All Forum Posts by: Kendall Vrana

I agree, @Shaun C.! We just need help finding him. His listed address is a PO box and it's been very difficult to track him. No Facebook, no personal phone number, nothing. 

Thank you @Deanna McCormick! I'm going to try looking into that, as well. 

Hi, all-- 

Before my fiancé, @Raymond Northcutt, and I had the notion to get into real estate, we were both renting. I was fortunate enough to have a landlord that gave me my entire deposit back on the spot-- no issues, no concerns, no headaches. 

Ray, however, was not so fortunate. He and his roommate were renting the top-half of a duplex before moving into the home he bought. Even when he was living there, it was frustratingly obvious what a poor landlord he had. There were a few incidences, one being his refusal to fix leaks in the sink, when they were locked out of the front door (outward-facing knob was not working) he was still non-responsive. It wasn't until it was brought to his attention that his tenants were scaling up to the second story balcony to get in that he showed up. 

The real trouble began when they moved out. They actually moved out a month or so earlier than their lease was up, and meticulously cleaned the place. Still, radio silence. They followed up with him after their lease officially ended, and were assured that they would get their security deposit back within the correct time period (in Georgia, it must be returned within one month of vacating). 

It has now been 90+ days since the termination of the lease. Any correspondence, we are assured the check is "in the mail" or, after disclosing that the military housing authority was now involved, that we would "have it today". We have this all in writing. A certified demand letter has already been paid for and sent. Still, no response. 

We very much suspect that this is this landlord's business model. Where we live is somewhat of a transient area (military, traveling nurses, and at least two colleges in the vicinity) and that he has been able to get away with this sort of behavior because no one has dogged him for the money he owes. We have spoken to Ray's former neighbors, the downstairs tenants, and they have not received their deposit after moving out, either. 

We are now looking to sue. Unfortunately, we need his personal address to do so. Obviously, his mailing address has been a PO box. We have not been able to get ahold of him...anyone have any advice, or experience, in this sort of situation? 

Excellent, thank you both! 

Good morning! 

Relatively new property manager, here, with a question regarding existing tenants. The landlord has just purchased a property (2/1) where there are current occupants. To make this a solid investment, he is planning on raising their rent slightly. I believe they intend to stay. 

Looking for some advice, or personal experience, on how best to go about delivering this news in a professional and agreeable manner. Thanks in advance! 

Thanks, @Ralph C.! Definitely will have to look into the series7 llc information. 

Thanks, @Rick Baggenstoss! Do you recommend this first LLC be in Georgia, then?

Hi, all! 

@Raymond Northcutt and I are looking into beginning an LLC, and we have more than a couple questions. We've started doing our own research, but have a lot to learn and were looking for some help. Ray just closed on his first investment property, so getting protected is our main goal.

Here's just the tip of the iceburg: 

1. If we set up so that the parent LLC is a member of the "baby" LLC, can funds from the parent LLC be used for the baby LLC? We are thinking of having a number of baby LLCs depending on the region or type of property.

3. I read something about "split equity" between the parent and baby LLCs, and have tried to track down some more information without success. How does this work? The quote is as follows: 

"Try 'equity split' to protect your assets. This is a method to group all or number of properties in #1 LLC, then create #2 LLC that holds the note for all the equity in #1 LLC." (Thanks, Denise NA!)

4. Where should we establish our parent LLC? We currently live in GA, but have plans to move out west in the near future. I see that Texas, Nevada, and Delaware are recommended; what are the advantages of these states?

I'm sure more questions will arise, but this is where we are started. Thank you so much for your help, in advance! 

Hi @Chris Stephens, @Curtis Bellenot! Thanks for reaching out! Super great to have experienced investors in my area, I'll certainly be picking your brains! 

Hi, @Sid Leibowitz, 

Cool to have someone whose been in my industry! I can't believe you were scammed out of that kind of money, that's insane. Thank you for the post, there definitely is a lot I still need to learn, and your experience helps a lot. I've considered doing flips, too. Definitely something worth looking into. 

Hi, @Dave Visaya -- thank you! I'm sure I will be asking plenty of questions! 

Awesome, @Veni F. -- thank you so much! This will be a great place to start.