All Forum Posts by: Gary Fare

Thanks in advance for anyone who reads and provides feedback

Will shorty have 40 units under management next month and believe its time to move on to some real software.  I was curious what everyone else has used and their thoughts. Currently I have seen buildium and tenant cloud as the best options.  I'd appreciate any tips.  

Thanks for the response. I was looking more towards a in practice perspective.

1. My attorney said not to do this strictly based on the clause in the contract.  However, I would say the same if I were him because he has nothing really to gain.

2. The lender will and has said they can't give any legal advise on what to do but did mention the clause.  Basically if **** hits the fan, they would have the ability to call the note. 

bump

All,

Thanks in advance to anyone who responds. I an currently holding 2, four unit multis in my personal name due to fees and some other factors inhibiting me from acquiring these via a commercerial loan/LLC. Has anyone had experience with transferring title from personal to LLC? My only reservation is the contingency in the note for there to be a due on demand provision. Any thoughts or insight on the best way to approach this would be appreciated. Thanks

If each LLC has leases themselves, what is the purpose the property management LLC?

Also if we were trying to brand an overall company, would that legal entity be the PM and the Holding Company?

Thanks in advance to anyone who reads this.  I have read several book regarding this and somewhat understand the overall jist but was curious what everyone else is doing.  

I currently have 3 properties in one LLC (call it LLC A) and am beginning to think down the road in regards to raising money and bigger deals etc. Few questions:

1-Should I be having my tenants make payments to another entity say (Parent Entity LLC) that is not the entity that holds the properties (LLC A)? For example a management/parent company entity or does this open me up for exposure since the lease would be signed with Parent Entity LLC. Or should my tenants make all payments and contract with the LLC A that holds the property and then I subsequently make draws out of there.

2-If i were to raise money under the traditional GP/LP and the GP would be a newly created LLC that I wholly own and I also wanted an equity interest using one of the LPs, should the LP interest be owned by a parent company (Parent Entity LLC) or is it individually myself?

Maybe I am overthinking this but was trying to think in terms of the principles of consolidations and was curious what everyone's experience has been and the flow of funds to legal entities.  Thanks everyone.

thanks rick, that is the one that has been sticking out.

Just went through a similar process with a 4 unit I acquired.  My advice, evict.  I too tried to be flexible and ended up getting no money from the tenant and wasted a month.  File the eviction and take no partial payments.  Report to the credit agency and establish a reputation.  Cost of doing business in my opinion

I had an issue with a tenant in NJ, very close to Hamilton. Tenant did not pay rent, I filed and was on the docket the next month. Tenant could not pay and a notice to quit was issued. Lost two months rent but the tenant was out in 2 months. Not terrible. Outside section 8 or anything government related, you don't really need a lawyer. Procedure is not very difficult. However, if you file the complain under an LLC its required to have an attorney.