All Forum Posts by: Jason Smith

So I was thinking, how do you pick your business name when you are creating several different businesses with many different partners?  How do you keep track of all of your finances separately as you grow?  As an early investor I have been approached to by real estate with several people all who want to be "hands off" and with 5 properties currently, I am not sure how to proceed forward?  I currently use Quicken Essentials but am looking for a better property management software, any suggestions on how to name or manage future rentals?

I told her today that she can call the cops on them.   Issue number two....  My town just disbanded the police.

The best situation I came up with is to take a risk and put a tenant in the unit beside her that brought a state police man with her to view the apartment.   I guess life gets more interesting with every person you meet!

I just purchased a triplex and the new tenant just informed me that the neighbor gets drunk and argues with his wife nightly for 1-3 hours. All before borough regulated quiet hours. How would you deal with this issue?

Thank you @David Shulski and @Linda Weygant I will apply as soon as possible!

Do I have to file for an EIN number for an LLC that I hold a multifamily property under with a partner? I am closing on the Triplex on friday and everything else is ready but no EIN, does it matter?

I just had a clogged sewer line that broke, 5 1/2 hours of auguring out roots (1 1/2 with root rooter, and 4 with a local company) and $800 later, I made sure to get the camera inspection of the entire line when they were done.  I have only owned the property for 8 months.   Two weeks later I got the call that the roof was leaking.

Looks like I should never have bought an estate sale duplex that had been on the market for 4 years.   I can't wait to see what other maintenance issues I get to learn about in the coming years!

Does anyone have a questionnaire to send to a seller?  Like a property discloser but something that can be emailed, digitally filled out and returned so I can have as much information on a triplex (unit by unit) for sale by owner?  I have a tendency to think of questions after the conversation is over or days after (like how old is the roof?).  Thanks for the input!

I think the biggest issue is the property manager, he won't respond to the realtor to show the properties....  He looses his job if they sell.   They aren't in good enough shape to pick the best building to buy and there are too many unanswered questions.....  the big time lawyer owner won't release any information.  

Thank you all for your time and information!

I am liking at a group of 6 buildings for sale by one owner, I have a family member that is interested in purchasing a building or two and I am interested in the rest. The vacancy rate is 50% due to an out of town landlord and local laws getting tighter. My uncle will be able to pay cash for his purchase but I do not have a down payment, any suggestions on how to present this purchase to the bank or to my uncle? The total list price is 345k and it has been on the market for over 1 year. What is your thoughts?

Hey Jon, get on facebook, msg everyone looking for a place that MIGHT meet your requirements on the for rent/rent to own/for sale by owner site, I see you are a member but I cannot add you as a friend. It lets you see what the price that most are looking for and what is most desirable. I am not saying you are over priced by craigslist standards but it may be alittle high for what most are looking for. My add was 6 lines max and 8 pictures. I had a wonderful response. Sometimes less info helps people come see what you have. It's a simple town, with a small mind mentality. Ask yourself "would I read all that info? Would it help me go see that house?" I'd love to have the opportunity to post it for you differently. PM me if you'd like a hand on the ground. Thursday is the landlord association meeting, will you be there? Are you a member or do you need info?