All Forum Posts by: Lynne Gregorio

Hi all, I have been a LTR landlord for a long time, but I am new to renting to college students.  I got the place so my daughter would have a place to live for her last 2 years of college.  She had one of her "friends" move in (She and her parents signed the year's lease - Aug-July).  In December, the girl reached out saying that she wanted to do a sublease.  My lease says that all existing students must approve any subleasee moving in, since they will be the roommates and we don't want young girls living with 40 year old men and we require LGBTQ friendly.  So, the girl, T, goes ahead and moves out before she finds anyone, and signs a new lease in addition to ours.  She paid for January, but now hasn't paid for Feb.  We have been looking (in fact, I have spent many hours trying to help her; we had one ready to go and she changed her mind at the last minute), her last text to me said she "can't pay 2 rents."  I was guessing that her parents (who I try to keep out of it and let the 'kids' adult) were probably not told everything from their daughter.  The parents did co-sign.  I messaged the Dad today (he doesn't speak much English, so communication is harder) and his message suggested that the daughter had told him, it was done and she didn't have to pay anymore.  Ugh!  So, if I can't resolve this in a friendly manner and have to take them to court, do I continue to wait until the lease period ends (and continue to try and find a replacement during that time) - or do I evict her and then if I can't re-rent it out (which is hard since it is mid-semester), then go back to court asking for the funds to cover the lost time?  I am really hoping not to go there and will do everything I can to try and work this out, but the girl decided to sign 2 leases for the same time period, and I am left holding the bag. :(

How do people exchange contact information on this forum?

Charwak,  we would be happy to meet up with you sometime when you are here!  We are not experts, but got through one project successfully, and we are working on the second.

Hi Dawn, awesome, we will see if we can attend. Who do we look for to find you all?  Thanks!

Hi, I am new to being a PRO member although I have been on BP for a while. I have been investing for 25 years including many LTR, STR, land development (small subdivisions), fix and flip, and BRRR. My current project involves a small subdivision. My husband and I did one in Chapel Hill about 2 years ago and it was very profitable. I have land now (5 lots) in Chatham County near the new Vinfast and am looking to get moving on putting in a road and spec homes. I also have some land for sale in Cary, and when that sells, I will be looking to 1031 exchange into a few new projects. If anyone who invests locally wants to chat or is looking to partner at some point. Please reach out to me!

Hi, I am trying to set up asset protection for my rental properties. My head is spinning trying to figure out who needs to be Trustee, Beneficiary, Grantor, Member, Manager for these trusts.  I am hoping someone here who has done it can help.  I live in NC.

I have contacted a registered agent site to set up a WY LLC. I put myself and my husband as members and me as manager (hope I didn't screw that up).

I have documents to do the land trusts but I am confused on who plays what role:

Is the WY LLC beneficiary for the NC Land trust?

Do I have to find someone to be a temporary Trustee of the land trust and have them resign or can the WY LLC also be the trustee?

I assume that I am the Grantor?

Once you fill out the land trust form, how do I get NC to record it as the new owner?

Are there additional forms or fees that have to be done/paid each year for the land trusts or just the fee for the WY LLC?

I believe I need 1 LLC and 1 Land trust per property if there is sufficient equity in the property, correct? Is $75K enough to put on its own or should it go in with another LLC until it gets higher?

I have heard of the Quit Claim deed, but not sure if that form is used to transfer the title without getting charged for title transfer or enacting the due on sale clause?

Do I do all of this for my primary home too?

Thanks - for anyone who can help!  BTW, I have 8 pieces of property right now (in the works for number 9) including my primary home.