All Forum Posts by: Michael G.

@Stasia White

In. Let me know when & where. Thanks!

No. Easy answer.

@Michael Craig...

1. I suppose the benefit of doing it this way that I get almost my full rent, with no vacancy gaps, minimal repair bills, and I don't have to worry about turnover... PMs charge waay too much and do waay too little...

2. I was thinking maybe a commercial Lease with a Personal Guarantee?  

Thoughts?

I have a 3 bedroom unit in small residential-multifamily that is for rent, and I've been approached by an "entrepreneur" who is willing to sign a long-term, 3 - 5  year MASTER LEASE, at a slightly reduced rate, if I allow him to furnish the rooms and and sublet each room out in 6 month increments for a decent markup that he will keep.  He basically earns the "spread" each month.  They term it "co-living."

The advantage to me is that for the next 3-5 years, I wont have to worry about renting the unit, any vacancy losses, and also - best of all - he will completely manage the sub-tenants and any of their needs....  Shower-door loose? He handles it.  Oven breaks? Him.  Freezer too warm?  his problem. Even if he can't rent all the rooms, or for as high a price as he thought, we still get paid in full anyway...

Question 1:  Thoughts?  Should we do this, or is there simply too much risk having transient room-tenants who won't treat this apt as their own "home" ? Will it likely cause too much disruption to the other Apts in the building?

Question 2: If we DO decide to test this format out, should we sign the Master-Lease with him as an individual, or in his corporate name? Is there any advantage/disadvantage to each?  Aren't we able to evict for non-payment (assume non-corona conditions) much more quickly & easily with a commercial tenant than with a residential?   (Does it matter that the commercial tenant will still be "housing" people?)

Any other thoughts or pitfalls i didn't think about?  Thanks!

Most Property Managers are HORRIBLE. They just do the bare minimum crappy job possible to get by. They also don't look at the big-picture.  They would rather do 25 fixing of cracks in the dam, rather than replace the entire dam, IF the 25 repairs were faster, easier & made their PM company more money (rather than what was best for the Property itself).

Hence, the reason why so many are reluctant to use outside PMs

I would think the opposite - There is strength in numbers. if 5,000 or 10,000 or 50,000 plus people get involved .... Guaranteed results that will help prevent the destruction of America 

I found this on another thread and think it's great. Join up!  

...

Folks, We're not powerless. If we stand together, we can fight the insidious, moronic, unconstitutional #CancelRent movement. There are numerous steps we can take to combat this lunacy. PLEASE JOIN BELOW TO FIND OUT HOW

https://www.facebook.com/group... [ https://www. facebook.com/groups/BoycottCancelRent]

We all wish to help those in need, but forcing Property-Managers, Landlords, and Real-Estate owners to give away their only product for free isn't the answer. JOIN NOW! Open to all Realtors, Tenants who are proud to honor their word and are annoyed by freeloaders & those who won't, and all other supporters of Private Property rights.

Let's fight back, before US becomes Venezuela

We're not powerless. If we stand together, we can fight the insidious, mendacious, unconstitutional #CancelRent movement. There are numerous steps we can take to combat this lunacy. PLEASE JOIN BELOW TO FIND OUT HOW

https://www.facebook.com/group... [ https://www. facebook.com/groups/BoycottCancelRent]

We all wish to help those in need, but forcing Property-Managers, Landlords, and Real-Estate owners to give away their only product for free isn't the answer. JOIN NOW! Open to all Investors, Landlords, PMs, Realtors, Americans (including even Tenants) who are proud to honor their word and are annoyed by freeloaders & those who won't, and all other supporters of Private Property rights.

The group is just starting so it needs your support... Let's help each other out!

Im at 93% and counting... Being patient with a few tenants... working with them, of course.

FWIW, with the unprecedented scale & scope of the Unemployment and CARES act Insurance & Financial Assistance programs, no one should NOT be paying rent.  These tenant-assistance programs (what they really are) are really quite helpful, I must say, and will help everyone pay their bills & rent.