All Forum Posts by: Tony Zhang
Tony Zhang has started 34 posts and replied 53 times.
Post: Submit application, never pay security deposit
- Posts 55
- Votes 14
Hello,
I have a property for rent and has few applicants that submitted the application and been approved, but they never paid for the reservation fee (security deposit). Is there any reason why they not paying to moving forward?
Post: Where does anyone open their business bank account for your real
- Posts 55
- Votes 14
Hi Where does anyone open their business bank checking account for your real estate business/LLC? Any recommendation?
Post: How to use the cash-out refinance to maximize the return?
- Posts 55
- Votes 14
I want to do the refinancing for one of my property, I purchased it a year ago for $220k with mortgage around 150k, now its market value is around $300-$320k. If I do the cash-out refinance, I will get at least $80k. What can I do with this money to maximize my return of the cash-out? Should I use this money to purchase a new property with all cash offer of $80k or using this 80k as a down payment to purchase a larger property such as a multiple family or commercial property?
Post: How to use the cash-out refinance to maximize the return?
- Posts 55
- Votes 14
I want to do the refinancing for one of my property, I purchased it a year ago for $220k with mortgage around 150k, now its market value is around $300-$320k. If I do the cash-out refinance, I will get at least $80k. What can I do with this money to maximize my return of the cash-out? Should I use this money to purchase a new property with all cash offer of $80k or using this 80k as a down payment to purchase a larger property such as a multiple family or commercial property?
Post: What LLC formation service do you use to form your LLC?
- Posts 55
- Votes 14
Originally posted by @Will Fraser:
I'm all Oklahoma based, which is similarly advantaged to Wyoming, but a bit more expensive.
I'd dig around and find out who Garrett Sutton, the Rich Dad advisor who talks about Wealth Preservation and Asset Protection, recommends for that. Garrett's company may do that service for clients or contract with a local yokel who would be right up your alley!
why do you use the local attorney to form your LLC? have you consider to use the online LLC formation service such as Zenbusiness, incfile or legalzoom?
Post: What LLC formation service do you use to form your LLC?
- Posts 55
- Votes 14
Originally posted by @Will Fraser:
I use one called "a local skilled attorney who is a great partner" and they help me form LLCs, receive service, and do various other consulting with me in the biz!
Sure is more expensive than a cheapie service, and more useful in so many ways!
Hi @Will Fraser which state are you forming your LLC? I'm trying to form a Wyoming LLC, do you have any recommendation attorney for Wyoming LLC?
Post: What LLC formation service do you use to form your LLC?
- Posts 55
- Votes 14
Hi, What LLC formation service do you use to form your LLC and continue to use their registered agent? Any recommendation?
Post: Find other property manager or lower the rent?
- Posts 55
- Votes 14
Originally posted by @Charles Carillo:
If the property has been listed for 3 months and it is still vacant, there is an issue. This usually means the price is too high but could also mean that they are not marketing it. The rent comps that you are using; are they actually apples to apples? You mentioned screening; why do you think this is a major issue? $500 off the first month seems aggressive.
I do see there's lot of interested on the property from the their weekly stats report, and few applications but not much of completed application. That's why I'm thinking maybe they're screening tenant very strict. Is there anything that I can do to rent out quickly?
Post: Find other property manager or lower the rent?
- Posts 55
- Votes 14
Hi Follow investor/landlord,
I have a duplex for rent, one unit has been occupied, other unit is vacant and has listed on market for 3 months but still haven't rent out. My property manager is keeping asking to lower the rent from $1000 per month to $950 and now she asked to lower it again to $900 with $500 off first month. I searched online and see other properties near ours are rent for around $1200. Maybe this listing agent is more restrict to screening the applicant and I'm thinking to get this property to other listing agent who can help me get it rent out quickly or Should I accept her suggestion to lower the rent?
Post: HELOC approved then transfer to LLC?
- Posts 55
- Votes 14
Originally posted by @Kerry Baird:
I understand Quorum FCU will do HELOCs on properties held in an LLC. I have a long list of lenders that will write a HELOC on a single family rental house.
Hello Kerry, Can you share your list of lenders that do HELOC for properties hold on LLC?
Thanks