All Forum Posts by: Matthew McNeil

Brandon provides excellent advice in his video “Are Your Tenants Unable To Pay Rent Due To Coronavirus? Here's What To Do!” https://www.youtube.com/watch?v=1CLa0UJCn3w

In particular, his Emergency Rent Deferral Plan provides an excellent framework in preparation to guide our tenants through this difficult time. The 4 options he discusses are well presented. Brandon admits we’re navigating new territory which affects everyone.

QUESTION: Does anyone have thoughts regarding allowing a tenant to take in a border and use the money to help alleviate their financial stress. Granted, I realize that raises some legitimate concerns, but it might be an idea worth fleshing out.

Thanks for sharing this link.  My portfolio is in Idaho, but it can serve as a useful template. 

Several new petitions are being initiated state-by-state. Common wording being used; "This will allow citizens to stay home from work without the added concern of losing their housing and limit the spread of the virus. Our federal government should act in this situation."

Petition in Utah states; "We also understand that landlords have debt obligations and would not be able to operate facilities for tenants without making payments. Therefore, we also ask that you urge banks and lenders to suspend debt obligations for landlords so they may continue to accommodate residents."

https://www.change.org/p/salt-lake-county-mayor-jenny-wilson-salt-lake-city-mayor-erin-mendenhall-and-utah-governor-gary-herbert-rent-relief-for-residents-of-utah

The petition is Canada is growing in response as well; 350,000 signatures within 3 days.
https://www.change.org/p/feder...

Boise is a market that is over saturated with too many RE agents. 

Truce! 
As the OP, I'm calling for a truce between a couple of BP members who are getting a little carried away. I think there's enough information shared in this thread for people to walk away feeling they've got enough information to form their own decision regarding the topic. I certainly have. 
Thanks everyone for your input.  Let's wrap it up and call it a day.

Potential nightmare... but I actually did this as a tenant.  Ground rules were spelled out, literally, and it seemed to work somehow. Bathroom schedule, refrigerator space, noise curfew, hosting parties and visitors were not allowed, etc., but the rules were very reasonable.  Everyone was a complete stranger.  The landlord was a little old lady who was smarter than all of us combined. She had several houses and rented out each room.  Her cash flow was very healthy and she kept acquiring more SFHs. She would stop by each house personally every week to make sure everyone was OK.  

Congrats! Thanks for remaining steadfast. Clayton is not well respected among BP members.

Hi Kim. You’ve asked a great question for your initial post here on BP. It seems evident that you’re an overly conservative investor, which is great! You’re probably going to get several different comments offering you good advice. However, I think you may feel much more comfortable maintaining your current position regardless of whatever feedback you get here.

You would probably be best served by letting someone like @Steve K. (above) to personally walk you through options where you can increase the return on equity he mentioned. Then reach out to @Dave Foster to help you manage a 1031 Exchange. These two people will help you position yourself for a healthier retirement.  Both of these gentlemen post often and they have really good comments and advice. You will be in good hands with both of them.

How did the LLC come to own two rentals?
And, I'm always intrigued as to why people form single-member LLCs.  Curious as to why you chose that framework?  The cons certainly outweigh the pros.

Cameron, amazing yet simple advice! We've heard the expression, "Don't get lost in your spreadsheets."  And yours were nice, as you wrote!

Mat's advice that led you to get in front of homeowners was the catalyst you needed.  Congrats!

Thanks for sharing.