All Forum Posts by: Alan Howard

Thanks for your reply @Jonathan, I live in Michigan and our laws are similar to NC. The tenants were all on one year leases that expire next March, April, and June. My plan is to raise rents next year when their leases expire. There are late charges within their lease agreements and language about termination for non payment. I'm just a bit ticked off to have to issue a 7 day notice after just 2 weeks with an eviction looming in the near future. Also, there was no mention of the amounts to be paid every first and third Friday, so this could prove to be a nightmare.

I closed on my first 4 unit almost 2 weeks ago. Three of the units were occupied and I'm currently marketing the 4th unit which I hope to have rented asap. All three tenants signed new leases with me. I used the same terms as the former landlord. I did this because I read somewhere that the new owner had to honor the leases the tenants were under at the time of sale. The lease agreement for one tenant stated they were to pay rent on the 1st and 3rd Friday of each month. Though I thought this was a bit odd, I put those terms in my lease. Well, the 1St Friday has come and gone and I still haven't gotten a payment or response from the tenant. Tomorrow I will serve a 7 day notice for non payment. I feel now that this payment arrangement is problematic because I'll have to start the process over again when and if the tenant pays a partial payment but then is late on the 3rd Friday payment. I see now that this could be more trouble than it's worth. What options do I have? How would other landlord's have handled this situation? Can I modify the lease at this point? Thanks in advance!

Hello BP, I just purchased my first 4 unit rental. Three of the units are occupied and the fourth is ready to rent. Do I need to give 24 hour notice to my tenants when I am going to show the vacant unit, or when I am going to do repairs in the common areas of the premises. I live in Michigan and cannot find any specific laws that specify this.  Thanks for your help.

Thanks to everyone who responded. From what I gathered, the partnership seems to make more sense for us.

Hi BP family, what is the best taxation status for an LLC with 2 members, s-Corp or partnership?

Thanks Greg. I did notice the work was sub-par and I plugged in 6% interest just for extra cushion.

Hi BP, help me analyze this deal. Looks good to me but since I'm new, I was wondering if I'm missing anything.

https://www.biggerpockets.com/calculators/shared/1357004/78b85d44-5944-4ecc-8785-0791b4ba81a2

Hi everyone, has anyone used the commercial lenders advertised on BP, StackSource, CBRE, or Branch Equity? If so, how was your experience? Were you a new investor or seasoned? Would you use them again, why, or why not? 

Thanks Taylor, I'm just getting started so I have to assemble a team to help me, but it looks like I need a team in every city I'm interested in buying properties. Have you done that, or are your investments centered in one city?

@T B Williams in the areas I've been looking so far I don't have any friends or relatives, but that a great idea, thanks.