All Forum Posts by: Neil Schoepp

@Pat L.  It's the ONLY form of 'income redistribution' I agree with :)   That's right!

Where can I read the actual case law IRS code on this stuff. I have an LLC and two children. 12 & 10. So....

1. Can I Still pay them for work they can do? They are to young for working papers. Child labor laws? Mostly cleaning and straightening up, Painting, vacuuming, making copies etc.

2. If yes then I will be doing W2s. So what next? I open a Roth in their name? Should I be doing a solo 401?  (by the way just heard of those here on BP THANKS).  Let that Roth build up and then start buying RE with it?

3. If I do a Roth for them is there an age restriction before they can touch the money?

This is the stuff i really need to learn!!

business name, name, address, mantra line, email, website, lic #s all go on the front. 

The rear gets something like........ I buy properties in the following areas listing the towns you deal in. ...or....... something specific to what you do wholesaling, rehabbing etc. If you leave it blank you can do what Ted does and jot a quick note on the back about something you talked about. At very least you could write "Joe it was nice talking with you. Albert" not many people are doing this. In my option it helps you stand out just a bit. 

At minimum credit and criminal history.  Though sometimes a visit to their old digs and a talk with the neighbors never hurts.  Why would you rent to someone you haven't fully vetted.  Screening your tenant with a fine tooth comb is the very best insurance you can have against preserving the condition of your property and your sanity. Vetting your tenant is the single best thing you can do and essentially the cheapest insurance you will ever buy. Just in case I wasn't clear, Vet EVERY adult that is going to live under one of your roofs!!

@Niles Crum  welcome aboard. It's nice to speak with you.  The wealth of information here both what is already published and when you ask a question and get responses is overwhelming. Just be sure you screen each adult as she can be the face of the other two that are much worst than she is. 

I was going to suggest you call the landlord and ask if they have any vacancies. A friend will hesitate for a second a landlord will not.  But Steve not only beat me to it but gave additional great tips.  Tips that I am now going to use.  Remember if you "feel" like something is going on....... Wait for it....... IT IS!. 

You seem to know what direction you want to go in. That's 90% of the process. Now you need to create a plan.  You should look at the Certified Commercial Investment Member (CCIM) course. .  I have not taken it and have no real knowledge of it, but Many folks here speak very highly about this course. It will give you a great foundation to stand upon. It is not cheap.  But is worth adding to your how am I going to get from 0 to to 1M plus in square footage plan. You can and will make this happen. Each day make sure you take a step, no matter how small, forward towards that goal. 

Thanks Jon.  This place is so great I want to make sure I am doing the right thing. I just feel that if they choose not to respond then some may look at it as they don't care and now I just hurt someone's reputation which is the exact opposite of what my intentions were.

Here's the deal. You read a post. You have your opinion and post it. But know that there is someone else here at bigger pockets that is a much more authoritative source.  Can you @ sign that individual to call them out.  Is it like standing in a room looking around and waving them over. Or are you potentially ticking them off by getting them involved in something they don't want to be involved in. When in real life I tend to run it by them before I actually introduce them to the person. I am NOT a human resource person. I am much more hard nose than that.  So I am following (not officially) an individual whom I really consider on point with dealing with tenant problems. I am reading their responses as much as I can and now I am trying to mimic them in my response. What would _______ do? I read a post and immediately thought of them.  Can I call them out both to help the original poster and to tear apart (in a good way of course) my answer.  If I can call them over how do I do that? As they are not in the post so when I attempt to use the @ sign with their name nothing happens.

As allows thanks in advance.

Always act in a FIRM fair compassionate manner.  

Seems to me your tenant has a very real need.  The first thing I would do is sit down face to face and have a very real conversation.  Why is it so important for them to be out next October. You may come to find out that their reason is legitimate.  

You have two courses in dealing with this. You can sit back and do nothing.  If and when they break the lease take the appropriate actions.  That is why the lease is in place.  In my opinion this is by far not the best action to take.

You can be pro-active. You can hash out an agreement similar to what Jon suggested.  We have a lease already that we will abide by.  Then we move to a monthly lease at a slightly higher rate or what the hell the same rate.  Right now we are looking for a win win.

After you hash that out you should make it clear that they should not be advertising YOUR place, regardless of their good intentions in trying to help you out.

Though not ideal I wouldn't be to concerned with October.  You will be able to fill your unit. And you will have plenty of time to devise your marketing.  Always have a reserve fund. 

Please also remember that any tenant they may find MUST be approved through your vetting process.

@Elena F. Welcome aboard. I originally hailed from Queens, out by JFK. So close in fact we watched them build the Pan Am hanger. It's always nice to run into someone from the city. Though I don't know anything about the market on State Island I would suggest you read as much as you can here.  You have articles, member blogs and the forums themselves. And listen to as many podcast as possible.  At the end of each podcast they ask the investor being interview to suggest a real estate book and a business book.  No better place to get reading ideas.  They suggest the books that have help them become successful. A lot of times I will do a search of the person they interview for the podcast and that will turn up a bunch of articles on related topics. It just goes on and on. 

@Kyle Critchnau if you haven't looked it up yet Podcast 81 will give you some really good in depth discussion on marketing and setting up your systems.  It's an interview with @Michael Quarles and is absolutely worth ever second. I have listen to about 20 so far and this is easily in my top three and I'm not even a wholesaler.

On a side note when you want to use the @sign to address someone type the @ sign then start typing their name. This will cause the persons name to pop up in the bottom left side of the post box. When that happens click,on their name and it will link to them so they will get a notification. I didn't figure this out until someone told me just like this. Good luck with your letters.