All Forum Posts by: Joseph F.

I want to monitor what time a contractor arrives and leaves a property to make repairs and gets the tenant’s signature confirming it was completed satisfactorily.

I am rehabbing a Fourplex, "soup to nuts" and need a budgeting software to help me stay on budget.  

Originally posted by @Jeff Rabinowitz:

This is something you should hire a lawyer who is familiar with real estate and entity formation to advise on. It is certainly possible to form an entity where you get an ownership stake without contributing any funds. It will be important to have an operating agreement that specifies everyone's duties and responsibilities, addresses how assets are purchased and disposed of, what should happen if duties are not performed, and a myriad of other issues. The documents will determine how any disputes are handled. Make sure they are drawn up correctly.

 Hello Jeff, thank you for your response.  I definitely plan to use an attorney and address all of the prudent points you outlined.  My question goes more to a what is a fair arrangement between my investors and myself.

How much is what I am bringing to the party worth; finding properties, assessing them, evaluating them, negotiating the purchase, spearheading the entire transaction.  Setting  up the legal agreements, etc.

I have several people interested in partnering with me to invest in RE.  I have owned rental properties, in one form or another for 20 years.  I have owned rental properties as a true form of building wealth, cash flow and a retirement now for 9 years.  I have had decent success.

Because of my success, I now have people interested in investing along side me.  They are willing to put up the money to purchase the properties subject to my recommendation and experience.  

The plan is for me to identify properties for us/them to purchase and have me manage them for the market rate management fee.

I however, would like to structure the deals in such a way that I have a percentage of the property without putting any of my own money into the purchase.

Does anyone have experience with this, please share.

I have a tenant who allowed someone to move into the apartment and now wants him out. The squatter refuses to leave and because he has been living in the apartment for some time and has personal property in the apartment has by legal standards "established residency". The tenant on the lease is current with the rent and other than having allowed someone to move in he is a fair tenant. Please provide assistance.

My boiler went down over the weekend.  I immediately called my HVAC contractor and they came out the same day.  The boiler needed a specialized part, not something found at the local Lowes or HD.   Given that it was Sunday the part was not available.

On Monday, the commercial tenant claims to have experienced a loss of revenue because the space was too cold to receive (scheduled) clients.

The tenant offset the rent by the amount of revenue alleged to have been lost that Monday.  Rent withheld represents 38% of monthly rent amount.

What does NY state law say?

I used The Company Corporation to set up an LLC that owns one of my properties. They are requesting $235 per year to serve as my Registered Agent. What other options are there that serve the same purpose and are less expensive?

Originally posted by @Lynn McGeein:

Not sure, but I'd likely want proof from the existing tenant that his SSI benefit will not be reduced in any way by allowing a roommate.  If it won't, then I'd qualify both and make sure both names are on the lease.  If it would reduce his benefit, then I'd likely not allow it unless the other person qualified for the whole rent payment as well.  I, personally, would not leave the lease as is, and anyone over 18 needs to be on it and jointly and severally liable.  

It will not reduce his benefit, I am certain of it.  What is the benefit of putting both people on the lease or making them jointly and severally liable?  If it becomes a legal matter it causes more paperwork and more cost if there are more people on the lease (i.e. servicing, garnishments, etc.)

A tenant with an existing lease has approached me requesting to have an additional person move in and live in his two bedroom apartment.  I pay for water and heat so I said that I would agree to it provided I get an additional 15% rent.  The existing tenant is subsidized by SSI so I want to leave his lease as is.  I get my full rent, on time, every month.  What is the best way to set up the additional tenant to give me the maximum protection and leverage?

I got divorced last Summer and got a property as part of the divorce decree.  The title of the property is in both of our names.  The mortgage is only in my name.  I want to put the title in my name only.  I plan to use a Quit Claim Deed.  What "consideration" amount should I use?  Furthermore, the IRS has filed a lien against my ex and it follows the property.  I will need to have the IRS release the lien on the property.  Anyone have experience with this?  The IRS lien was filed after the divorce decree was filed.  Someone said to appeal to the IRS using the "innocent spouse rule".