All Forum Posts by: Yannes Chiang

Hi,

We are investors from California and are looking an opportunity in Philly UPENN area and the seller offers to sell the LLC which was established to hold the title of the property or the property only. It is a newly built 5-unit apartment. Four partners in that LLC. If we don't wanna take their LLC. It's okay for them. They will just dissolve the LLC.

We will have to have a LLC to hold title of the subject property eventually. Buying their LLC sounds cost saving to both parties. I haven't discussed with any attorney yet, but there must be some disadvantages.

Here to reach out to you to hear your thoughts about the pros and cons. And any referral on good real estate attorney in Philly area?

Thank you very much for your precious time in reading this post

@Greg Scott great article. I am also seeing many companies relocating their headquarters to the downtown. It provides solid base of employment. Meanwhile i also have no clue how soon the state/city government will turn around their policies to handle the financial and crime problems. A little bit risky

Hi Everyone,

I read some news regarding on the property tax increase in Chicago. How do you think the trend of the property tax for multifamily? My current property tax rate is about 2% of the assessed value. Since property tax is a fixed cost, if it keeps increasing, it will eat up a lot of our profits. This alone, kind of holding me back a little whether to invest in Chicago multifamily market. How do you think? Thank you in advance for sharing your thoughts.

@Deneuve Brutus Glad to hear that your long time friend can be your partner along the way. Be mindful on having a clear operation agreement on profit share %, job scope and so on, don't just rely on verbal agreement if he is your best friend. You don't want business jeopardize your friendship.

Honestly other than colleague courses on Economic 101 and 102, I haven't read any other economic specific books. I just develop my own sense on the market vibe by doing business and listening to the news. I would say actually you can buy at any cycle of the market as long as you position right. 

@Deneuve BrutusHave a great saving plan as well. You don't wanna miss another economic downturn just because you don't have enough money to invest. Opportunity is left to someone who well-prepared. 

@Craig Bellot Would you please share your thoughts on the Quickbooks for rent accounting? I am shopping around the accounting tool. Do you use the desktop or online version? Thank you in advance! 

@Thomas S.You are right....I actually can start the eviction process while working on contacting him...Yea I am still working on setting side my emotion from business decision making. It is tough. I am trying to strive for a balance between "profits" and "peace of mind". Not that easy for me, honestly. 

@Michael T. It is actually in Tampa Florida. We don't have any emergency contacts on file since we inherited the tenant and we didn't collect these information after ownership change. What a mistake. We will try reach out the hospital first. Thank you very much for your time and thoughts. Greatly appreciated 

@Deneuve BrutusEveryone was a beginner once. You will get there as long as your have your persistence. Maybe you can start off doing the repair/remodel by yourself first so to learn the handyman/contractor side of world?  You may also check their current mortgage terms and compare with the refinance terms out there. 

@Kalyanii K. very valuable input! We will work at this direction first