All Forum Posts by: Jason Thomas

@Garret McIntyre, is your question around the actual loan or the section 8 housing and tenants? I have experience in FL with Sec 8 tenants. Reach out if you'd like

A co-worker just asked for help regarding the fact that he never received a lease for either units of his duplex after closing. Aside from the fact that his lawyer or RE agent should have been on top of that, is there any advice to the new owner to get his hands on a lease? Can he start the eviction process or create a new lease for the existing tenants if they do not have anything currently in writing?

Great, thanks all for the feedback!

Looking for any insight or info into Opportunity Zones. I am about to close on a property that is in an opportunity zone, but not sure if there are any immediate benefits. From what I've read, it sounds like if you have capital gains from selling a property, you can defer those gains if you purchase a property that falls in an opportunity zone, but isn't that similar to a 1031 exchange? Is there any tax benefit for just buying a property in an opportunity zone? Thanks

I'd like to understand the mechanics behind a deal where the partners are silent partners but have equity. Sounds like syndication?

@Charles Soper, thanks, any links or referrals to syndication for a newbie?

I have numerous contacts who have interest in investing in real estate if I can find the right deal/return. My question is, what is the best way to structure the deal once I find an apartment complex worth pursuing? Let's say the property is 1M, and I have 10 investors each putting in 100K. Do I create and LLC with everyone as a an equal member, etc.? What do I need to have in place before I make this move? Any feedback would be great!

My opinion on condo's is definitely pay attention to the assoc fees. They can really eat into your profits and many times those fees don't really cover anything useful. In addition, remember that when you have a condo vacant for one or two months, that assoc fee is still due whether you like it or not as opposed to a SFH that does not have an assoc fee, you just need to maintain the lawn but utilities will be off. Just some feedback from my own experience.

I have a small 5 unit apartment complex where the trash bin from waste management is now overflowing for every pickup costing me 3x the normal cost because of overages. We purchased the property about 4 months ago and didn't have any issues until now. Assuming the trash was coming from a nearby apartment complex, we put a lock and gave the combo to only our 5 tenants. Within 1 week, the lock was missing and trash was overflowing again. We put another lock and the same thing happened. Any advice on how to resolve this issue? This is eating into profits significantly due to the extremely high charges from WM at pickup.

Looking for recommended CPA's who specialize in rental property in the FL area. Any help would be great. Thanks

I am trying to determine the best way to determine how many properties should belong in a single LLC? What is the proper criteria to create a second LLC? I have less than 10 properties now but plan to grow every year in the same state. I heard it is also smart to add a second person you trust to the LLC and give them 1% so legally if you get sued it would be much harder as it belongs to multiple parties. Another issues is filing taxes for each LLC that you create could be another burden. I plan to chat with an RE attorney but any help would be great in the meantime, thanks!