All Forum Posts by: Patricia Becker

 I have the App on android, it is great but glitches and closes without warning. 

I would for sure just give the tenant notice that this work is going to commence. There is nothing they can do about it nor are allowed to do about it, they cant prevent or restrict you from maintaining or doing upkeep on the bathroom. 

There is risk either way, and either way you risk ticking off your tenant or looking money on not being able to do the reno especially if it is in bad shape. 

if you think they will take it out on your contractor or on the property I would wait till they are out of the property, i would let them know that you are not renewing the lease and go through the proper legality of it. you Do not want that bad apple to stay in that place. 

I would probably just wait and get the poison out before I do any reno. assuming there is no way that you will lease out the other half, your current tenant is probably why the last one vacated anyway... 

@Tony Kim @Rodney Sums @Sylvia B. @Jesse Whitmore @Dwayne Poster @Jill F.

Thank you all for your fun arguments for this debate.... so the winner apparently is Spouse A (The Husband, looks like I have to add a point to the XY chromosome group on our tally board) and it looks like I owe him yet another foot massage, Maybe if I buy him a good cigar I will get out of it...lol.

on the other hand, I have to listen to more of Mr. Green and Mr. Turner, to really understand how to leverage "other ppl's money" I guess that only comes into play when you are putting the 20% down and leveraging the rest... but then again paying that debt is still my money.... so at this point I am a bit confused at "other ppl's money" it seems that eventually, it all comes down to you and your money to pay the debt.  

this was an enjoyable thread, thank you all. 

ok, so I am in a bit of a fun argument with my stubborn husband I need your help to win this one!!

so we have bought, rehabbed, rented, and now refinanced a property (it's been a year-long BRRRR but whatever).

so we are currently cash flowing a bit over 900 on the property with the refinance we will only be cash flowing about 350 after PITI on the debt and PM fees. So my question is who is paying this debt (PITI) without telling you who's is who's, select one of the below to see who wins this argument.

Spouse A: Thinks it is our money that is paying the debt (mortgage) since we are just sending the cash flow from the rent to the PITI and not to us as investors

Spouse B: Thinks it is other people's (Tenant) money that is paying the Debt (Mortgage) understanding we are losing cash flow but that is just a hit on our income to access more of our money (the cash out for the refi) in which the debt is being paid by the tenant (other ppl) 

long story short... I NEED A NEW PM.... over the past week I feel like I have interviewed every PM company i can find on the web in Jacksonville, if they have good rates, they have bad tenant reviews, if they have no reviews they have crazy rates. or they flat out do not seem like a professional company, there is always something, do I want a PM that handles 200 units per manager... no, do i want a PM who does not have an owners portal... No, do I want a PM that seems to lack repair communication.. Heck no. 

I would do it myself but I don't want to..... Please can anyone help recommend a decent PM in Jacksonville!!!

at a frustrating tipping point.. thanks for the help.

@Nitzan Marinov reaching out if by any chance you are still active, I am looking for a reliable and reputable PM in Jacksonville, my current PM was a huge waste of time and Money. by any chance did you find anyone that you find reliable to work with? 

@Nathan Gesner Much appreciated, and yes all the other metrics for turnover/ market rates and quality is really hard to judge because all companies interview well and I couldn't find bad news on either of them in any of my searches. looks like I am right to go with Company A. I Put in some worse-case scenarios and came up with the following. 

Granted there is a lot of questions I ask Prospective PM's, I have 2 companies that I am considering, leaning more toward company A, but wondered what the community would pick... 

Both companies are strong with platform, referrals, and management style / structure. and how they handle the inner workings of business. Their main difference is the financial structure. 

My rents are: $775,$875,$925, my tenants tend to be long term and I don't really have a high turnover rate. 

Company A: 8% monthly fee, Half first month rent for placement and 25% for lease renewal (essentially the 2% diff would cover the cost of renewals) zero up-charge on maintenance. 

Company B: 10% Month fee, 25% placement, $100 lease renewal. zero up-charge on maintenance. 

what would you go with and why.... 

@Frank Chin That is a crazy story... and would be such a stressful thing to go through, I think layering with the land trust and an umbrella policy is probably the best route for me at this point, I am starting to see less value in the LLC, but may consider it for tax benefits later down the line.

@Teddi Tanitsky I definitely see the plus on umbrellas, the hard part is finding one, the ones I have talked to so far require you to either have the auto or home insurance with them prior to opening an umbrella. and the requirements around personal liability are higher than what I have currently. but I am all for someone else handling that litigation for me... not my area nor do I really want it to be. 

@Mio Chee set up is for sure a hard thing to look at, I would love to set up the Aanonimity but it seems diluted and hard, anything that seems that complex to hide your identity just doesn't feel right, hence how easy it is to pierce the vail. but I do believe in the deterrent to keep their form digging too hard. I have a bit of a security background and the main principle is 4D's Deter, Delay, Detect, Denay access to your assets, I would think the LLC anonymity falls into the Delay category.

@Justin R. 1. I always do the right thing, it's my investment and I want it to shine. 2. check, it is covered. 3. working on the leverage, currently they are all paid in full 4. I do have PM companies, but looking for a replacement. (doesn't quite make me anonymous though, one of my tenants found my number and called me to update me on how bad the PM is. 5. I think the Umbrella is becoming a necessity at this point. 6. I would only have one LLC, and then the land trusts in the LLC, not sure if that is better protection than the umbrella, I understand the layering deterrent though. sound advice on all points, thank you.

@Allan C. the properties are 100% paid in full so a decent amount of equity (trying to refi now to leverage more properties) is not quite in Multi Mill status though... not yet anyway. I deff do not want a separate LLC for each one, I agree it would be a bit overkill, thanks for your comment, I think the umbrella is the way to go at this time. I have a meeting on Tuesday with the Trust attorney so we shall see where that goes.