All Forum Posts by: Joshua Boyce

I need help figuring out the best way to structure my rental business. I've called multiple lawyers and really gotten no where. 

I own a property in FL and one in PA. I live in SC and move around often. So this is causing me issues on how to structure as I prepare to buy more property in PA and maybe other states. If I open and LLC, I have to register and maintain it annually as a foreign entity in each state. Then, I'll have to somehow move my home state LLC each time I move which may cause me to have to register each foreign entity all over again.

There has to be a less maintenance and more cost effective way to protect myself while providing anonymity. 

Every time I move to a new state or purchase in a new state, It's going to be a pain to maintain all of these LLCs not to mention the costs. My main goal is anonymity since my insurance policies on each property have 1 million liability. 

I plan to grow to 30 door is my goal. Surely I'm not the first person to move around while owning properties in other states.

Can anyone please help me with some direction here? It would be greatly appreciated. 

I’m interviewing a few project managers for an upcoming rehab. Looking for any suggestions on questions to ask that I might’ve overlooked.

I appreciate any advice you have when hiring a PM. Thanks!!

I need help deciding how to handle financing as a partner on a JV deal for a 70 unit apartment. 65/35 split

I have a HELOC I'm considering using to buy in as a partner on this deal. With the numbers below, does it make sense to use the HELOC? I appreciate any input as to whether or not to pursue this deal with a HELOC. My main goal is to build capital with a good balance of cashflow. Thank you!

Here are the details:

Buy in cost is 100k which would max out my HELOC @ 4.4% variable, with option to fix the rate

Apartment Details:

Plan to hold for 10 years

First 4 years Cash on Cash (pre-refinance): 8%

Average Cash on Cash for 10 years: 12%

Purchase Cap Rate: 8%

Total Return on Original Investment (Cashflow + Sale): 134.46%

Annual Cashflow Average: $7,500

Refi cash returned after 4 years: 62K

10 year IRR: 14.6%

Equity Multiple: 2.34

I need some help!

I have a section 8 tenant that was rocksolid for three years. She recently lost a newborn baby and everything has been downhill since

She has stopped communicating with me for over three weeks now, has missed her last rent payment, has let the house go completely to hell, and I just got a letter from the magistrate that I have a court hearing over the amount of trash in the backyard.

I posted a 30 day notice on her door being that she is month to month. But she is completely avoiding me at this point.

What are my next steps if she’s not out at the end of the 30 days?

I ultimately would like to sell the house but it is trashed. It’s gonna take several dumpsters to clean out and then it might have to make some repairs before listing it.

If she’s not gone at the end of 30 days what are my options? Thank you for any input. 

I have a Section 8 tenant that has been a great tenant for 2 years.

Recently she's let the house go to crap and the final straw was a basement flood from her flushing tampons. It's caused what will be thousands in cleanup from the sewage and water backup. I had 2 cleanup companies come look at it already. 

Where do I go from here? Start the eviction process? File insurance claim and while evicting? Evict her then rehab the inside?

Did I mention I need a good property manager?

I'm annoyed but excited. I feel like I'm earning my landlord stripes with this one.

I'd really appreciate any ideas on how to handle this. Thank you

@Justin Elliott when is the meet up? I’d love to join

@Brian Garlington Thank you! Appreciate the input

Thank you so much @Jennifer Donley! Very helpful info.

I did not submit a rent increase for this particular tenant. I’m really glad to hear that it does work out. I am more than willing to help assist in getting this set straight.

I have a special place in my heart for section 8. I enjoy building the relationships and learning from my tenants while gaining a different perspective.

I do know about the annual reevaluation, but nothing in her current situation had changed.
Now I haven’t seen that personally, but this lady has been 100% truthful to me over these last four years so I’m not going to doubt her now.

She’s going down to the office tomorrow and I’m going to make myself available for a conference call. This becomes the rough spot for Pittsburgh, the housing authority can be challenging.

Hey Everyone,

I have a new problem I haven't dealt with before and I'm looking for advice. 

I have a section 8 tenant and we both were just informed that the tenant portion is going from $85/month to $585/month. Oh and the letter came one month before the increase. 

She is the best tenant I've ever had. Keeps the place nice, is never late, handles what she needs to on her end for the housing authority and we have a great working relationship. Her situation hasn't changed and she definitely can't afford $585/month. 

Does anyone have any ideas on how to correct this? I absolutely DO NOT want her to lose a roof over her head. She's going to the Pittsburgh Housing Authority in person tomorrow, but outside of that, I don't know what our options are. Hoping someone here has some quality advice.

I appreciate any helpful ideas!

@Matthew Smuts Can I ask how you got connected with Jeremy?