All Forum Posts by: Todd M.

Heyo,

I'm getting lost in trust, LLCs, series LLC, umbrella policies, etc. Been searching all over hell and back, so it's time to reach out for suggestions.

Here's my situation and what I'm ultimately hoping to do.

Situation

Property 1: I operate this property in an LLC and it's cashflowing nicely. (bought the property personally about 15 years ago, quit claimed it to the LLC.)

Property 2: I operate a this property in a different LLC and it is NOT cashflowing. (again, bought the property personally, quit claimed it to the LLC)

What I'm wondering about is getting Property 1 to help Property 2 financially.  As in, have Property 1 pay for Property 2 mortgage until Property 2 cashflows better.

I'm guessing there is going to be ways to do it, but with possible liability exposure trade-offs, but I don't know.

Does my description and what I'm hoping to do make sense?  

Happy to help clarify anything.  

Happy Thanksgiving,

Todd

Hi everyone,

I have a duplex financed in my name, but then I transferred title to single owner LLC with a quit claim deed.

Now, I'm thinking of selling this duplex FSBO. (Never done FSBO before)

Do I need to quit claim the property back to me?  If so, when?

Also, definitely not as important as questions above, but for those experienced in something likes this, let me know any book / online recommendations for FSBO. Still not sure I'm going to do it, but the market in my area seems like a good time to try.

Thanks in advance

I'm on the RentalHero trial right now and coming from Quickbooks at $70 / month for only 2 properties.  So far I'm really liking RentalHero and hope it could work for me.  That's some serious monthly savings.  

But, from this thread above, I'm wondering if not having Balance Sheet a big deal?  Or, is there a manual workaround like keeping track in a Google Sheet or Excel?  

Hi,

Any recommendations for property managers in Minneapolis?  

I need to find one for my duplex and four-plex.  I prefer to pay a percentage of rent vs. per door fee.  Ideally, the company could take of lawn and snow removal as well as finding tenants, maintenance requests, etc.

Thanks in advance!

Good to know, thanks! I have a fourplex and a duplex held in an LLC. Didn't know about 5+

Any recommendations on bankers to connect with?

I have 4 traditional mortgages and looking buy another multi-family or commercial investment property.  I believe I need to find a bank that provides portfolio loans, right?  Or smaller banks which hold the loan.

Any recommendations for banks in Minnesota... in or near Minneapolis?

I have over 5 years REI experience. It sounds good to work with a local banker and consider the investment itself rather than a deep dive of my debt to income. I understand I can hope for up to 70% LTV.

Thanks in advance,

Todd

Hey everyone,

I'm an somewhat experienced investor looking for advice to reach the next level.  I have a house and cabin with conventional mortgages.  On investment side, I own a duplex and fourplex also with conventional mortgages.  I hired a property mgmt company for both investments.

I have about 75k liquid to spend on acquiring more real estate.  (I've worked my tail off for this money)  I have a full-time job and 3 kids under 11 years old and don't have a ton of time to find deals.

Here's what I'm thinking to level up:

In order to get best deal possible, buy a property for cash. Rehab if needed, get in some renters, turn over to prop mgmt company. Refi this property with a local lender at 70% LTV and get cash back out. If the deal was sweet as I hope, then I'll have good cashflow from this property and cash back.

Repeat this process.

To find deals, I've been trying to find bird dogs and wholesalers, watching craigslist.  Thinking about running an ad in local paper about wanting to buy.  I'm feeling "meh" on working with a real estate agent.  

I bought my investment properties over 5 years ago and feel out of the game.  

Thoughts?  Suggestions?

Thanks,

Todd

The actual employees of PM are in MN. The property is in MN. I'm in MN. Owner of PM company is the one person who lives out-of-state. But, this is beside the point.

I did my homework when hiring. Reference checks, contract reviews, etc.

Anyhow, do I have any recourse here? Any suggestions? Links to other forum posts?

Thanks,

Todd

Hi,

My Property Management company recently performed over $1500 in repairs on a fourplex which I did NOT authorize. Our contract clearly states I have to approve anything over $300.

When I called them on it, they said I gave verbal authorization to the repair person. But, this is impossible since the first time I met this person is weeks after the repairs. I've explained this to them already.

They've already taken the $1500 out of monthly rents already.

They hired a new manager two months ago and I knew this guy was a doofus from the get go.

When I ask for a breakdown of the $1500, he says they are putting it together, but it's a bunch of chicken scratched notes and lost receipts.

I told them this isn't right.

I have an email trail and have engaged the owner of the PM company. The owner keeps telling me he'll get back to me, but it's been a week. I'm in MN and he's based in UT.

So, I'm new to PM relations. But, this just doesn't seem right.

Any suggestions? Any recourse?

Bring in a lawyer? If so, what kind of lawyer am I looking for? Lawyers are expensive.

If I fire them now, I'll need to pay 3 months of management fees for 4 units.

-Todd

Looking for your opinion and any references to websites, books,etc.--

Wondering if I should buy another property (1-4 unit) or wait/save up and try to buy a smaller, 12-18 unit apartment complex.

Background-
I own a duplex and a four plex in the same area of town. It's ok neighborhood... not great, but not ghetto either. Been a landlord for about 5 years.

I want to keep growing my real estate business. I've read about sticking with duplex/single families vs. apartment buildings.... but I'm on the fence about which way to go.

Thoughts? Opinions? Questions I should consider?

Thanks in advance,
Todd