All Forum Posts by: Jonathan R McLaughlin

People do what they have to do to survive and help their kids, and it is pretty hard to stay stable at the lower end of the economic spectrum, so I’m not sure I would use unethical here, but it puts you in a tough position. 

If it is important to you that all residents be on the lease you have to act accordingly. I do not know YOUR obligations under the program.

Leaving that aside: does  having him there makes things more stable or less?  Her being the sole lease holder might very well be tactically useful in the event of any dispute or change in relationship, more so perhaps than following a legalistic template which will have its own challenges given the kids.

@Daniel Zamora

“Words ended”

(In the voice of Inyego Montoya from the princess bride)

“Do you know what those words mean? I do not think they mean what you think they mean”

@Jerryll Noorden probably one of the most helpful posts I've read. Thanks. I used do resume and career coaching and I'm struck by the similarity of the mistakes and best practices you point out. Much is different, but nothing is new!

actually, NOT having a voice is her 5th amendment right. She probably should have excercised it.

@Russell Brazil you got me thinkig so I looked it up...85% of people over 65 years old use email (Pew Research Center).

No stats on how many bouncebacks though :)

larger deductible, more exclusions.

This probably isn't the area for "radical" ideas though. And if you have financed the property the bank will insist on a certain minimum of coverage.

one thing I would investigate VERY carefully is the potential to buy the building(s) your restaurant(s) are in. Worked with several friends who transformed their businesses due to the advantages presented by owning their operating space, often in ways they hadn't focused on. SBA loans can be really useful here too.

@Kwab Mireku congrats on the duplex. My spidey sense is tingling here with the complaining tenant. They have actually been to court over this?? That is an extreme reaction and I'm curious what caused it. To me that is an indication something is seriously off with their thinking, with the relationship with the other tenant, what have you Have you been inside their unit lately? Checked in with the police about any previous history at the property? Done some social media investigation on both? Forewarned is forearmed...

Agree with the other posts not to get involved in this dispute, the above is for your peace of mind. Politely state the tenants are within their rights to do this under X conditions and terms, probably do it in writing. 

@Jonah Hartsburg good post and I would add to this...make it short. The more you explain your motivation or thinking in the actual message the more you risk inadvertently offending. Just the fact's ma'am, no "I feel your pain" or "I'm sorry but." or "expenses have increased".

When making a big raise to people we want to keep (inherited, repositioning what have you) we have tried to matter of factly let them know in advance of our plans and use the magic phrase "nothing will change without notice". 

We have also used language like: 

"As you have been an excellent tenant, we are pleased to offer you a lease renewal at *****. Please see the attached housing survey and area comps for a look at the current market. Should you choose not to renew, please notify us by XXXXX.

Note the emphasis on language suggesting they have a choice. Its a little thing but I think it helps.

@Aidan Holroyd MA maritme is an amazing path in and of itself, and gold for a young real estate investor. Concentrate on the 40 year plan not the 4 year one. 

You would be in an ideal situation to house hack with long and lucrative tours, and would almost certainly qualify for the most flexible standards as far as primary, relocation, etc. 

Logistics might be a bit of a challenge early, but nothing you couldn't handle with email and partners/vendors/like minded friends who are alternating schedules. Heck even an honest and competent real estate broker could work. 

If you want to start early, consider asking parents for investment if thats feasible for them/you. Present them with a plan, not a desire. Imagine buying a duplex with an additional in-law, perfectly legal to rent out both units with you as a roomate in one with primary use of the in-law. Build equity while still young. 

Seriously, the maritme ticket route is an enourmous advantage