All Forum Posts by: Levi T.

We use PayNearMe as well, works great for all types of tenants. Give them the pay slip and call it a day!

Do the legwork yourself to hunt them down with a skip tracer, summons to court, and go round and round in this process.. or kick it to a collection company for a percent of the amount collected, Hunter Warfield does this, we use them:

https://www.hunterwarfield.com/

It can take years for them to get the money. IMO some money is worth more than none. If you don’t want to do the skip trace and court route, or the collections route, just walk away..

@Brad Cornell There is no workaround to the SEC laws, they have locked that down six ways from Sunday, as many people before us figured a way to game the system at one time. 

They have what I call the “mom and dad” rule, whatever they say is what it is on any given day. Don’t matter how many ways you slice it up, or how many beers you kick back with someone, the law still applies, they can step through whatever scheme you setup, just on your intent. 

Unless the investors are putting in work themselves, you need to register/file your offering.... that said, I’ve seen more people breaking this rule than I can recall, including attorneys. There all doing small deals with family, friends, and local business owners and just taking the risk. Nothing mass scale, and I am not saying you should break the law, because you can get in real trouble, but people only start syndicating when they get over the legal cost, which can get very expensive.

Population growth, look where people are moving. If people are pouring into an area, everything else follows. Remember to keep it simple.

@Kei Nakahara It’s about time. If your rental could net you $3,600 per year, or you could get 10 years ($36,000) of net income today, while still nettting a thousand or so per year after servicing the new loan, it’s a huge win. It let’s you rapidly expand your wealth in a shorter amount of time while still gaining some profits. 

You move that capital forward into a new investment that recoups the same, or better, amount of capital that you earned before the refi. Thus you gained $36,000 in refi cash, and $4,800 a year of income with two properties, vs just $3,600 a year with one and no refi cash. Do that 10 more times, and you have moved $360,000 in refi cash, and are now earning $13,600 per year, plus own 10 properties worth more than a million time paid off. 

You can become extremely rich very quickly if your good at it.

We have put plenty in our units in DC like this.. sometimes they show up and want out of the lease after moving in for a few weeks. Kinda getting a foothold type thing and they they can just roll out when they want, or did not vet the unit that well online thinking it was bigger, or better part of town. Up the deposit and move on to the next.

Nice buy @Ivan Barratt, congrats. Love it when you can just do simple management improvements for a win. Keep it up! I’d love to connect.

High-five syndications! 😆

Well, I'm around the 100 units range. I would never file a claim for any of those. Most of that is just standard landlord life repairs.. HVAC units need replacing all the time... toilets and pipes be a braking, all the time. Thus stuff gets water damages, and you just going to have to fix it out of pocket, and move on. It's just cheaper that away. You get your tenants to carry tenant liability insurance, covers busted pipes, flooding, etc... It's on them.

@Russell Gronsky you got it correct, only thing that really don't matter on the parent LLC is the location. You can keep it in state or wherever, moving it across state lines don't slow anyone down much if they have already ramped up a lawsuit.

Corporate veil would likely provide better protection versus a state line.

It also gets into the follow the chain, If they can pierce the corporate veil on the Sub LLC, they can pierce it on the Parent. So it really does not matter if you are personally the owner on the Sub LLC in your home state, and you also on the other LLC in the other state, versus one parent LLC owning the sub. If they can pierce the sub, that most likely means some type of fraud or legal mischief , which means they can pierce the parent.