All Forum Posts by: JR T.

It won't work the dollars are just too small. If you think your agent would steer you into a property that doesn't fit your model it's probably time to find an agent who cares about your goals.

Some local banks will not open accounts for foreign corporations. Most national banks will. Note that your security deposit account likely has to be domiciled in Virginia. 

I'm afraid I don't see the strategy behind your structure, with pass-through taxation on the LLC Wyoming's near-zero corporate income tax rate doesn't seem to benefit you. Might want to run your plan by a tax advisor.

Nothing prevents you from getting the tenant to sign a new lease with you for any term you two negotiate, including month-to-month if its someone you want a way to get rid of.

If you just tell the tenant in the initial meeting, "We like to have all our tenants on a lease with us. Are you interested in leasing or in switching to month to month?"

One thing I learned through experience is not to sweat the vacancy. If you have to leave a unit vacant for 4 months to find the right renter, do it. While you might get lucky with one or two properties as you grow having underwriting practices designed to fix vacancy fast will catch up with you and you'll have the compound problem of a vacancy except the unit will be trashed and you'll be out $3-5k just to get it rent ready again.

Send someone lower on the totem poll than you. Assistant, Realtor friend, whatever. Whoever you send should start the meeting by telling the tenants they are there to record what they see on your checklist and to record/relay any comments regarding what the tenant sees get marked on the list. Your representative should be clear that they are not a decision maker and only there to put together all of the information for the owner.

@Trey Williams I'm a Hagerstown investor and am just trying to understand what you bought: Was it half a duplex with 3 beds 1 bath or was it two units each of them 3 bedrooms 1 bath?

Thanks.

Please post any companies you know that are doing this. Thank you.

Call the city planning office. They will tell you whether what you want to do is possible and all of the (many) things you will have to do to accomplish your goals. 

Good luck.

All of your questions would have to be put to the list seller. Then you would have to determine if you trust them enough to Paypal them some money. 

Of course it is old data that they've exhausted efforts on. Much of it would be out of date at that price. 

A used list can be good at the right price, but it's important you know your seller and understand what sales strategies were employed before you so you know that you'll bring something new to the file.

It's a selling point. I have a couple condos that are first floor and have no balcony or outside area. It's difficult to retain tenants in those units as people do like to easily pop outside for a brief while, grill, etc. Not having your own outdoor space becomes a quality of life issue...