All Forum Posts by: Christian Nachtrieb

I like @Jason D. 's thinking. That's probably what I would do, not sure about your particular goals / investing style / risk tolerance, but I think having the option to pay down IF you wanted to is why the 30 yr. is better.

Hi all,

I'm in a situation where every property of picked up (only 3 at this point) was either with my wife as a co-signer or my mom on one. For the last 8 years I've been self-employed and my primary business, which is video production, I have both W2 wages and pass-through income. I have a second LLC that also brings in money, all straight pass-through money. Then I also do freelance work on the side, but that's not incorporated in anyway.

Here's my question... I'm thinking of leaving the second LLC (whom I am a 1/3 owner) and just continue freelancing to pick up that extra slack. Would it be wise for me to form a single-member LLC as soon as possible so that after two years that income can count towards the requirements when judging me for a loan? I'm not sure how that'll all work because I've technically been freelancing making good money for the last 8 years as well, I just get paid in my personal name is all.

Thanks, any advice would be wonderful. 

Christian

Understood thank you so much for clarifying. Will do that!

@Michael Pallotta I have no problem with paying the lawyer to look things over. Are you recommending that I have them write or at least review my Notice to Quit letter?

Hey @Lior Rozhansky Thank you for the info, super helpful. I plan to give them the 30 day notice of non-renewal for April 1st. I don't know yet how they'll react, but my thinking was just to have everything ready for worst case scenario. It's very possible they do just up and leave and it's all for nothing. At what point do you recommend I retain the help of a lawyer... should I do it prior to April 1st? 

@Nathan Gesner Thank you so much that helps. I think I got a little confused so just to clarify, the Notice to Quit is the same document I give when it comes time to tell them their lease is up and they have to move out in 30 days? Afterwards, I then go to court with the lawyer. 

Hi Landlords,

I'm trying to understand the proper process for ending a tenancy at will situation with a Section 8 tenant in Boston. Currently they are month to month, and I would like them out by April 1st so that I may finish my BRRRR property recently acquired. I'm giving them plenty of time to search for new housing by delivering a "notice of non-renewal" (or is it "notice to quit"?) next week.

Worst case scenario, say they do not vacate by April 1st.. what is my next step? Must I deliver an "eviction notice," or do I go straight to the court at this point because they're in violation of the "notice of non-renewal?"

Thank you so much. Could all go very smoothly but just want to have all my ducks in a row just in case.

Christian

I would consider this a very profitable "lesson," where-in post people lose money with their first deal(s) on their journey to real estate success, you've earned money. What you might want to do next time, is shop around for a lender to cash-out refi with BEFORE you close on the deal, so you have more accurate numbers. That way you can have a better idea of what to offer on the property to know if it's worth your time.

Hey @Mathew Allen welcome to Boston and the community! There is a meet up happening this Saturday actually if you're around. I've never gone to one of these before so it'll be new for me. I believe it's a case study / networking event @Enis Shehu is hosting in Brighton. Here's the link: https://www.biggerpockets.com/forums/521/topics/649541-case-study-brrr-with-a-500k-equity-on-a-4-unit-building 

UPDATE:

@Thomas S. and everyone for that matter. Just wanted to say first of all thank you for all the advice and comments, super appreciate it I love the BiggerPockets community you all are wonderful. 

Long story short, it was a worry over nothing. The tenant changed their phone number and didn't think to tell me or anyone else for that matter. Was able to reach her finally by having the neighbor leave the rent increase form under their door and asked her to give me a call or text and that I'd be by this morning to pick it up. She texted me from the new number to let me know it'd be in her mailbox.

All set!

In the future, I'll make sure to give myself plenty of time to expect slow responses, use direct mail delivery / drop-off and keep everything in plain simple English regarding any correspondence.