All Forum Posts by: Brian P.

@Thomas Visaggio I agree you shouldn't move them before approval. Read the standard Section 8 rental agreement very carefully.

However, use the tenants situation as leverage with the housing authority ringer them to move quicker. I've had tenants be able to get their housing agencies to jump to do an inspection when they were in a time crunch. It was all about both of us calling the case worker daily, being polite and respectful, and asking them to push it up to avoid this tenant from being homeless.

The situation you are describing has happened to me on 4 or 5 ocassions. It always somehow works out for the tenants. The other landlords let them stay, or the inspection happens quicker.

Section 8 is great, after the initial inspection, that is. Tenants stay longer because they know the hassle of inspections when they move. You get guaranteed payment and get to help someone in need.

@Liam Dalbow Take the $1,000 you made in forfeited deposit money from the buyer, call a couple of real estate lawyers in your area. And have them draft you a rock solid contract that protects your future interests in situations like this in the future.

The purpose of contracts are to make sure you don't get screwed like this. Get a good one that you can use over and over again.

Also, cold call a couple of the bigger landlords in your area and ask them (or their secretary) which attorney they use. Or alternatively go down to the local housing court, walk up to the counter and ask a clerk who a good real estate attorney is.

@Ben Smith I have a half-dozen commercial loans for my buy and hold properties. They are all based on a 25 year amoritization. Just like like with interest rates, your pay back period is something that differs between banks.

Thank yo for the info about the meeting. I will have to come check it out. Is there a lot of hazing for new guys?

I am looking to connect with wholesalers and property managers in the new bedford and fall river area. Does anyone have any recommendations?

I tried to reach out to some folks with little luck thus far. I'm hoping my BP friends can help.

Tough to weigh in without knowing the numbers. It sounds like you have a plan in place, just make sure it cash flows. Also, depending on where the property is located it may not be that easy to bump up U1 to a legal 3 bedroom. You should double check that with the city and make sure you can do it. There could be some hidden costs to get that permitted. 

I'm in Quincy as well. The new apartments/condos near the Lowes on Burgin parkway, Wollaston, and in Quincy Center are renting at those rates (actually a bit higher), however they are luxury units chock full of amenities like dog walking services, dry cleaning, etc. They would be a step above a SFH, assuming it isn't completely renovated. Also, they are marketed toward millennials. You are looking at a different market with a 3BR. But I agree, $2,500 for a 3BR is a reasonable price.

Todd Krzeminski “He who represents himself has a fool for a client.” Abraham Lincoln. The law is not something that is well known to be DIY. If you firmly believe that the best way to protect your assists is an LLC, why would you even contemplate DIY? Either you want sound security or you want to wing it. I had offered up the insurance option idea bc it is cheaper and easier. Someone considering legal DIY appears to be looking for either cheaper or easier. I wouldn't recommend a cheap and easy legal remedy - it'll only come back to haunt you. Best of luck!

@Jenifer Levini it's not unheard of for an LLC or even an S Corp to be passed through in a suit. Do an Internet search of "piercing the corporate veil". That's the legal term of art. Whether your LLC is strong has less to do with how it is set up than how it is operated. Comingling funds, or using LLC funds to pay for personal items makes it vulnerable.

Todd Krzeminski you sound pretty set in going with LLCs. But have you explored other options? An LLCs protection is only as good as it is managed. A good attorney can crack through an LLC and still get to your property and personal assets. Also, LLCs are expensive bc they require separate tax returns and usually carry an annual fee. I'm a fan of the huge umbrella policy. $4Mil in coverage will cost you less than two LLCs and would cover everything, including a lawyer to defend your properties. Your LLC can still be attacked in court and you have to hire the attorney to defend it and possibly another to defend yourself. Just some thoughts.