All Forum Posts by: Jerry W.

@Andrew Benefield, Welcome to BP. Sorry to see you in this bad spot. Hang in there, there were hundreds of thousands of folks like you 5-10 years ago who were upside down in their primary home mortgages. I have very little advice, but perhaps you could advertise on Zillow and other internet sites for someone to buy your home just for what is left on the mortgage. If you got it for zero down on a VA loan that might not be possible. One serious problem with VA loans and no money down is that you have no margin when things go bad. Either way good luck. This is just a thing and you will survive it. Be grateful you don't have cancer or a child sick in the hospital. This will pass.

@Jeff F., good to hear from you again.  Good luck on the refi, especially if your last apartment is not finished and rented.  Hopefully the property manager did not invoke a pay till the end of the contract clause on you when you fired them.  If so call me and we can brainstorm on it.  I am glad things are going so well.  I would like to hear in more detail how you did your online advertising.  I am used to using Facebook groups to rent, like local Buy Sale Trade groups etc.

@Jeff F., good to hear from you again.  Good luck on the refi, especially if your last apartment is not finished and rented.  Hopefully the property manager did not invoke a pay till the end of the contract clause on you when you fired them.  If so call me and we can brainstorm on it.  I am glad things are going so well.  I would like to hear in more detail how you did your online advertising.  I am used to using Facebook groups to rent, like local Buy Sale Trade groups etc. but have never used Calendly.  I have used Zillow, but have only rented from it 2 times and had dozens of scam/scum type responses.  Anyway good job and hang in there.

Hey @Peter Fennig, good to see you active.  How is the shift from government employment to self employment?  I hope things are well for you.  Thanks for the help when I was looking to buy in Ft. Wayne.  As to your current problem, I don't know the banks there, but was wondering if you might be able to get a small loan on the house based upon it's current value, not what it will be worth after the rehab?  Not sure if the condition is so bad they wouldn't lend on it now?  If it is worth $20k now will they loan you $15k to get going on it?  That won't get you finished, but might get the value up to $40K so you can borrow up to $25K total?  Just some thoughts.  Send me a private message if you want to chat about it.

Wyoming also has a series LLC now.

@Patricia Smith, just to clarify a few things. First land and liability laws can vary greatly from state to state, and I am in a different state than anyone posting here. That being said a lot of critical information is being glossed over. First forming a trust will not stop a lawsuit. There is no legal special protection for trusts saying they cannot be sued. That in my opinion, is misleading. Next it is very important that you understand the difference between professionally managed and self managed. Liability is usually based on a simple formula, duty, breach, causation, and damages. All must be present to win except in some areas of special legislation bypassing some of these portions. If you personally manage a property and personally do a negligent act that is a breach of your duty as a manager or owner you will be personally liable, even if you have a dozen LLCs, ie you drive the company car drunk or run a stop sign and kill someone prepare to be sued and be held personally liable. Next, if you have no "hands on" dealing, a property management company does all of the management and all of the maintenance etc. what does it matter if you just have a single LLC as your entire liability protection? that will not be able to be pierced if done properly. The liability comes where you did a liable act or failed to an act when you should have. If you have separate entities you are less likely to have possible liability spill across to other properties, but you have tons of more cost in time and paperwork in establishing more entities. Every separate entity needs it's own accounting and bank account etc., otherwise it is not separate. They say put a mortgage in place for the value of the property. Who holds that mortgage? You can follow the money from that mortgage. Someone has to pocket the proceeds from that check and you can follow that trail. If it is a bogus mortgage intended only to protect that property it is a basis to disregard that entity and pierce the corporate veil. If you want that money to go into your pocket to take a trip to Europe, they can follow that money to you. There is a cost for every peel of protection you get. There is protection from some of the things they tout, but I believe it is not necessary for the vast majority of investors.

If you look at the truly big movers and shakers on this site, Brian Burke, the DeRosa group, etc. you will find none of them use this kind of a structure.  it is too cumbersome, too expensive and not well suited to being in charge of your own money.  The type of property you buy is also important, as well as the cost.  these programs should be tailored to the individual, not one size fits all.  If there was truly an absolute sure way to never be sued or never lose a property don't you think everyone would use it?  Don't you think there would be thousands of law firms selling it?  This "I have the secret  sauce no one else has" form of marketing is very offensive to me.  If you invest from overseas and do not personally handle the management of the property, I don't see how you need the complex system being sold here.

Just my two cents.

@Ashley Hodge, some of the posts above are well intentioned, but really don't apply in WY.  If the lease is month to month you need to give a months warning to raise rent or give notice to move.  Wyoming id very landlord friendly, a notice to quit only requires 72 hours notice and a forcible entry and detainer must he heard not sooner than 3 nor more than 12 days from service.  The 30 day living on premises has no significance in WY.

@Ben Leybovich, good to see you get off of preaching from the pulpit and back into the field to work.  I had not seen many posts from you lately. I understand why Sam left his job to do this.  I am barely over 30 units and it is getting harder to balance the day job versus the real estate.  I even have my 12 unit under management.  Anyway good to hear about your deal and share in the euphoria a little even though it is from a distance.  Enjoy the ride my friend.

@Ben Leybovich, I have had the best luck with Sears for new appliances.  I get about 4 notices a year for special sales, but I only buy about 8 to 12 a year.  I have shoped home depot, Menards, and a few other department stores, but have consistently bought appliances for about $40 to $120 cheaper from Sears.

@Ashley Hodge, the terms of the lease work the same for both parties unless you specify otherwise.  Month to month means either can terminate with one months notice.  The same is true for raising rent.  You do need to be aware of any special laws that the town may have passed.  Very few towns have enacted Landlord laws in WY.  The notable major exception I am aware of is Laramie due the need because of some very unscrupulous landlords.  As to state law it is hard to imagine a more landlord friendly state than WY.  Evictions are often completed in less than 2 weeks.  I have had some take less than 1 week.

@Robert White Sweetwater County has been a series of booms and crashes.  You might find some owner financing there.  You might also find some subject to.  You have to be careful they are good deals though, it is not uncommon for folks to be upside down on them.