All Forum Posts by: Joel O.

First step i would recommend to anyone in these type of situations is to simply talk to the landlord/leasing office.

Tell them your situation and that you want to be able to move out.

Secondly find someone reliable who would be willing to take the apartment after you leave (this is to assist with turn over for the leasing office), they will still do their tenant screening and all that, but at least you are trying to assist.

I would avoid to try to get one over on the landlord and find some reason to just leave without either speaking to them or believing you can just do it without any type of reprecussions.

I told my sister this same advice who lives in Manhattan, NY and she was paying ~$3k for an apartment. She waited 4 months with no income, simply becuase she was unsure about the COVID situation and hoping we would return to normal. She finally spoke to the landlord and they said, sure ok no problem.

Results may vary.

This is interesting, haven't thought about this. WIll look more into this approach.

 Do you mind elaborating a bit on this method?

 Personally I am not too focused on the anonymity portion, would like to just focus on acquiring properties and all that other stuff I will handle in the future.

 Thanks for the response, just to clarify she would be giving me enough funds for a down payment rather than enough for an entire purchase. She would like to see how this works out for us first. 

This is for those Real Estate attorneys or people who have experience with my question:

My mother-in-law wants to partner with me on my next deal and wants to be a silent money partner in this deal.

She has no plans on touching or looking at the property, she only wants to receive regular distributions in her account for her investment.

She also does not want to appear on any loan, mortgage, or LLCs. 

She wants to be completely invisible essentially.

I've already spoken to a RE attorney and he says this is over his head and doesnt understand the situation, i currently have scheduled meetings with other attorneys, but would love to hear from the infinite wisdom of my fellow BPers.

How would I structure a LLC and distribute either monthly or quarterly to my mother-in-law?

My original idea was to simply create a partnershup LLC with her as my partner.

If i missed anything out let me know so I can provide that info.

For my rentals in ATL. South Fulton area I do monthly pet fee of 35$ per pet for simplicity's sake. 

My tenants in that area stay long term maybe 3years+ and normally have multiple pets. 

 If I were doing a pet deposit I would require 250$, but would adjust based on the property class.

I don’t have any tips specifically with section 8 housing, but from all the knowledge I’ve learned here in BP and with other mentors is that the best for your investment is a good screened tenant.

I dont know much about this, but based on this situation I would just allow her to leave and you find a new tenant. You can even ask her that if she can find someone to replace her that would work out as well, BUT 1 bad apple is sure to bring another bad apple, so theres that.

Hey Chuks,

Your strategy is similar to mine! And for my last property i worked with a HML for this same strategy.

Ill send you a message on who to contact. Im sure they can help you!