All Forum Posts by: Tristan Gardner
Tristan Gardner has started 4 posts and replied 128 times.
Post: What are your favorite tips to influence an appraiser/appraiser?
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
I've created a great relationship with my lender and ask that he use the same (more generous) appraiser each time. The appraisal company happens to be small and only has a couple of staff that alternate. A little bit of charm with them has gone a long way
Post: Are my tenants high maintenance or am I crazy?
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Maybe knock off a few of these like the crawl space vent, outlet cover, and tiling It sounds a lot like a "komplaining Karen"
Post: Appraisal comes back high.
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
I think it really depends on your goals. If cashflow is important now, maybe you want to quit your 9-5, then leave some of the cash in the deal. If more deals is the goal, pull that out to get deal 3,4,5,6... as so on.
I believe playing the long game is where it's at. If possible, stick your current situation out and get as many properties as possible using the equity from previous deals.
Post: LLC Questions for newbie investor
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
This is a perfect answer!
Originally posted by @Kevin Sobilo:
1. An LLC's purpose isn't to obscure who owns it. Its simply for liability protection. That said, it won't be obvious who owns it, but I'm sure anyone can find out. Like I said, hiding your ownership isn't the purpose of an LLC.
2. You will not be able to move a conventional loan to the LLC. What people typically do is transfer the deed to the LLC and keep the loan in their own name. This provides liability protecting in case of a lawsuit. People typically don't even tell the lender of the change because in theory the lender could call the loan due based on the "due on sale" clause, but this is exceedingly rare from what I understand.
When your LLC is up and running you won't be able to get conventional conforming fannie/freddie loans under the LLC anyways. You will be looking at other kinds of loans like portfolio loans from small community banks with very different terms. Often variable rate 15-20 year loans at maybe .5-1% over prime. Also, you will have to personally guarantee the loans. So, you will still be responsible, but they won't show up on your credit report.
3. Whether to use an LLC or not is very subjective. I have one, but I also don't think its a necessity. I think people can operate under their own name just fine if they get themselves umbrella insurance to cover them for liability. The costs to get and maintain an LLC vary a lot from state to state. So, that plays into the equation as well. In a state where an LLC is cheap, its cheap insurance against liability.
Post: Columbus or Atlanta GA Turnkey Rental
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Hey @Yin Wu, I'm an investor in a city about 45 minutes north of Columbus.
Columbus is tricky in my opinion and I feel as if growth is moving towards the outskirts. I'd look at Delaware, Pataskala, Dublin, Grove City, Westerville, Pickerington, or Hilard. There's a ton of economic growth, new home, and commercial construction going on around there.
Post: Looking for mobile home webinars
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
I'm also interested in this topic and have done a little research. In my area, some of the nicer mobile home parks have homeowners associations that prohibit this similar to a condo community. Curious to see some of the other's thoughts on this!
I like the low cost to entry in the mobile home world.
Post: Thankful for this wealth of knowledge
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Welcome, Luke!
Post: Good Rental Applicant, but In/Out Family Roommate - Question
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Does it change anything from a legality standpoint when you add them via a roommate addendum? Maybe keeping it simple may be the way to go.
Post: Adding Value to Others
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
I found watching someone analyze a deal is super helpful. That way I could underwrite the deal alongside them to understand how the process worked and why they did what they did.
Post: Landlord Information - Purchasing power
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
I'm assuming you are somewhat referring to the power of the refinance to pull capital back out of an investment to then reuse it again and again.
What do you think about incorporating a sample deal in your market to show exactly how this was done? Maybe an example of when it worked REALLY well (more money was pulled out then put in) and an example where a low amount was left in the deal.