All Forum Posts by: Robert M.

Hello, Is this property still available?  I can close with cash in less than 5 days.  Please send details and any other properties you have available. 

[email protected]

Sounds good...just sent you a request for more information

@Jacob Sampson  I think your right.  THey really could not withdraw $$.  I think what happened is that the HA stopped payment on other properties the PM manages in the section 8 program.  

Housing Authority put property on Abatement December 2015 due to failed inspection (Carpet Pulling up) but kept paying the Section 8 Voucher to my property manager.  I was not aware of abatement and PM pays me the voucher rent for December and January.  

Now Property Manager says that they have just withdrawn funds from his account and I need to reimburse him the rents that were paid.  Is this even possible for Housing Authority to withdraw funds?  Should I be responsible for paying back?  Tenant still in property.  

More information...I have decided to remove this tenant because they are consistently late on their portion of rent.  The contract with Housing Authority is terminated and I am waiting until they move out to make repairs.  

@Jeff B. Thanks J. Would you simply ad management bonus as a expense item and take a payment each month or would it be part of the LLC structure as a % ownership?

I have a handful of potential high income investors who are interested in partnering in Multi Family deals.  None of the potential investors have Real Estate experience and I want to put together a proposal to show them the financial benefits of RE investing.  

If we were to partner in a MF property how should I structure the partnership. An LLC, whereas each member is a % owner based on capital contribution?

I would manage the operations so what if we all contributed equal capital how much more should my % before management?  

I have a Section 8 tenant that is consistently paying their portion of rent late.  I am at point where I want them to move out because late rent and how the property is being treated.  I may also try to sell this property and want o have on market by spring so I need tenant out ASAP.

I could evict because late payment and think that would damage their Section 8 status but am worried about the tenant purposely damaging property during process.  

When offering Cash for Keys, do you typically offer cash plus security deposit?  What if security deposit would be helped back for property damage caused by tenant?

Thanks all for your insights.  I don't have a formal  engagement letter with the accountant.  I was refereed by a friend  and have employed their services for 8 years.  This is a high end firm and I am paying a significant premium for their services.  

I am guilty of not asking questions of fees etc.  My fault and I know it.  I just feel like as much as I am paying for tax prep this simple task should be included. @Nathaniel Busch  yes I do feel like I am being nickle and dimed and will be very weary of engaging the accountant moving forward.

Another question.. is it reasonable to assume that the the accountant should have informed my he was going to bill me $400 to send a simple letter at the time I engaged him?

I am not saying I am not going to pay...just doesn't feel right the way it was handled.  

@Brandon Hall   Thanks Brandon for you Response...Im not sure I agree...thats why I am asking the question.  

I received a CP2000 notice from IRS and send to my accountant who prepared taxes. The inquiry was resolved with a simple letter to IRS explaining where income (rents) were accountant for in LLC return.

The issue was resolved but I just received an invoice from accountant.  

It seems to me that since the accountant prepared the returns that I shouldn't have to pay for the response.  The fees the accountant charges for tax prep are very high.

Should I pay for the response service or not?