All Forum Posts by: George Red

I have a primary residence in CA and 5 investment properties OOS and I have insurance (and an umbrella policy on properties under my name directly) on all property. I'm wanting to connect with an asset protection specialist to ensure that I have legal entities etc. setup correctly and I'm covering all my bases. My question is, as a resident of CA does it make a difference if I'm using an attorney/asset protection specialist in my home state or in the state where I own rentals?

Not sure if it makes a difference, looking for first hand thoughts here. Thanks in advance.

I echo what @Jon K. said... if you're still interested after doing some additional due diligence, try starting with 1-3 as opposed to jumping into 10. You may not like the space so it may be better to put your foot in the water first. Also, as you're meeting this person through IG I would be sure to have all legal precautions and real estate attorney in place for transactions as you don't know this person from a hill of beans. Can they provide examples of clients they've worked with before, how do you know they're legit... all the things.

- G

@Eric Gerakos this may be a silly question, but how do you deny partial payment... the tenant has been paying by Venmo/Cashapp (which may be a problem in itself) or are you just saying in terms of setting expectations with the tenant.

Per the original issue, circling back to confirm that I connected with a lawyer I've used before and they suggested to just issue a standard termination of month to month tenancy which requires 30 days. So if everything goes well tenant should be out by end of June (fingers crossed) and if she stays afterwards then proceed with eviction. If she does not pay moving forward I will have the option to file an eviction based on non payment which I may run concurrently during the process of the 30 day notice. Ohhhhh the fun part of land lording.

I have an inherited tenant that I was putting up with because although her rent was always late... she did pay and I wanted to avoid the turn cost and headache of getting her out. Short story is that after a "reset" about paying on time last month it's 5/19 and I have half the rent and just had to send a plumber out to address a tenant caused water issue and I'm done at this point. I do not think she will go quietly and I'm trying to gameplan out process and wanted insight from other investors... when you're about to send someone notice to vacate and don't think it will be a clean process... do you also start the formal eviction process at the same time as you send the 30 day notice to vacate if they're behind on rent?

My assumption is that she'll say 30 days is not enough time to find a new place (if she can't promptly pay her under market rent, how will she come up with first and security deposit elsewhere), will not finish paying her May rent and won't pay June either so trying to see if it's best practice to have that eviction filing in process as an incentive for the tenant to move along quickly.

As a note to others in a similar situation, what I've read here in the forums that I didn't adhere to was "stick to the lease" and if someone is a consistent problem, they're not going to turn on a dime and get better, you have to protect your investment and part ways when things aren't working.

Any insight appreciated.

I believe the OP said earlier in the thread that the neighbor has another STR on his other side too… maybe he's had trouble with guests and a rotating cast of strangers beside him daily and he wants to ensure the misery is more evenly distributed… I would hate to have a STR on both sides of my house. Not a great way for him to handle it but just saying…

I’m actually facing something similar and justifying it because she pays monthly (albeit late) and I’m figuring that’s at least money coming in as opposed to the outflow of a unit turn and vacancy. 

In trying to be “understanding” I’ve been enabling her and not enforcing late fees to boot… sent a “reset” for May and enforcing lease but it is a c class area so as an earlier poster said… May not be isolated to class of tenant but of multiple units this is the only tenant where this is an issue. I just don’t want to eat the unit turn costs.

Yeah @Caleb Brown I've been looking at my next purchase either being west of Troost or just north of Rockhurst but west of Paseo... thinking about 1031'ing my SFR on 75th as it has gone up a bit since purchase. There is such a pricing distance just west of Troost vs East of Troost.

Hey all, remote investor here that has some property in 64132 and it looks like (online listings anyway) that there is a decent amount of flip activity happening between 75th and 85th between Troost and Prospect in south KC. Any veracity to that... looking to people in town with greater visibility than I do from OOS. I own a SFR on 75th and multi family just north of there in the Arleta rentals... trying to see if people are seeing an upswing in that area and long term prognosis is moving in the right direction.

Any insight appreciated!

@Brock Mogensen and @Brett Deas the part that is fuzzy to me is... when do you need to register with the SEC and what rules determine that. I have looked online but it seems kinda fuzzy and the idea seems great but my understanding is that doing a syndication requires a lot of capital to meet the proper SEC requirements. Some seem to opt for Joint Ventures as opposed to syndication but I have not been able to find "the line" legally in a way that makes complete sense about when to go through SEC and when that is not necessary. Your thoughts...