All Forum Posts by: Joseph Waitkevich

Hi All, 

We started working with a real estate attorney in Houston, TX to set up an LLC for our out of state multifamily property (we are located in Massachusetts and the property is in Houston). We are in a weird spot as the attorney we used created the LLC but never sent us the final Operating Agreement (only the draft without our actual names on the signature lines).

After months of calls, emails and texts our attorney has not gotten back to us once. We are trying to transfer the property to this LLC but their office is our registered agent and we can't even reach them. I'm wondering if there are any real estate attorneys who could assist on what steps we should take to get this process finished so we can move on, ideally we would like to have a new registered agent as this attorney cannot be relied upon. Any help is greatly appreciated.

Thank you

We were recently awarded back rent from a successfully evicted tenant. My question is, is this worth taking a tenant to court over or is it not worth the legal headache. Thanks in advance for your help. 

There isn't one answer as I believe it depends entirely on the individual. Some areas have better cash flow, some areas have more potential for long-term appreciation. Obviously with local you can self-manage if thats something you are interested in. With local investments you also have a better idea of the area whereas out-of-state you need to do some thorough research of the market. 

I think in general just narrowing down your individual preferences is a good place to start. There are a lot of really good articles and podcasts on this website alone to help you with that. Just knowing all the pros and cons of investing locally vs out-of-state is big because once you figure out what kind of investing you want you can start researching the best areas for that. 

This is a good post, I think a lot of people are under this assumption that you described when starting out, like myself. We bought a property that looked great on the spreadsheet, 10-12% projected returns. But out of the 2.5 years we held this property, we had positive cash flow in about 3 months of that time. We were focused on the numbers and we ignored the area we purchased in. We happened to unkowingly purchase a property where there was high level of gang activity. This drove away good tenants and only attracted headaches for the entirety of our ownership. 

We were lucky enough to have been able to sell this property for more than we purchased it for, enough to mostly cover the losses we had endured, though I'm sure there are other who weren't as fortunate. We lost some money after all was said and done, we considered this our cheap education and will be moving forward with much more dilligence. I hope those starting out can take from your post and avoid some potential headaches. 

Hi All, 

My partners and I have found ourselves in an interesting situation. For context: We have a property manager we would like to move on from for a multitude of reasons. We have a property that we intend to sell as soon as possible but we have some repairs and tenant issues to deal with before this can be done. I could go on all day about why we have little confidence in our property manager but end of the day is we are concerned with how long it will take to address these issues because of this. We are out of state investors so short-term self management is out of the question. 

My question: Is it feasible to get a new property manager to handle these tenant issues and repairs without the promise of being the listing agent? (as we already have one). We are thinking that it may be hard to find a PM willing to take on these issues for short-term management, though we do plan on immediately purchasing a new property in the general area. 

 Hi @Michael, 

This is really great info, thank you for sharing this. I appreciate your help. 

 Hi @Eric Fernwood, 

This is very helpful thank you for your detailed response. I am mostly just gauging feasbility, I am still in the research phase of this idea however.  

Joe

 Hi Brian, 

Yes I did a bit more research after the initial response and found the same information you just described. Of course this will require more thought but I appreciate your response. 

Joe

Hi All, 

Had an idea (very beginning stages) and wanted to throw it in here and see what others think of it. Would a condo or apartment in vegas be a good location for an airbnb property? Would it be worth it to invest in a less expensive unit just outside of the strip or is having a place within walking distance the biggest appeal? I understand there is a lot more that goes into this process but I'm just curious if it makes sense from the most basic viewpoint for starters, thanks for your input! 

 This is very helpful, thank you for your feedback on this.