All Forum Posts by: Mark Poshak

Current renters are going through a rough patch. It's two adult sons living with older mom. Mom just had another surgery on her ankle so she is limited. Both sons work (they both had decent jobs, came with great recommendations and lived in their last place for 9 years so we have not had concerns until now). Now son #1 has been in the hospital for ulcers and got fired from his job because of it. They are claiming they have no money for rent. They have yet to pay May. They called crying the other day due to the stress and were asking to allow them to at least stay until end of June.

I want to give them a bit of grace knowing that these two situations are legitimate (and they've been good at rent in the past), but I can't afford to keep them in there in anticipation that this does not get any better (medical bills won't just go away). 

Thoughts on how to proceed? Their contract is up in October 2019 so this would be a break of contract. I don't think they will have any money for May or June. I could use their deposit for rent and require them to cover the difference (around $400). 

I don't want to grant them an "if" clause (out at end of June unless you get a job and can pay rent) because I don't want them to scrape together enough money for June only to not have it again in July, and I want to start showing it so I have someone ready. But I don't want to kick them out at the end of May either.

Thoughts?

Thanks.

Thanks for the advice. I’m only looking for incremental steps from where I’m at now. Something in the 2-4 or 4-8 unit range.

I’m in north Denver and am considering leveraging smaller properties for larger, multi-family properties. Having a hard time locating any. Do you all work with commercial agents? Or are they just had to find? Thanks Mark

Cary Plotkin Thanks for the reply. Can't seem to get the messaging portion of this app to work. Not sure what's up but maybe you can message me? Would be great to pick your brain on some resources if you're up for it - probably after the holidays.

Hi @Cary P.. This thread was from awhile ago so I'm just checking in to see what you ended up doing. Did you find a good property manager? Did you streamline anything? I'm in Broomfield and am slowly looking into a property manager down the road, but with my tail between my legs. Any insight on good companies you've worked with (or ones to avoid) would be very helpful.

Thanks

Thanks, Travis Sperr . I will give them a call - much appreciated.

Looking for a referral for a tax attorney or CPA in Denver (preferably North Denver) who specializes in real estate. Need advice on partnerships and tax implications of using private lending money, LLCs, etc. Anyone have a good contact? Thanks.

@Dion DePaoli Thanks for the details. This is what I was looking for - Tenant in Common. We have all sorts of scenarios that could play out, but most likely he will front all cash for the property and I will provide sweat equity and maybe repair costs. So this will work well. Thanks. 

Bryan Otteson (messed up your tag in my previous post)

Thanks, @Jeremy Tillotson, @brianotteson, and @diondepaoli

This is all really helpful. One avenue were trying to accomplish is cash foreclosure through county auctions. If I do all the work and he fronts the cash, how we set up the agreement/LLC, etc is crucial before we get into one. Does his LLC buy the property and then pay my LLC when we sell? Just trying to think through it since cash auctions go quick and you can't set up LLCs for each property.

This has helped a lot, much appreciated.