All Forum Posts by: Matthew Purvis

@Sam McCormack, so news since I posted the last time. My tenants have reached out and said they are moving by the end of February. Now this is through text. I am hoping their commitment to move out is legit. I will see at the end of the month. They still haven’t paid rent for February. On top of all of this I was contacted by York County Community Action Corporation on behalf of the renters. This corporation helps Tenant’s pay rent during Covid times. I have been doing my research to see if this is a legit organization. Everything points to legit. I know you say you are not a pro, but have you ever heard of this program?

Hello BP,

I purchased a commercial multi-family in December. Unit 1 is a Market/Deli, unit 2 is a STR/ MTR, and unit 3 is a LTR.

Mortgage is $2400.

Unit 1 rent: $1850+++

Unit 2 MTR rent: $2400 All included

Unit 3 LTR rent: $1800+++

Unit 1 tenants are great!

Unit 2 is a traveling nurse

Unit 3 has a Lease that won’t allow me to break the contract and kick the tenants out. Lease is up in October. I want these tenants out bad. Lawyer says I can’t do much. The lease has three tenants on it. One tenant left but the other two said they would pay the full $1800. One month in they have only paid $1250 on the $1800. It is February 1st and no rent paid yet. The contract says they have until the 10th to pay before a late fee. The state law considered rent late on the 15th. I thought of offering them cash for keys because I really don’t think trying to evict them is going to work (at least that the confidence of my lawyer). My second thought is to have the sheriff serve them anyways for late and unpaid rent, to let them know I mean business. The serving from the sheriff cost $120 and try the evict process which is going to be a minimum of $3500 paid to the lawyer. My last option, I don’t serve them, I talk to them and amend the lease for them to pay a lower amount like $1500 but make sure they know I am not renewing the lease in October and the need to be moved out by October 31 at 11:59pm.

Plus these tenants are little pricks.

I'm trying to look at this situation as I can survive until October and have the property settled in for the long haul of STR and MTR rentals.

I know this was a lot of info but any advise would be appreciated it.

Thank you,

Matt

Hello BP,

I purchased my first Commercial real estate property in Old orchard Beach, ME. I am looking for recommendations for commercial insurance broker in the area. Any suggestions?

Thank you.

@Jonathan Pavkov and Arron Zimmer, I am looking for tax prep and Tax advise. I have small rental portfolio and I rent RV's. I filed paperwork with state to start an LLC. I want to make sure I'm not throwing money away to the government.

Hello BP group,

I am looking for CPA recommendations.

Thank you,

Matt

@Mason Hickman I am more interested in cash flow.

@Mason Hickman thank you for the response.

I am looking to purchase for investment purposes.

Im bouncing between short term rental and long term multiple family.

I can manage from a distance or manage myself. Only because I don’t know very many people in the New England area I am leaning towards managing myself.

Thank you again

Hello All,

I am looking to expand my portfolio. I live outside of Boston, MA. I have around $170k to invest. I am looking to invest in the New England area. Couple thoughts on which state is having the most success stories with Multifamily investing? And which state in the New England area would you suggestion to invest in?

Thank you for the responses in advance.

Make it a great day!

Matthew.

@Christopher Smith I am US citizen and live outside of Boston.

I sold the property and I will be having a capital gain.

I will be paying taxes in Canada and reporting the capital gain in Canada.

Do you know if I would be able to take advantage of the foreign tax credit?

@Daniel McNulty I have called at least 12 CPA’s and no one is taking my call or calling me back.