All Forum Posts by: Andy Gross

On the other hand, drawing a concealed weapon is only feasible if you are not the target. If a mugger puts a gun to your face, you'll never be able to draw in time to make a difference.

Gonna echo what Seth said, but add the caveat that LLCs protect nothing if they are improperly established and managed. If, for instance, you constantly drain the LLC of cash for other uses (eg, paying yourself, other LLCs, etc), it might get pierced. You also need to be concerned about operator liability, which, in short, means that if you own the LLC but manage the rental yourself, you can still personally be at risk.

You should talk to an attorney about how to set up the structure. If done incorrectly, you've wasted time and money for a false sense of security. You might also want to talk to a financial advisor who understands RE.

 Don't worry, you live in the wrong part of the county to attract Section 8. 

Lots of Section 8 voucher holders are the working poor or elderly. 

 You'll have to refer him along if all goes well!

Don't sue unless there is money to be won. What are your actual damages? To me, it sounds like $2-3k at most. You might get additional damages if you can prove intentional fraud, but I wouldn't bank on it. Your best bet is to go to your state's RE Agent licensing authority and file a complaint. In MD, they have a "Guarantee Fund" to make parties whole if there is an error, omission, or misrepresentation by an agent. Still, they only pay ACTUAL incurred damages, not anticipated future damages.

So, I love the Florida Keys, and when I lived on the mainland, we vacationed there yearly. Rental rates seem friendly, but does anyone have the lowdown? How are vacancy rates? Can you cash-flow, or is a game of barely breaking even?

Michael,
Just sent you a PM.

Andy

Offer to compromise. I guarantee you the lawyer didn't do $500 worth of work. He sent you a form letter and spoke to his client. Did he give you an itemized bill? You can send him $96 to start and the rest when you get a bill.

I've been monitoring prices in Washington, DC, and I am seeing some really rapid appreciation in the last 2 years. A friend of mine has been getting outbid at every turn. Is this flight capital from other countries, or are prices just making up for losses from the 2007-2011 downturn? Last year saw something like a 5% increase in sales prices, and volume has gone up dramatically.

Is this market getting overheated?

I've always liked this idea. Patterson Park did it, and a group called Linden Tree did it on Linden Ave in Reservoir Hill.

If you really wanted to put your money where your mouth is, you'd find as many city residents as you could to work on your propertoes.