All Forum Posts by: Levi T.

i should add, you can hit them with the 30 day notice, then a pay or quit notice, and a whatever else notice of termination. As long as they are certified and you follow the law, you can take them to court for each one, or use them as backups if one fails.

We did this with one bad tenant we got with a bunch of units we bought. We hit them with a 5 day pay or quit and hit them with another notice of 30 day termination. Got to court, they managed to extend the hearing for the money owed for the 5 day pay or quit due to some personal issues they outlined, but 30 days had already passed, so the other notice ended their plans right then and there, we took immediate possession 

 In Va. 30 days is a full 30 day term, that means they get this month, and all of next month, next month is the full term month as your splitting a month. Make sure you send one certified, and if they fail to leave at the end of next month, then do the court thing as outlined before.

 This is Virginia it's landlord friendly, he's playing games... just ignore him and follow the process of law. Mail him a certified notice to pay or quit within 5 days, don't accept anything less than the full amount, or don't accept it at all.

After 5 days go down to general district court and ask the clerk to help you file a unlawful detainer, you will get a court date in a few weeks to a month.

Show up to court with the certified receipt and a copy of the notice, as well as a tenant ledger. Present it to the judge when asked, and also explain to him that the tenant has been making threats to do bodily harm, and you want  immediate possession. He will likely give it to you, if not you have to wait 72hr then file a Writ with the clerk, she has the form. The police will come yank them out of there by force and that'll a be the end of it, most likely they will move out before the court date or before the police arrive.

Ps don't go to court and admit to anything, like the mice or whatever. Law is blind, so he can make all the claims he wants, it still up to him to lay the foundation of proof, and if he does you can show proof that you hired someone to resolve the issue. I've watched so many people ramble to a judge just rebuttling tenants complaints, thus they are admitting or confirming the tenants claims. All they had to do was keep their mouth shut, unless the judge asked them about it.

Not legal advice, typed up on my iPhone, and good luck!

It's normal... when you hired them you likely signed something agreeing to some type of incremental billing. That's why some attornies will spend more time on a simple topic, or look at other issues for you, because their firm will bill you for 30 minutes if you use it all or not.

If that gets your goat, one of the law firms I use is rated as #3 in the state, they have an attorney for anything you can think up, and they love to pull in experts... A simple question can turn into 3 attornies reading a email and billing you.

There has only been one billing made me pickup the phone and rip a attorney a new one. It was when I dropped by a office just to say high to an attorney we've done a lot of work with, after 10 years I had got to know them personally. We talked about their life, vacation, their recent wedding. Right before the end of the 2hr chat, the attorney asked me how business had been doing, I rambled off the standard ups and downs of landlord bs, and they tossed out some lame legal advice that had zero value to me. It was like your parents telling you to save for retirment after you just finished telling them how you spent all your money type of advice... guess what, I got a legal bill the following month. Never used that firm again!

Not really a bubble, just an end to era. My son told me the other day he wanted to be a programmer, I told him it was a dead end job, and I was not joking.

There was a time that tech was the wild west of making money by coding, now it's the factory job of today. It's no longer about how much money you have to toss at something, it's about process, timelines, and delivery cost. It's about repos, packages, and dumbing down the process of software development so the masses can write software easily, thus we deliver product for less.

Companies are now racing to zero in cost, moving headquarters, lowering pay as the bar gets lower. We've been doing it for years to offset the salary cost, longer and longer hours, more perks at work to keep people around the officer longer working... When the unions come, you know we are hitting bottom as a industry, but by then we will be old and retired. 

It will be the next generation that will sit at a desk and assemble the next app with point and click using the remanence of code structors and ideas we developed decades before.

There will not be a sudden drop in the industry, just a slow move from upwards growth to  declining. Real estate owners will take small write-offs over time as they move away in search of better pay or life balance. I think we are still on the front side of that hill, but it is clearly reaching a point that we are topping it, but I would not lose any sleep over it, it's a multi generational thing.

Holycow you've got yourself into a mess. You really should consult a attorney.

Generally speaking, not legal advice, your manage fee is just that, a fee, it would fall under income, which is normally taken out before funds are paid to the owners if you where running a PM business, but that's hardly what I'd be conserned about.

You mentioned that the investors thought they owed the properties, but really you own them in your LLC.

This is classic fraud as defined by the SEC, and why you need an attorney. The investors could clean your clock faster than it took you to write that post, simply by filing a complaint with th SEC.

I would have personally housed the properties correctly, with the 4 other properties in a entity of the investors choosing, that they own. 

I would then put the properties I owned in my own entity.

That cleans everything up so it where you have described it should be. The investors own the properties they think they own, and your under contract for 1 year to manage their properties.

Looks cool. Tiny house village. Keep us posted on how that works out. Whats the projected monthly gross rents?

Volume is always king.. Why not skip the auctions and give direct mail a try. You remove all the bidding wars and what not that come with a auction block.

The math geeks won't like his process. He may not become Bill Gates, and make some great rate of return some on here are looking for, but end of day he is happy doing what he does, and his bills are paid. Simple is as simple does. Live a life you love, or you will die before you get to enjoy it!

Rolled through Brecken just a handful of weeks ago. I agree with @Shelby Pracht.

I'v seen resort condos markets go south a time or two.. condos can roll down by tens of thousands in value sometimes, it's a very thin market. Most owners are never doing as good as most think they do by owning one.

Maybe if you can find distressed owners, and buy them 40-60% below market value, then improve things for a fast flip, you could have something. 

Remodeling then units is more about eye candy, just because it appraised for more does not mean it will sell for more, just means it sells quicker than the others.

Good luck!