All Forum Posts by: Jason Maguire

Thank you for your insight @Nate Sanow, it's much appreciated! & Yeah, definitely could be a good podcast lol. I also had the same thought of at least starting the demo (roof & doors) to try & get him moving quicker, i just wasn't sure the "legality" aspect if God forbid something fell onto the car. If it wasn't for the car, I'd honestly have much less trouble doing that. 

and to answer your next question, i definitely think the tenant can be replaced. We were gearing up to potentially put the property on the market at some point in Spring 2023 & both the tenant with the shed & my tenant upstairs are mother/ son combo & tenant with the shed also has an autistic son so i was really trying my best to not have to kick him out or anything, especially during the school year.

But that being said, running a business & not a charity and running out of patience quick so hoping to get this situated ASAP. Will keep you posted & thanks again!

Hey BP Team,

Looking for some insight on a weird obstacle I’ve been facing.

I have a rather larger shed in the backyard of my duplex building that we want to demolish because it’s an eye sore on the property & some other minor issues. The issue is that my tenant has an old school car (maybe a 1950’s) in the Shed. The Car is my tenants, deceased fathers who has passed over 10 years ago and my guess is the car & everything in the shed hasn’t moved since then, including tools drilled into the walls.

We spoke to our tenant last month letting him know that we were going to demolish the shed & that he needed to start working on getting everything out of there including the car occupying the shed. Every week we’d follow up once or twice, also including meeting in person once or twice when we were at the prop for side projects to see how he was making out & we’ve been met with multiple excuses or just no responses from my tenant.

We tried to give him ample time as we know he had to find a home for the car which he supposably did find, even offered to tow the car for him with no extra charge or anything like that just to get it out and still nothing and offered to help him move things and provide a tarp for temp storage.

How would you guys' best approach this situation to get my tenant to act? We also tried saying the Shed will be demolished on X Day, but even that doesn’t seem to be pushing him & I don’t want to escalate the issue into a full-on dispute by demolishing the shed with their stuff still in it or me touching the items myself.

I’m leaning towards just not renewing his lease (maybe that'll get the car out) when it comes time, but is there anything else I can do to incentivize my tenant now without further escalating the issue into something crazy?

P.S- We bought this duplex in JAN2021 with inherited tenants- to make the situation stickier, my tenants living at the property used to own the property like 25 years ago hence why belongings like a car are still on site. Obviously buying in these situations in tricky, but I did get a great deal & both tenants have never missed a single payment.

Any thoughts? Sorry for the long post- wanted to capture everything :)

If i had to pick... definitely Real Estate.

What would happen if you had a serious injury in the new few years which didn't allow you to continue your work as a personal training? Also don't see why you couldn't do both- work on real estate and training both in parallel to help boost savings.

Found a random article form last October on all rules & regulations that were going to be implemented in Miami Lakes- 

Miami Lakes to regulate short-term vacation rentals (miamilaker.com)

STR Regs from Miami/ Dade County Website-

Short-Term Vacation Rentals - Miami-Dade County (miamidade.gov)

I'd definitely get multiple quotes just to be sure, especially if this is your first time working with said roofer. I usually get at least 3 quotes per project. Hopefully you can get this fixed at the right price! Keep us posted.

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For question one, as others have stated a lot of Americans simply cannot afford to buy a home for a multitude of reasons.

More importantly, to answer "why would people choose to rent your single family or multifamily instead of traditional rental buildings- there's a few reasons for that and let me further explain.

Alot of "new apartment buildings"/ complexes or "traditional ones" have been popping up all over the last few years. In my area (Upstate, NY) going to one of these standard apartment buildings with 100+ units are insanely expensive. For example, a 1 bed unit in a newer complex or standard complex around here may cost you between $1300-1700 bucks a month or more. Don't get me wrong, a lot of these apartments are nice and have lots of amenities, but it still does not justify the price when you can get into something nice with fewer amenities for maybe half that price & more square feet of living usually.

When you're in a massive complex, property management from my experience is usually very sub-par or almost nonexistent, it's hard to get answers to basic questions, you have tons of neighbors, no privacy & usually no yard (maybe a small balcony) For other reasons stated above, that is why people will always rent from non-traditional apartment complexes.

& To finally answer the last question, yes vacancy can be that low if you have proper systems in place & know how to manage your property. I generally use 7% for vacancy, but having owned 6 doors in 2 1/2 years, I've had one vacancy that was filled very quickly. Best of luck!

You'll see from a lot of other investors on here that purchasing in an LLC won't completely block you from liability.

I'd recommend buying in your personal name, obtaining landlord insurance & if you were that concerned about liability then you could also add an umbrella policy for extra coverage & protection. This is all the protection you should need. (Not legal advice, just my opinion)

It's a common misconception that an LLC is needed for every property, especially for first time investors only dealing with smaller units (1-4 units). I'd see more of a need for an LLC when you actually have a larger portfolio and need more protection in place.

Lastly, most conventional lenders for 1-4 units won't even let you buy in an LLC. You'd have to buy in your personal name & quit claim the deed into your LLC. Once again, just don't think it's worth all that. Best of luck

I can also attest to what @Nathan Gesner said. I have been using the BP Leases for a few years now & have never had any issues.

There are certain things I have added throughout through the years, but those leases are definitely a solid start. If you become a Pro member there are also a lot of other forms including rental applications, pay or vacate notices, estoppel agreements, the list goes on.... in my eyes it's a solid investment to give you the tools to succeed right off the rip.

Good luck man

Screen them like you would anyone else, & if at that point they pass your requirements, then add an addendum to the lease to add the sister-in-law. You will want to know if this person is going to be trouble.

As @Theresa Harris stated, if you are paying for utilities, then you may want to do some quick math to see how much extra to charge.