All Forum Posts by: Jennifer Bayhi Gennaro

Stay with me here.... My husband and I own a piece of real estate that we are selling. We are exchanging into a trailer park, where we will have a 50/50 partner. In order to do the exchange, we cannot form a new LLC with the partner--the exchange attorney says we must each form a separate LLC which will have its own undivided interest in the park. But if we each have our own LLC with its own EIN, which EIN do we use to start a bank account for the shared investment?

Hey Joseph, how many units is this development? Standard LA purchase agreement is what I use in multi family.

Does anyone have experience in handicap-accessible buy and hold rentals? My husband and I are closing on a great deal next week, and it's got ramps, extra wide hallways and an outdated transportation rail. We are going to be making more upgrades before renting it out. I'd like to hear from someone with experience in this sector--what upgrades are necessary, where do you market the property, are these clients typically private pay, etc.

So they are month-to-month? You can get them to renew their lease for 1 year and agree to all of the terms and provisions of the lease, or this is their last month.

Are you the landlord? If so, you should have provisions in your lease agreement that prohibit this type of behavior. Read over your lease agreement carefully and cite the lines in the agreement that prohibit noise and/or illegal behavior, and put a warning on their door. 

Adorable shotgun house two blocks off Highland road and just outside the North Gates of LSU. Great tenant in place paying $800/mo, will possibly renew lease for another year depending on PhD program (will know in April). Rents easily! Home was renovated in 2009 to add new roof, new plumbing, new electrical, new HVAC and new floors. Side and front porches were rebuilt, attic insulated with blown-in recycled newspaper insulation, 2-inch closed cell cellulose insulation blown in under house, and more. House comes with stainless steel fridge and dishwasher. There's also a nice backyard. Great location close to campus, low taxes ($78 last year), no flood zone, income producing rental property! Listed at $85k. 1 bed 1 bath 800 sf. 

Jorge, congratulations on getting your license and on joining the BP community. The next step, and every step after that, is to continue to learn. It's not enough to just have the license! I recommend reading the Miracle Morning by Hal Elrod, followed by 7L, the Seven Levels of Communication. And beware of advertising! Your phone will ring off the hook with people trying to sell you spots on radio, tv, paper, and online. In my first year, I made an expensive mistake in getting locked into a legit-sounding advertising contract that was a complete scam. Final piece of advice is network like crazy. Go to your local council and school board meetings, never pass up an opportunity to have lunch with a lender or someone in a related profession, join your school's alumni program, etc. Make it your goal to be in front of people 80% of the time. Business will follow. Much luck to you!

Hey Chris, I do primarily sales, but the going rate in Louisiana for leasing a property is half the first month's rent split between the two agents. So on a lease for $1000, I'd get $250 and the listing agent would get $250. I'm really not sure how it would go for an apartment complex- how do you make money when most units are leased?

Happy New Year, everyone. My husband and I are fairly new to the mobile home realm, but bought six trailers in the last half of 2014. We are almost at full occupancy, but ran into an unforeseen startup cost. We had a trailer moved to a park, then found out we had to have the trailer raised to comply with new floodplain regulations (all but one other trailer in the park were "grandfathered in," so it's not something that would have been easily noticed). We spent $1500 more (after moving costs!) to have it elevated, and it's now about five feet off the ground. Now we have to install stairs and skirting, and the skirting cost is double what we encountered on a previous fix. Which brings me to my question(s): does anyone know of a more cost-effective solution to common vinyl skirting, and is it necessary to build a wood frame around the trailer then install the skirting to it? We got a quote from a highly qualified mobile home repairman for $3100 for skirting and stairs, and he planned to build a fence around the perimeter then install the skirting to it. Thanks for your advice.