All Forum Posts by: Eric W.

My friend has approached me with an opportunity to partner with him for a quick flip and I'd appreciate any feedback on the best method to proceed. He owns a piece of property in a growing neighborhood and has priced a pre-fabricated 3 bed/2 bath home. A local real estate agent assures us that we can expect a quick sale at a price that is well above our all-in cost.

My friend would like to split the cost of the home, and then split the profits from its sale net of fees and land cost. On paper this is an attractive opportunity, and I have the liquid funds sitting in a bank account, so I am ready to proceed. How would one best structure this deal though? We have a partnership LLC already for a shared storage locker business, and we each have personal LLCs for other real estate investments, so there are a few options here.

I had thought of just making a contract and giving him a loan for the amount of my investment with stipulations that we split the profit upon sale or he purchase my interest in the properly if the property isn't sold. We could also put the property in both of our names, but I'd be interested to hear other ideas or the positives and negatives of the ones I've proposed.

Matt,

Is that a particularly complex process?  Is that something that you could help me with?

Kim, My rental is in a small city and my property manager is new and inexperienced with bankruptcy evictions. I have searched online but don't believe there is a more experienced property manager in my area. I've been looking for a good bankruptcy lawyer to sort this out but I haven't had much luck calling around. I've called five today and four don't handle these types of cases from the landlord perspective.

Yes I agree, this is my first rental and I haven't been stateside since I purchased it two years ago so I offload the operation to my property manager. I had requested duplicate copies of the sewer bill, but apparently once I transferred my property to my LLC the sewer department stopped sending them. Regardless, the tenant knew what they were doing because the sewer department was sending them my duplicate copy also.

I have a tenant that just declared chapter 7 bankruptcy in the Northern District of Ohio, Toledo Bankruptcy Court and quit paying rent.  He stuck me with $1,000 in unpaid sewer bills also.  His lawyer informed me that I cannot evict him and won't give me any additional information aside from a case number.  I have done some reading online and it appears that the tenant is protected under bankruptcy law with a "automatic stay" which prevents collection actions or eviction.  It seems that I can get a "relief of stay" so that I can evict him, but I don't know the process and I'm traveling for work so couldn't handle it myself anyway if I need to be in a courtroom.

I've contacted several local lawyers but they all work on the other side, filing for bankruptcy and defending defaulters.  I'm searching for a lawyer, or even a property manager, who can guide me through this process and hopefully get my property freed up to rent again.  Collecting damages for past due rent and outstanding sewer bills (that get assessed to my taxes) would certainly be nice too.

I've got one rental home and have it held in a single member LLC. My LLC business checking account is growing and I'd like to put that money to use by linking my LLC checking account to my Vanguard personal investment account. I've never spent any of my rental income in that LLC account aside from paying my taxes. My plan is to setup monthly automatic transfers and use a dollar/cost averaging (DCA) strategy in my taxable Vanguard portfolio. I want to ensure that I don't expose myself to unnecessary liability by commingling funds. Would it be ok to link these two accounts via ACH transfer agreement? How should I annotate that transfer? Any specific advice on what to do or not to do?

Thanks in advance!