All Forum Posts by: Rick L.

Thanks for the suggestions. I purchases the Section 8 Bible books along with the lease to see what all the fuss was about. Volume 1 was informative as well as insightful. I didn't care too much for Volume 2 and felt as if it lacked any substance. Much of volume two was filled with outlandish encounters and stories of section 8 renting.

I would call most of the content in the books common sense landlording. There wasn't anything revolutionary, but there were a few things I would consider good advice. I have read over the lease I purchases from them. Has anyone purchased and implemented the lease from them? It seems much more simplistic than the leases I'm grown accustomed to using.

Put everything in your LLC's name. Also, when signing contracts, etc I was instructed by my attorney to sign by writing: My Name for My Company LLC

Thanks for the great information everyone!

@Mark Ferguson You've eluded to what HUD considers when considering an offer on a property. Can you describe the process in more detail?

Are they only willing to say...take a 5% lower offer within the first 30 days and then expand their willingness from there?

Are their ways to convey to the HUD listing agent your concerns etc to help them understand low offers??

I appreciate your expert advice!

Thanks for the responses. Im going to followup with the listing agent.

Thanks for your response Mark. Do you have any suggestions on how to convey the current status of the property to HUD and justify the offer price? I believe since the place was valued BY HUD the roof has had several significant leaks and there is heavy black mold throughout the house. I had to hold my breath to inspect what I could in a few minutes. Realtor wouldn't even go in.

My realtor, who has tons of HUD, foreclosure, distressed property experience, has told me several times that HUD tracks your offers on various properties. They review how close/competitive your bid are to the HUD asking price. They take this in to consideration when reviewing your offer

For instance, there's a HUD property I'm interested in that is being sold for 17k . The property is in bad shape and would require a total Gut rehab for about 25k. ARV in the area is about 40-50k. I would like to put an offer in for 8k, but he claims it would count negatively against me. Is any of what he's saying true?

I'm considering expanding my property portfolio into the section 8 realm. Now, we've all heard the horror stories of tenants trashing the property/units, late payments/no payments, etc. However, before I jump off the deep end, I'm considering ways to make the properties more durable and able to withstand wear and tear.

• For instance, instead of using carpet, refinish & stain the wood floors. Or, install the floating vinyl planks.
• If exterior stairs are needed, construct them so there is no room to loiter or store personal belongings outside.
• Install a/c condenser units on the roof, if possible.
• Verify that all utilities are metered separately.
• Install one-piece shower tub units so there are no grout/corners to clean and/or caulk.
• Install shower/tub drain strainers to decrease clogged plumbing.
• Working with neighboring landlords & residents to improve community, etc.

I remember reading a forum about no clog toilet...or the internals that couls be purchased at a big box store.

Now I know there are many knowledgeable property owners on BP. I would love to hear your creative ideas!

Fix the A/C. I like it really cold in my place. I usually have the A/C set to sub 65 degrees.

I if I were the tenant and you bought me an window unit I would be pissed. I would probably not pay you full rent and be looking for a new place instantly.

How does one hold a meeting with only one member, -ie votes, seconds?? That's my biggest question?

SAMPLE MINUTES OF THE ANNUAL MEMBERS

MEETING OF [ #1 - NAME OF LLC - ], LLC

The Annual Meeting of the Members of [ #2 - NAME OF LLC - ], LLC, was held on [ #3 - DATE - ], pursuant to a written waiver of notice signed by all members. The following members were present at the meeting: [ #4 - NAME OF MEMBERS AT MEETING - ]

[ #5 - NAME - ] was appointed Secretary for recording minutes of the meeting.

The Secretary presented an overview of significant business events for the past year.

The Manager (Member) in charge of finances provided a summary of the financial status of the LLC for the last full year of business prior to the meeting.

The next order of business was a discussion of management of the LLC. It was determined that the LLC would continue with the same managers as the previous year which include: [ #6 - NAME OF MANAGERS - ]The above named persons were approved as managers of the LLC by unanimous vote of all the members.

The next order of business was [ #7 - DESCRIBE NATURE OF BUSINESS - ] Upon motion duly made, seconded and unanimously passed, it was voted that [ #8 - DESCRIBE NATURE OF BUSINESS AGREED TO RESOLUTION ADOPTED - ] .

There being no further business, upon motion duly made and seconded, the meeting was adjourned.

Date: _______________ ___________________________________

Secretary

A close friend of mine in the banking industry has pointed out that I should open a line of credit using a recent appraisal of a property I had refinanced demonstrating considerable equity. He's stated I would be able to attain about a $40k line of credit using the properties' equity. He's stated to me that the line of credit is similar to a credit card, but I'm able to write checks for whatever I want.

I have no experience with using a line of credit, but would welcome others experiences and opinions.