All Forum Posts by: Richard Sherman

Awesome news man!  It is for sure the time to try and make some changes and get a better deal to help cashflow.  We have been out of OR for over a year now (as in not buying there, we kept our 100 ish units though)  I am now back sniffing around!  I think there is a lot of pain to come though as a lot of owners are about to get SIGNIFICANT delays in rents and a huge increase in non-payment,,,with no way to get them out right now due to the virus. 

@Account Closed  I am a believer in some kind of crypto future.  I own quite a lot of it and even used to mine it way back in the day (wish I had held it all!) but it has treated me well.  Here is my point, it is JUST a method of transferring value, same as gold, chickens, cash, Iraqi Dinar, whatever..I do not CARE at all how someone pays me, I will try to make it as easy to be paid as possible,  to make it easier for them, then I convert it to what I need (USD) and take it out or reinvest.  From there I invest in whatever I want (crypto, pork bellies, real estate, whatever.)   I guess my point is do not conflate what you are doing, you are taking one business (rentals) and taking what you make there and INVESTING it into crypto.  That is fine, but it is functionally no different than getting paid in USD and then investing totally separate cash you have in crypto (aside from some minuscule transaction fees.)  If you did a balance sheet on the transactions you would see what I mean, they have to balance  :)

@Dmitry Semenov  Get the process down and do it for a bit so you know what doing it right feels like and how much time it takes.  You might find that using process servers and mailing notices is a cheaper way to do it.  When you scale it out, we collect thousands a month in Late fees...not to mention I have yet to meet a PM that was anything more than OK...most are awful....awful...including some really big ones.

@Account Closed  I understand the idea, but whatever minimal transaction fees there might be are probably less than the complexity you are adding in valuing an asset and reporting it for rent instead of USD payment.  You need to place a value on the crypto when you receive it and that's your taxable rent...not what it drops to 2 weeks later or goes up to etc.   My point is this does not scale, the number of people who would pay that way is tiny.  Fun in concept, irrelevant in practice.  Think bigger, too much energy and time going into what is probably a few hundred or thousand in transactions.

@David Balogun almost certainly they will not give you a release to move the property into the LLC...now will they ever find out, that's another question. There are a lot of discussions on this, I would search moving deed into llc and read on those a bit.

@Laine Furukawa Sell the property, split the proceeds with the siblings and use the money to go buy something that makes sense.  

@Johnny Kim Use a service Like Cozy.co to do the screening so all of that stuff is covered.  The tenant pays for it. Solves all the issues

@John Duncan Is this a real issue or is this just drama?  If drama, tell them if it is loud enough to call the cops then do that and if not then deal with it or go buy a house in the country  (you can say that nicer, or not.)  They need to stop tattling.

Do you have a loan on the property and if you do is it a personal mortgage in your name?

@Dmitry Semenov Late fees are a massive profit center for us.  Good thing we do our own management.  Tell that PM to go pound sand.  If your stuff is local you might want to consider managing it yourself for a while (just have some good vendors lines up to help) while you look for a new PM, you might find out how EASY it really is if you are organized and have good systems.