All Forum Posts by: William Morrison

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Don't talk to an attorney that produces LLCs about how protected your are, talk to one that takes non frivolous cases and see how little protection you have.
Did you do any maintenance?
Did you do any repairs?
Are they suing you or your property?
Is your mortgage due on sale?  What will they do when include in the suit?
Is it a Single Member LLC and what is your states track record for that?

@James Slocum As @Roy N. said above, at this point I'd be working to rent to someone else and follow up on this side separately.
Maybe a reply that you expect the son to play the costs of replacing them with a new tenant and any month without rent.  Include the credit file option if it's available to you and offer not to use it if your able to find another tenant without cost to you.  You may never get it but worth the cost of an email. <Grin>  Negotiation is always better than a long fight.
If you can get a tenant, then it's how much is your time worth.  Good luck.
Nice note Roy.

Did the dad co-sign?
If not he can't cancel for his son if as you said he's of legal age.
You don't have a contract with him.

Two good reads on IRAs and Solo 401ks with examples and differences are:
Leverage Your IRA
by Matthew M. Allen
Best price is on the NASB site.
and
Live Tax Free Forever (through Your Solo 401k)
by Michael J. McDermott
It is like a lot of real estate and financial books that really have an important message but limited scope. So some fluff to justify a book, but worth it.
I used Sense Financial to setup my Solo 401k and have been very happy with it and the follow on support and help.

@Ned Carey you're right.  Those were the quotes we received.  We paid $330.00 and it is in Montgomery County.  The Certified contractor deal limits the competition a little, like the asbestos certifications in the 70's and 80's (yes I'm old).  From what I read a multi family is $30 per year for each rental, mine is a SF.
@Beth L. Thanks Beth, we were about the same size, a little bigger.   We had replaced the windows a few years ago and the wood had to be tested then too.  It was lead free.
We haven't checked on what it takes for a lead free certification but probably should have.

Well you did give me a laugh.  Thanks

This year we have to register every rental built before 1978 and pay an annual $30 fee in Maryland.  Unless you go through the lead free process.   Then it's $10 and your done.  But it can be expensive if not renovating anyway.
Then there is an inspection by a certified lead inspector between tenants which can run between $300 to $1,000 from the pricing we just did.

Don't leave us hanging.  Dig you fix it?

@Brandon Hall, I appreciate your views. So I hope my comments and questions show that in the tone. <Grin>
I’m not much into turning a vacation into a business trip which may be an underlying part of some of the questions but not in this case.
Now that said, I can easily see a three city trip looking at Turn Key properties in Houston or San Antonio, Memphis and Indianapolis with the parent company in California. This with the expectation of buying one or more properties, but all in only one of those cities.
Aren’t those trips all tied to the eventual purchase even though different states and regions? Take any entity issues out of the discussion.  I'm talking an individual buying in their name.
Buying in one of those cities rather than one property in each only adds one out of state tax filing, not three.  The eventual PM is national.