All Forum Posts by: Eric Mayer

I’m curious to know if any here have a Delaware Statutory Trust set up so I can get involved with a 1031 exchange.

@Michael Plaksit sounded condescending, but maybe not. No worries! 

But I just see so many "experts" on the forums telling complete newbies like the one who posed that question that they need Lawyers and LLC's right away which is massively expensive. What exactly are they protecting when they are just starting out? They won't even be able to get conventional financing under an LLC. Insurance "should" be sufficient if they don't do anything crazy. Of course later on it's a different story and each property should be in a separate LLC so you can walk away from it if you had to. I was only responding to that specific poster who was a beginner.

@Michael Plaks an LLC would protect him in this situation? Maybe an LLC for each property so he only has to walk away from the one? Of course most would know better to not hire a guy off the street and put him on the roof so an Umbrella should be sufficient, but thanks for the condescending comment.

I’m not an attorney, but maybe you can offer him some compensation for missing work and put in writing that he won’t ask for any additional compensation? Signed and dated.

@Michael Ealy do you have a Delaware Statutory Trust set up on your deals for 1031 purposes? Interested investor. Thanks.

Did you hire this person who is not licensed or was it your property manager? I’m afraid your insurance isn’t going to cover this if he sues and you hired him. If he talks to an attorney, they will convince him to sue.

I would not do the bank a favor and pay down your loan on a primary residence. Let them eat the inflation. If the market does dip like you said, the bank may not want to give you that money back. Invest the money wisely and use the profit to remodel your kitchen.

Save your money and get an umbrella policy.

Let this be a reminder to never invest in tenant friendly states. I just had a tenant evicted for non payment in less than a month in FL and now she has to pay what she owes me. So sorry to read your story. Shameful what the Judges are doing trying to bankrupt business owners. Best of luck.

@Ben Ertl Thank you. It was one of my prouder moments. I would never personally owner finance a property to someone and not hold the note, but she was willing to risk it because of my track record and the potentially larger payday. We simply put a value of $50k each property in the contract. It wasn’t based on any percentages or anything. Just what I told them I had in the conference call.