All Forum Posts by: Matt B.

I'm in this boat too.  Still waiting on payment from 10/2

Really?  No responses?

I'm a landlord of a few properties all in my name and I file taxes under my own SSN so no business entity. I'm interested in branching out to expand my relationships and get partners to take my REI to the next level. As such, I'm organizing several meetings at various restaurants as a meet up spot to go over specific topics. This is a legit meeting where I have an agenda and have other people (3-5) showing up to go over investment strategies/forming partnerships. This is in my city so no out of town travel.

Is this a legit use of the business expense 50% meals tax deduction?    Must I pay for everyone to get the deduction or do I still get it if I only pay for myself?   In my mind this is legit but want to see if others agree.  I guess I'm just not sure since I file taxes under my own SSN and because I'm not traveling.   

I am also interested in the OP's question.  Lots of good responses here.  I hadn't really thought about making myself look legit with business cards, resume, etc for a commercial loan officer.  I'm planning on making the leap to multi-unit properties in the next year or so, so these are great tips. 

@Hayden Harper are most of the buyers of 5-15 units you work with buying under LLCs or are they small time landlords taking it to the next step under their own name?  Do commercial brokers prefer one over the other?  Advantages?

Wow @Levi T.   That's a very detailed post and super helpful.   Thanks so much for that insight. 

@Jassem A. Great tip.   That's something I would never had thought about.  

@Account Closed.  Also a great tip.  I'm not actually not in need to evict anyone right now.  I just wanted to get a timeline down for if the time comes.   I like to have a hard timeframe and hard rules laid out in advance.    I like being able to define it to the tenant as "If you don't do this by this date, then this is the result".    I have actually gone through the eviction process with my very first tenant years ago but I didnt really have any idea on the process and was just winging it.  Needless to say, Ive learned a few lessons

Thanks everyone for the responses.  This is a great help. 

Thanks.  That's helpful.  Do you lay out this timeline to tenants (well at least the first parts)?? @Matt Clark

In Virginia, we have a 5 day grace period after rent is due.  So assuming rent is due on the 1st, rent is considered late (with a late fee) on the 6th.  

What timeline do you fellow Virginia BPers follow as far as notices being sent, court filings, etc??  I'm looking for a hard timeline that says for example:  Day 1-rent due.  Day 6- notice of nonpayment of rent sent out, day 10- blah blah.    And the timeline that you use, do you tell the tenant so they know exactly when those dates are so there's no question?

Welcome