All Forum Posts by: Nicolas Franckenfeld

Great responses folks. Thanks. A few things: I'm not in Alaska but I'd like to use someplace far away in my DBA just to throw those idiots off. No. I misspoke about them using every legal means. These people have no resources and they are not THAT savvy. Let's just say they like to cause trouble if they feel 'disrespected' , as in they are late on their rent. They'll call the county officials or the DEQ.and lie basically They just want to cause trouble.Of course this is all according to the seller and the managers Yes. I sent an email to my lawyer last week on this topic. I just wanted input from the great BP crowd in the interim. Thanks again

I, like most of owners with more than a handful of leases, tend to put some sort of separation between the tenants and me.  With most properties, this separation, usually via a management company,  is desired to prevent the all hours calls,  the ability to play good-cop, bad-cop, etc.

I currently do the same thing although about 1/2 of my tenants know I am the real owner.   That is all fine with me.

HOWEVER,

I am acquiring a multi-unit property whereby the tenants are pretty much the worst of the worst.  It is a big cash-flow property today but it can be a gold-mine if I can slowly turn the place around to a better cast of characters.  We're talking a 1.1 to 1 Pit-Bull to lease rate, strong evidence of drug dealings, history of scuffles between residents, threats to the managers, the whole thing.  And these people also try to pursue every legal angle they can to keep the ownership tied up.   (yes I have a lot of liability insurance, yes I know the risks, yes, yes.........)

I have a manager(s) and want to be as passive as I can be in the property.  I see my face-to-face role limited to being the 'company man' who works for the bigger company who owns the place.

How can I hide my name and protect me and my family from anything these goofballs might decide to do? I already have the property in its own LLC. I paid for a registered agent so my name is not the contact for the LLC.

My desire is just to make up a name for the property.  Say, 'XYZ Apartments, a Division of ABC Properties of Alaska'.    Can I do that?  Have essentially a fake name on the letterhead and leases?  (of course the local phone number and address would all be correct). 

And as far as my LLC, should I instead register it in another state and make it a foreign LLC in my own state?

Again, I simply want to keep the true ownership of this place hidden from the tenants.  Any ideas?

@Robert Laird  Wow.  I just returned from the Portland area where I was looking for a vacation home/income property off and on for the past 13 days, and I spent a lot of time riding around in Ladd's Edition.  YOU ARE ONE FORTUNATE PERSON.  What a great location! 

And @Robert Laird and @Jay Heinrichs, do you have any wholesalers or realtors that knows investment properties in Portland that I can work with?  

I live and invest in the south-central Midwest so I know comparatively zero about the Portland area and the realtor I worked with last few weeks didn't understand REI.

I use propertyware but I only have about 45 accounts. Works best for me

If total income and financial peace of mind are critical. Then the only point at which you should quit your w-2 job is if you are reasonably sure that you can increase your yearly return by 150+% of your gross salary with the extra hours gained by quitting. In 99.999+% of cases, that is not possible.

Maybe live in south Tulsa and just be sure you are in Union or jenks SD. What dollar range are you looking for.?

Just a couple things to think about....

The house has been there for nearly 100 years.  It isn't going anywhere, especially since it is not on a slab.

The earthquakes could have definitely cracked the plaster.

We are transitioning from porcelain tile to finished concrete.  We've done one property with grinding, water based stain and seal.  We've done another with grinding and just seal with an epoxy border.

So far, they have been instant rentals.

Next we will try the polished concrete.  More expensive but will give it a go as we narrow in on the most cost-effective.

We're going to concrete where possible.

Just tired of tenants brining in unauthorized pets, etc.

Many renters are instantly sold on it for its clean appearance. 

Well, the 'scary' part was more in reference to the condition of their homesteads.  Although I am sure there are some unsavory folks in that park.

The only known negative at this point is just that....these homes (most of them) are in a horrible state of disrepair.   How much should that play in to any potential offer?  Again, the park doesn't own any of them yet there are definite downsides to them being in that state.

Do folks regularly simply walk away from a mobile that they own when it reaches such a condition?