All Forum Posts by: Garry Martin

I have a section 8 resident who is starting to fall behind on her rent. I am getting ready to start eviction, but before I do, does anyone know if accepting the rent from section 8 is the same as accepting a partical payment?

I am guessing it does, but since they come from 2 different sources i am not sure. Does anyone have any experience with this. The resident is my first on section 8.

I purchased a two family in August of last year. I rented the second unit two months ago and now I am finding it has a break in the sewer line. I had a propriety inspector go over the place, plus I tested the drains before I made the purchase. To test I flushed the toilet several times while the shower and sink were running (in both units). When flushing I added some paper to insure it would go down. Everything flowed very well.

Once the second family moved in, it increased the load and problems started to surface. The sewer and drain company have identified the problem as a crack/break in the trap where I tie into the rest of the system. They have to dig in a tight space (can’t use heavy equipment) so it will be costly.

This is the second place I have purchased with a major sewer problem. So I am wondering what I am missing or what I can do to better test the system before purchase. The price of the repair will be around 5k. I got a good enough deal so even with the additional cost I will still have positive cash flow. Even if I knew about the problem, I would still have made the purchase. But I would have had it fixed before I rented either of the units. But it would have been nice if I knew about the additional expense before hand.

Does anyone know of a better way to test the sewer system?

It would seem to me that your most pressing issue is the mold and the health of your child. I would suggest that you get the roof fixed, and remove the molded materials. I understand your low on funds but this really needs to be fixed. Remember, water destroys everything and the problem will only get worse if you do not address it at the source. You can remove the materials with mold, and if you are low on funds, wait until your leagle issues are resolved. I am guessing it will look ulgy but it may be a decent temp. solution. Just my two cents.

So why raise taxes on the rich? Why share wealth?

Ryan makes a good point. I spent 5 years in night school to get my degree, worked a full and part time job while in school. I did not get any grants just loans (repaid by the way). In short I busted my a$$ and paid my own way. I am in a much better place today (although just a small fry compared with most of the posters here). The point being, it makes me sick to see what I pay in taxes and where that money goes. "Spread the wealth", why don't we spread some ambition instead.

Tim, I could not agree more. What a joke. Congress made a provision for oversight, yet to date, no one has been assigned to it. They have changed what the money will be used for without any approval, they won't even disclose who got what.

When the current administration asked for the money it was dire. Had to be done today or the world would end. Well they still have a big chunck of money left to spend, so why is it no longer time critical. As far as I am concerned, they just robbed the american people of 700 billion.

Hello Everyone, I am looking into setting up an LLC and would like some advice on how I should approach this.

Here is my situation:
Currently I own 3 properties, (2) 1 families and (1) two unit. All are in my name. The two, one families have traditional mortgages. I recently purchased the two family on a HELOC.

I have been doing quite a bit of research and from what I have read, everyone recommends setting up an LLC.

The Problem:
If I set up an LLC, how can ownership of the properties be transferred without the banks calling the loans. I really do not want to refinance them. If I do have to refinance them, how would the LLC get approved for the loans without any credit history? Would they just go by my personal credit?
I will be refinancing the two family on the HELOC, so I am looking to set up the LLC before that happens.

I clearly have a lot to learn on this topic. So if someone can recommend a good book or two that would step me through the process, that would be great.

I use to to check out a properity before I drive there. It has saved me a lot of time and gas money. I have found it is not very accurate when it comes to the street address. But it gets you close enough to either find the house or see what the neighborhood looks like.

Now THERE'S something to import from China!

1) Finish rehad on 2 family purchased in Aug.
2) get both units rented for the first
3) get the two garage stalls from another prop rented.

Georage was attacked as a slap in the face to us. The Russians were pissed that we tried to get them into Nato (if we had been successful, this never would have happened). So they were waiting for a chance to regain some control.

Currently they are accusing us of delivering weapons, kind of the same way they are selling modren weapon systems to Iran.

This is the main reason we need to get the WORLD off oil. If not for the gas and oil, Iran and Russa would all be too broke to do the kind of things they are doing.