All Forum Posts by: Michael Sheridan

So I would like to get ideas and thoughts here who has bought property with tenants already in there? Pros? Cons? Things to keep an eye out for? Regrets?

Same question for people who have bought properties without tenants already there?

So I was curious what every one did after you successfully get someone evicted or do cash for keys or whatever. But if a tenant still owes you let’s say $5000 in between back rent and/or some damage to unit. Does anyone recover that money themselves by suing former tenant or does anyone just send it to collections and move on.

Just curious to hear everyone’s thoughts and if anyone has gone through this what they did to resolve?

@John Ringgold

Yeah I was looking at places in Portland because their has been a good increases to the population there in recent years and there seemed to be good investment opportunities as well. Not any more though. I have a friend who owns rentals in the Seattle area and that city/ state has enacted similar rent control laws that just totally screw over the land lord. I have a very simple solution am I taking my money elsewhere....

So I have this potential renter that on paper seems to be great however when I met with him to sign lease agreement he said he required that I show him proof that the mortgage is being paid every time he pays rent or he will stop paying.... I’ve never had this request before and I’m pretty much ready to tell him I’m not going to give him the unit. However as a side note has anyone had this issue before and what did you do about it? Did you just give the renter what he wanted and let him get into unit?

My friend and I are getting rental property and we plan on splitting everything (all costs and profits). Should we use LLC or is LLP also ok?

So I have been attending foreclosure auctions at my local courthouse. And I've noticed they is relatively few buyers that actually show up so as long as I have cash up front I've noticed it is possible to get really good deals on properties. To take advantage of these offers if you NO OTHER WAY to get money, would you take out a cash advance from a credit card to pay for home and then use BRRRR to payback credit card?

Hi All, My wife and I have are renting rooms in our home to get starting investing. My question is is there any benefit to having an LLC collect rent money. Bear in mind title is wife and I name and we have the proper insurance policy to protect us from suit. And I know unless property is in LLC name it does no good to us in event of suit. I’ve been told getting cash flow through the LLC will make it much easier to buy next property in LLC’s name. Thanks for any advice in advance!