All Forum Posts by: Trace P.

In addition to Han's queries... Does it matter who transfers money into my LLC business checking account, e.g. say my husband instead of me transfers money into my LLC business account, and then this money is used for my LLC business expenses?

Scott, Nigel, and Michael, thanks that's very helpful! Hmm because I have incurred some business expenses prior to my business bank account being set up.. for example, flying into the state that I want to invest in, and where I eventually did set up my business bank account.

@Michael I am indeed a single member LLC. Why doesn't it matter then? I was thinking I may have to keep myself and my LLC as separate entities.

Hi! If I set up a LLC to hold my real estate, must all my business expenses be paid via the LLC bank account for annual accounting purposes? For example, my air ticket expenses, food during my business trips, hotel, property maintenance, property management fees, paying for the property, etc.?

Any advice is appreciated, thank you!

Thanks everyone for the advice. From the response, am I right to assume that typically, the inspector or realtor can give a reasonable estimate for the repairs, if the repairs are not major/severe rehab? Hence contractors are typically not engaged during the purchase process for non-major rehab? What is considered major, e.g. replacing of heat furnace, flooring repair, ceiling repair, electrical wiring repair...?

Hi,

After the home inspection is complete, I want to get a few contractor quotes for negotiation with the seller. How do I get contractor quotes, do I just email them the inspection report, or do I have to pay the contractor to physically visit the property for further assessment if required? I saw some inspection reports that state things like "a qualified electrical engineer will have to evaluate for repair". I presume such qualified engineers reside in the contractor firm?

Who will coordinate the visit if needed, realtor? I am out of state.

Thanks!

Rgds,

Tracy

Hi. If I purchase a rental property out-of-state (remotely), after signing the closing and completing the purchase, some time is probably required to perform rehab before passing the property to my Property Manager to source for tenants. During this rehab time, who will (1) Hold the keys to my property, and (2) Supervise my rehab? Advice from anyone who has purchased out-of-state rental properties is appreciated, thank you!

Hi Brandon,

Nope it is not a conforming loan, what I mean is signing off the purchase contract at closing remotely, i.e. after the title search is complete, negotiation is complete, we agree on the price and want to close on the purchase. Thanks for the link, it's really useful!

 Hi Wayne, thanks for that! Noted on the scam. I think I will likely go with #2 too.

Hi! I am an out-of-country investor and was trying to find out how I can sign the closing documents for purchase of a property. I heard that the buyer, by right, has to be physically present to sign off. Do I get a notary to do this for me, or a Power of Attorney (is this just a regular Attorney? How do I execute one?), or...??? I've been researching online and believed that a notary would do the job, but upon contacting 3 notaries, all of them told me to speak to an Attorney. If someone could shed some light on how the closing can be signed off remotely it would be greatly appreciated. Thanks!

@Jay M. Thanks! But what if my property requires no renovation, do I have to do something to ensure that my property adheres to the code? Else what could be the implications?