All Forum Posts by: Brian Boyd

@Nick Cantey was amazing as an agent

You have to pay back rent, late fees, and your rent on time pursuant to your lease agreement. You simply got lucky that the landlord was out of the room. If that landlord wants, he/she can have that order set aside within a certain amount of time and continue to pursue you for this eviction. Pay your rent pursuant to the lease agreement. Not paying rent is both unethical, a breach of your agreement and in some cases considered theft of services therefore criminal.

We are currently looking for a bank that can work with us on all our investing, in-state and out, our business operations, lines of credit, and personal banking. Does anyone have any good suggestions?

I echo @Ken Dillard's advice. I have properties in Chattanooga, Knoxville and Mt. Juliet. Knoxville is an interesting market with the University. You will need to define what type of property you want to purchase and the type of renter. Having purchased a property in Pigeon Forge, I would advise against that short term rental market since the management companies are unreasonable with their management fee- nothing is left over for the property owner after they get their fees. 

It may be worthwhile to look in Maryville since there is a college there, its a nice bedroom community from Knoxville, and has all the amenities but far less of the problems that Knoxville has. Good Luck!!
 

We have similarly priced properties but in a more urban market and they cash flow great. It might be worth your while to simply find a property management company in the neighboring county, like you have done, and pay them a flat fee each month to deal with the properties instead of a percentage. 

Typically, once you get to more than 5 doors, you can negotiate down your property management fees due to scaling. Good luck out there!!!

I would like to hear what you have. DM me

@Eli Ettinger refinance it and pull your cash out so that you can move to another deal with the current property continuing to cash flow. I don’t this this is as bad as you believe.

@Eric C. If I’m reading this correctly you have a SMLLC and that entity will be the GP in the new structure with the other member, the LP?

This works, if I read it correctly. Make sure your operating agreement or partnership agreement clearly articulates your intent.

Good Luck!

@Sasha Danvilen I had to read all the posts to figure out what it was you need.

Call a lawyer with experience in corporate transactions in your area. This is a simple request.

Second, this is an interesting request so there is likely no template out there and depending on your deal, you may have to edit it anyway.

Good luck and keep us posted about your deal!!

@ JonMason I use Series LLCs in two of the three markets I am in. While it seems cumbersome, I have explained the rationale to my CPA and my book keeper and once they saw it, it made perfect sense to them. From a book keeping perspective, it really made no difference and since my Series LLCs flow up to my holding company, the tax return really doesn't get overly complicated since the Series LLCs are DEs for purposes of tax.