All Forum Posts by: Thomas Greer

Haha.  Nice.  Saving some cash w/ good tenant and managing yourself.  500/mo... looks like a winner!

Good stuff!  How are rents/cashflow?  

I don't think I would be able to say "yes" without socials/w-2 and a greater paper trail.  My PM does the initial vetting.  That said, if they could provide the support necessary where as I didn't KNOW they were illegal, then I would say yes.

Basically, if my vetting process is ambivalent to their status, then I wouldn't know.  If there status precludes them from providing the info PM/I require, then it's a "no".

Not sure if mentioned above but real estate as an asset class has taken a huge hit.  It's just that residential/affordable, data storage, logistics have been really resilient.  Hospitality, Office, Retail valuations are down 10-20% YTD.  For me, it's a reminder that property types matter and when we invest in RE, we should still try to diversify a bit if we can.

Good on you!  Sounds like you had a sound plan and executed it.

Don't negate the corporate decision-making process as well.  Sometimes, things don't (or do) make sense at the asset level, but there are strategies above when it comes to overall portfolio and lines of business (e.g. right-sizing business, opex reduction, relocation of assets to e-biz).  As parameters are filtered down to the local team and (likely) some third party broker...they don't have as much flexibility in negotiations.

I hear you, and I had a terrible situation w/ a few of my tenants as well.  The worst was a tenant that skipped rent in Feb (before anything got too bad) and then rode out the moratorium on evictions and the Covid excuse for the next 3 months!

Mom & Pop SFR are definitely being left holding the bag.

If it helps, banks were allowing for mortgage forbearances.  If it helps - there was the EIDL/grant, PPP loan for self-employed, State grant money.  I qualified for some grants and took advantage (and in an odd way, kinda "came out ahead" if you could say that).

I DO share in your frustration.

Not legal advice, but the other factor to identify is that to gain any protection of a limited liability it must be treated as separate (counsel or interwebs could explain more). Basically, make sure you keep your funds from the business acct (associate w/ the LLC) and your personal funds separate. Something to keep in mind as you explore this option.

Thanks for the reply @Immanuel Sibero!  I am not terribly confused by the concept of cap rates and hope only to provide some clarification for all involved in the conversation.  I can only speak from my experience and how we look at it from the shops I was at. Or, perhaps my ability to explain a concept pales in comparison to my ability to apply it (i.e. I'm a crap teacher!).

Meh, just commenting that the longer a unit has been “lived in”...the greater the likelihood that some damage outside of wear and tear has occurred.  A tenant with a shorter stay usually expects a full deposit  a tenant for 3 years usually doesn’t (from my statistically insignificant experience!). 

But as a LL, I am a pushover and value (and reward) an easy long term tenant. If there was no major damage, I would probably just give them their deposit.