All Forum Posts by: Patrick Connell

Joe Kim to answer some of your questions, yes, you will spend more money marketing and finding tenants for a high-end lease than a lower-end one. And you didn't find someone who's willing to charge you by the hour, you found someone who's willing to do a flat fee listing/lease. Which it totally different and historically lacking in service. When I have clients who demand to pay by the hour, I will work with them and charge them an hourly rate. They ALWAYS pay more than they would have if they just did my standard fee; but they signed the agreement as they requested and so they pay the amount due. They also pay a retainer up front. I actually prefer hourly rate clients because I make money no matter what and I know, in the back of my mind, it'll end up costing more; it's a little more record keeping but not much. Clients are always advised of this upfront, and they're always surprised when it turns out to be true.

@Jeff G., nothing in this post indicates a history of ongoing anything....

This appears to be a single event with no significant issues resulting from it. It's not a disclosure item or issue in any way, shape, or form.

If the post had read something like "I've had a listing broken into for the 4th time......," well that's a little different.

Tom Chen as per my CPA and asset protection attorney, as long as I can track income and expenses for each property (think Quickbooks or the like), there's no issue with using one set of accounts, especially with a Serial LLC.

In Texas, we have Serial LLC's. My rentals are held in a Serial LLC, with each property having its own Series. Essentially, all it takes for me to create another LLC is to fill out a one page piece of paper and give it to the bank and title company. So, each property is in its own Serial LLC and insulated from all the others for liability sake. I also utilize just one set of accounts, one accounts receivable checking, one repair account, one tax/insurance account, one advertising account, and one vacancy account. All rents go in and get distributed as necessary. I can't imagine having 5 accounts for each property, that would be insane.

Garmeon Y. because it's not a material defect of the home; assuming of course the Seller fixed it and didn't just leave it all busted up. This would be like a baseball going through the window from the neighbor kid, fixing it, and then reporting it as a defect.

Why would you even put that on the disclosure??? Smh....

The Title Company is an independent third party; essentially the same function as a trust.

Wanted to get some opinions on this.... I'm looking at a CRE deal in the Downtown area of my town; great foot traffic, historic, etc. It's currently set-up as multiple office spaces for rent and not positively cash flowing; but there is a ton of potential with proper management and some renovation. So, my thoughts, purchase under my buy and a hold company and then have my real estate business rent space there to cover the shortage until we are positively cash flowing. We've needed an office space for awhile now anyway and it would allow us to write off the loss. Thoughts? Experiences? Advice? Etc etc....

Greg S. that's about the most ignorant generalization of investors that I've read in quite awhile, second only to Natalie Vane bashing agents with even worse generalizations.

Andre Key you said client, but I'm not clear in what regard they're a client. That being said, unless you have a PM agreement in place, I would avoid giving them specific advice about this process. Direct them to the JP website and give them the name of a few local attorneys and be done with it.