All Forum Posts by: George Fejokwu

Thank you @Andrew Bang, I thought about amending the Operating Agreement of the LLC, sharing 51/49 and withdrawing or reversing it if I have to do a refi in the future. The down side, I think, is she is now publicly mentioned in the asset and a possible target {double target}. A friend suggested placing the LLC in a trust and she and I becoming beneficiaries of the Trust, but I am trying to find a good Trust Attorney in the state of Ga to figure out if that is a possibility and the Pros/Cons. Thanks again.

My LLC {disregarded entity} currently have a rental property that I will like to add my Spouse to the deed. So she can be a part of the ownership without necessarily be subject to the loan by being a Member of the LLC. Is this doable in the State of Georgia on a property that has an outstanding loan?

@Kevin Sobilo Logical truth!

Thank You @ Josue Vargas, Bryden Rosenburgh and Will Gaston. I appreciate your contributions. I am reviewing the lease and may run it by my Attorney. I also appreciate the link @ Will Gaston. 

I am curious to know how landlords with student rentals are navigating excuses by student tenants to break their leases due to coronavirus. Today I just got a phone call from my property manager that all my student tenants {3} want to break their lease immediately. Their lease is up at the end of May, this is in the state of Georgia. I have an existing mortgage on this property. Thank you for your contributions and I appreciate all useful inputs.

Thank you all for the great inputs. I will get my property manager to float the reduced rent as plan "A" and reach out to the coaches as plan "B" , I like that idea a lot.  Thanks again guys.

Hello biggerpockets, I have had this $300 a month cash flowing student rental since last August. Great tenants! The problem is all three co-signing parents insisted on a 10 months lease. I was pressed to go ahead, since it was the tail ending of July. My question is the lease ends in May, I believe 2 of them have indicated they want to renew their lease in August i.e. after two months. That means I will have vacancies for two months totaling $2,600.00 in mortgage payments etc. Does  any one have any experience / suggestions on how to navigate this profitably and what to do going forward? Airbnb may be an option ( I will  double check the rules in the subdivision ) Any useful suggestions are welcome and thanks for your contributions.

Thanks Kerry, no  I haven't resolved this as of yet, any assistance is welcome. 

Thank you all for the great response as usual.
I have a vacant old 12 room 5 baths house in an area of Georgia designated for new downtown. I bought the property via credit card, now it is weighing upon my credit, but I am waiting for the city to go public before I either sell or seek partners to develop.

Can I find a lender to do a heloc on a vacant house for debt consolidation and use the house for collateral? Or any other options that could help me navigate this situation?
Thanks for the guidance.
George

This property is located in the heart of the new Austell downtown, and has great potentials for multi family. The city already assured me they can work with me to make it commercial- bed and breakfast etc- Great potentials....