All Forum Posts by: James Lanier

@Jeff Copeland

I agree with you. The government is overstepping.

This was not a post aimed at debating if the government actions are wrong or right. Even wasn’t for if you had enough cash reserves or not.

More of a reflection on how we could improve ourselves as landlords that's all. Now that we are here other than protesting the government actions what else can we do to take control of our REI businesses.

Thank you for the response

I have been browsing post on the Coronavirus and I frequently see comments and posts claiming the government is not protecting landlords and only seek to guard the rights of tenants. I’m not here to debate that, instead I ask the following questions:

1) Did you do your due diligence when selecting tenants?

2) Did you do anything to help them or check in with them genuinely about the impact COVID-19 had on them?

3) If the Government has had that much of an impact on your business that you fear the end of your REI business. Were you even a good landlord in the first place?

This is opportunity to put yourself to the test! Don’t blame those around you! Evaluate and overcome my fellow “mom and pop” landlords!

Good luck!

I own properties in Rhode Island. In my experience Month to Month leases have given me the most flexibility when dealing with upcoming vacancies and filling them efficiently. The tenant is more forthcoming about leaving, instead of trying to break the lease in a covert manner. Most renters I have encountered prefer a month to month lease it allows me to fill my vacancies within the same month I know my tenants are leaving. 

I honestly feel like the taboo of a "winter move out" is non existent if you have a good property priced right. I have had people move out in the winter and still filled my vacancies within the month.  

@Julie Rolfe If your friend is self-managing as it seems from the original post I recommend the cash for keys method. It seems the majority are recommending the eviction process, but that can become more expensive and not fully in your friends control. The cash for key method will allow your friend to control the amount of additional loss he incurs. You should also urge him to list the house now if it is not listed yet. 

In regards to the amount he should offer. He should open a dialogue with the tenant. Present the honey with an immediate gratification (cash) and the stick (eviction) as the result of not taking the honey, self management is a business built around human psychology. They will be more likely to seriously consider the cash for key offer. If you only present eviction as an only option they'll dig in out of spite and increase the amount loss.

Good luck!

Hello Everyone,

I’m literally posting to self-motivate and keep myself on track. If you need motivation too I’m glad I could help!

Recently I’ve felt stuck trying to figure out what to do next after successfully performing three house hacks and having my personal mortgage and utilities covered from rental profits. It’s great, but it’s not enough for me.

I finally was able to be honest with myself and realize I am the only person holding myself back from expanding my real estate portfolio. As of yesterday I purchased Long Distance REI by David M Greene and my goal is to mirror his strategy in regards to Buy and Hold. So goal #1 will be to finish this book and really comprehend it. Goal #2 take action and tell the world ( you guys)!

Thanks for indulging me!

@Carter Crowley- Thank you for your response, I will do more research into a private lending and if it is preferable for me.

 @Roni Elias- Thank you for the response, I have not encountered a hard money lender offering accounting services yet I'll look into that. The 80/20 split makes me cringe though. Might be better off saving for the 25% down pmt.  

@Loren Jacobs Thank you for the response, the JV concept seems the most applicable aside from me just saving the down pmt on my own. The interesting concept of what defines "active" in a JV partnership and who would be the best partner in the venture is a whole different in depth discussion.

Hello, 

Currently I own three properties and I am researching more creative ways to acquire properties. I came across syndication and I am wondering if this type of strategy works for single families, duplexes, three unit, and/or four unit properties in practicality? My plan would be to buy locally and  self manage initially since I currently do that with the properties I own now and expand if it is successful. 

1. How much interest on investment is typically offered? 

2. What is the standard up front cost for the limited partnership setup and filing with the SEC?

I tolerate late tenants simply because I make more money in the end of it. The real issue is if they don't pay at all. For $40 estimated extra dollars ($50-mailing expenses), I'm willing to mail a certified letter every month and then at the end of the lease choose to not renew based off of the number of times they paid late. 

Some tenants even notify me that they'll be late when I send the payment notification a week prior. As long as it is before the mortgage I'll waive the late fee if prompt notification is given. So far I've received the rent on the agreed date without fail before the mortgage is due. 

Keep sending the pay or quit notices, and play the long game. Patience and consistency are your friends in this circumstance in my opinion.

Also I have gained equity and made numerous repairs to my property to make it more valuable. 

 I don't mind the hard way. Just was hoping there are other creative ways to get into the second deal. Which I know there are just want to pick one and focus in on it.