for maintenance for all properties. I also keep $75 per door in maintenance reserve in the business account and if any months there’s no tenant request amount simply keeps increasing each month. But yeah my question was towards the security deposit for property management to hold and not the investor/owner. 

Once again thank you sir!

Hey guys, My property manager retired to spend more time with his grand kids in another warmer state (he was also investor himself). I found a good PM company who is reputable and so far I had no issues-however they mentioned they hold $2k for each property (SFH) or per unit (MFH) from tenant deposits for when tenants move out they do their inventory of the things to be fixed in unit & take the damage cost off the deposit. My previous pm never had that done as we held the security deposits. Is this regular with property management companies? If anyone can share their experience I'd highly appreciate it.

@Nicki Shelton-I haven't found much deals on this site. But the connections and knowledge is great. In fact I was banned for few days for asking if anyone has any deals they can share and I can take a look (heads up). I mainly use this site to connect with other investors, learn from them & assist others from my end on running numbers for deal analysis. I have found going to local networking events are far more valuable.