All Forum Posts by: Account Closed

Thanks for joining the community. Welcome.

This is a great question for a lawyer. My first thought is that most evictions are for members of lease and/or anyone else residing at the physical address, so if your son is out then the eviction would fall on the wife. Another thought is to have them add that "debt" to the divorce agreement with the wife as liable since she stayed for the extra 30 days. 

Did you make a verbal agreement to let her stay? Should have got something in writing at that point or at least had a witness who heard her agree to pay for the next 30 days. Left yourself in a tough spot. Never rent to family.

I don't do the meetup.com thing. Guess I am missing out. One day notice doesn't work, especially on date night. Thanks for the invite though.

The LLC should provide a sort of "corporate veil" for you if you get it in one of the states that do not release information about who owns the company. This will protect you if someone wants to sue. The money involved for starting mine was $100 to the secretary of state of Oregon and $100 to the CPA who put it together. The LLC will not help much with traditional financing as most banks still want you to personally sign and have your name on the loan instead of the company. There are the typical tax benefits of owning a company and writing off almost everything (consult CPA) plus the LLC can start a self directed IRA that can be used to help fund investments that you don't do the work on yourself then it gets all the profit from the investment. That profit can then be re-invested repeatedly with no tax being due until it is withdrawl for non-investment purposes. There is probably more to it but that was enough for me to put down the money for the LLC thing.

According to the popular BRRRR strategy, you should be re-financing and repeating with another rental. I would also look into 1031 exchange to go from that zero cash flow property into something larger with positive cash flow.

I have been playing with Bitrix24 for a CRM / Lead / Deal system. It is free for the basics and highly customizable. I have found though that most actions take multiple steps and will be looking into some of the suggestions here to make life more automated (Bitrix24 has the workflow stuff too at the paid level).

So when is the next Medford meeting? Really regretting missing the last one even though I only had one day notice.

I would be calling all property rental companies in the area asking if any of their owners are looking to liquidate. Call on "For Rent" stuff in the area to track down anyone who is sick of their property.

Found out that Josephine County in Southern Oregon is off limits for these. We are experimenting with Dollar Cards and bulletin boards around town. 

Know this is an old post, but we are interested in properties in Klamath falls. Please advise if you are still working the market.