All Forum Posts by: Andrea F.

Alright, after reading the old lease, I see this has automatically gone into a month-to-month lease, and 60 days notice must be given to end the lease. I assume I will just go about and try to have the automatic stay lifted and so forth. . .

Hi all - I am seeking advice on a tenant who was filed for bankruptcy. The interesting thing - I just noticed my property manager did not renew their lease (by error). Tenant's lease expired in November. The tenant filed bankruptcy 2/1/13. They owe around $3,000. I know we will never see a penny, and I would rather they just leave. However, they will not, and they refuse to pay current rent due after they filed backruptcy.

Any advice on how to remove them? Since their lease is expired anyway, do they have a right to be there, and do I still need to have the automatic stay lifted? If not, how do I have them leave? I just want the property vacated so that I can get it ready for a new tenant and thus collect rent.

Any advice would be greatly appreciated.

Single family home in Lithonia, Dekalb County, Georgia.

Thanks,

Andrey

Thanks for the info... I do not want any tax fraud :) My goal is to do this as legitimately as can be, albeit save anything I can!

Welcome! Glad to have a another fellow Atlantan. I've also grown fond of the Lithonia, Stone Mountain and Decatur areas, so I look forward to hearing more from you!

Thanks for the tips everyone. I do not want to reinvest in this foreign country, and want to stick to US only...so it looks like there isn't much out there. And I really don't want to walk around with a suitcase full of $200k cash in this particular country :)

Thanks for the responses. I was hoping there was something similar to the 1030 for this, but looks like not. And not that is matters, but it is a residential condo that sold.

We have a property overseas that has sold and we'll be heading over next month to wrap things up. We will be wiring the money back to the US, and plan to use it for future REIs.

I'm wondering if there are any ways to reduce the taxes on this money (roughly 30%) since it will go towards acquiring and rehabbing single family properties. I have everything taken care of in regards to what is due to the other country, now I'm seeking advice for the US side. We have consulted a professional on how to go about the taxes, but it was strictly how much and how to file, rather than strategies to reduce.

If you have any suggestion, we would love to hear.

Good luck and look forward to hearing about your progress on your blog. Thanks for sharing :)

Like everyone has said, there are many factors to consider ...
I first spent much time researching, driving around, and talking to others to see what/how I wanted to jump into. I initially was approached by a potential partner for a duplex, but ended up trying out SRF on my own. I say "on my own', but really it was with the help with some very amazing people willing to share very valuable information and help. I'm very happy with how it went, and bought three more houses since. I'm excited more than ever to keep going, and would like to complete my first flip this year. I've now found an area I am comfortable and knowledgeable in, know the type of property I want, and have the team to do it.

I don't think there is one perfect way for everyone, so good luck with whatever path you take!

Welcome Michelle! Look forward to hearing about your adventures and reaching your goals. Are you looking to stick with the Augusta area market?