All Forum Posts by: Briana Nasman

Yikes, that could be very dicey. I would be extremely careful that you are following all Fair Housing guidelines- the last thing you want is for them to sue you. HOWEVER, if your city/county has an occupancy limit, you may have some recourse, because it then becomes a safety issue. I would a) check with your locale regarding occupancy laws, and b) see if you can contact an FHA person- in my area, there is a "mediator" who works with both landlords and tenants to help establish what to do in these types of situations.

Hello! 

I know this sort of thing has been asked a million times, but I didn't really find an answer that hit the nail on the head for me. 

I own a property with my dad as a 34 (me)/64 (him) split. I have done 95% of the work, from managing an extensive and extremely complicated remodel, to sitting in city court due to code violations from past owner, to managing the tenants (+10% of rents for this specifically- it's a clean and sober house). However, I quickly realised that if I'm putting in nearly 100% of the work, I should probably own more than the amount of money I put into the deal. 

My question is, how do people structure their partnerships with family (I know there will be more of these deals coming up between both my dad and I and my fiance and I- again, I'll do all of the work)? Any suggestions for smoothly working this out so that it is a little more equal (or is it a loss)? I clearly didn't think about the business management aspect as something that maybe deserves ownership, but after seeing a lot of posts about someone putting in 100% of the cash while the other puts in 100% of the management and they split the deal 50/50, I'm starting to think I kind of screwed myself! 

Thank you.

Thanks! I have them under separate LLCs with individual accounts as of now because they are all unique properties that are also kind of businesses. Not sure what I will do when I have some "normal" properties... Accountant advises parent LLC and individual LLCs for each property, but I know everyone does it differently and there are multiple good ways to go about it...

Hello!

I have two rentals and am about to acquire my third. I'm putting them in their own LLC under a parent LLC so I only have to file taxes for the big boy. However, I'm a bit stumped as to what is the most effective and clear way to collect rent and expenses for these. Should I have all expenses and income in one bank account? Open a separate account for each?

Any recommendations for banks with low fees/complicated setups (setting up a Wells business bank account was basically hell) etc? Totally fine with online only banks as they seem to be relatively low headache..  thanks!!

 Hi Jason!

Let me take a look. Can you send me a private message? Also price range would be helpful:)

I would 1031 into a small apartment complex in Everett or Tacoma- there are some crazy good deals (off market, especially!)

Thank you, John! Appreciate it.

Hi Bjorn!

Thank you. I emailed all of the companies I found online. 2 didn't respond, and another didn't seem very on top of their game... but maybe worth a try. Your wife isn't looking to manage any additional properties, is she? ;) 

Hi, all!
I am looking for referrals for property management in Grays Harbor County, WA. I keep going back and forth on a small apartment complex in Westport, and my biggest hurdle seems to be a lack of seemingly reliable prop mgmt in that area. The current owner has always self managed, but I live in King county, so that is not an option! 

Any thoughts or reccommendations are appreciated :)

Hi Nicholas, 

As many have said, you are in a good position, despite being miserable in your job. However, I think misery counts for a lot :) I was headed down a similar-ish path: degree in Psych with the plan for a PhD in clinical work. However, I started college at 16, and in my 3rd year of school, discovered RE. I ended up getting my broker's license and dropped out of school after 3.5 years, which lead me to investing.

I'm very fortunate that I realized the traditional path wasn't for me early on, before I took out a ton of student loan debt (state paid for my college until I turned 18, which was an AAS). Anyway, my point is, I don't think you should "get out of the millennial mindset" of wanting and expecting job happiness. Every job is going to have some degree of awfulness, but if you are truly miserable, then why adopt the boomer mindset of working a terrible job until you die? That's kind of ridiculous advice, haha. 

Now, I don't neccessarily think you should just quit your job, either. You have a high paying job and likely a lot of debt. The good news is, since you're not trying to climb the corporate ladder, it kind of doesn't matter if you jump around to different companies or whatever. All you need is a paycheck and W2 income. My thought is that moving companies or slightly changing positions every once in awhile may give you enough change to keep you somewhat interested in your job until you are able to "retire" with RE. Also, maybe re-framing your mindset from "I need to get out of this job" to "I do this so I can buy RE and retire" may help a little bit.

If I were you, I would do that, while aggressively investing (and paying down loans if needed). Depending on your DTI, you may need to work at reducing expenses (rent/mortgage, car loan or transportation, etc). Bonus points if you can find a semi-work from home job or a job with less hours (assuming you're salaried and your work week is more of a 60-hour ordeal than a 40-hour). Once you lose W2 status (as a RE agent or as an investor), it will be much harder for you to get loans. Use your license to buy your own properties, and also to learn as much as you can about the business. Maybe work on slowly building up a client database and network, so that when you do quit, you'll have an easier time transitioning into sales.

Hope that's helpful. Sorry that you hate your job, and best of luck!