All Forum Posts by: Matt Batson

Hello, kind of a newbie on here...

We have just landed our third rental, and now have three tenants (two in a duplex and one SFR).

We are looking to make rent collection easier and were planning on doing the following...

Open a savings account, in the name of our LLC, at the local bank here is western NC.

Give each of our tenants "deposit only access" to the savings account. 

When they deposit the monthly rent, we will see it online and then withdraw it to pay mortgage, etc.

What are your thoughts on such a plan?

We figure it will be easy to identify each tenant's deposit via an identification number or even just by the name on the deposit slip...which I assume we will be able to see online...

We have checked with the bank and so far they see no problem with this, although the manager lady had never heard of such an arrangement.  There would be no fee's, no software to purchase, etc.

alrighty, good news!

my lawyer called their lawyer and explained how we had already signed the paperwork on this issue and that it should have been a done deal, and the other lawyer agreed and said that we just needed to do some paperwork and that they would drop it.

so 300 bucks to my lawyer and it is all done.

just thought I'd post this as FYI for anyone else who may find themselves in this mess

thanks for all the reply's,

my real estate lawyer said that he doesnt handle trial work and referred me to someone...he also said that the summons was very confusing and he didnt understand it, and that it seemed like we had signed an "acknowledgment out" letter.

Which usually means you are getting your hand slapped, you wont do it again, and that is that.

Even the state plumbing inspector told us when we signed the letter that it meant the state wouldnt come after us...but that we had better not let it happen again or things could get ugly...that sort of thing.

So monday or tues I'm going to meet with the trial lawyer and I'll come back on here and update.

I will be sure to NOT pull a permit on the next one.

But my point isnt whether or not I'm guilty, so much as, has anyone else been through this before?

The state is NC

thx

Long story short, I bought my first multi family, a duplex, and was in the middle of rehabbing it when everything went to hell.

I was having major electrical work being done, had a licensed electrician and pulled a permit.

Inspector comes in, see's that there is new plumbing and notices my handyman, who is not a licensed plumber, is installing a toilet and some other minor plumbing stuff and shuts us down.

Fast forward a few weeks, I meet with the state plumbing inspector and he explains the rules about who can do what with regards to plumbing. He then tells me that they are not going to come after me, and shows me a letter he typed up that basically says he has explained everything to me and that I agree to not do it again and has me sign it.

A month later, I get a civil summons from the state plumbers board suing me for doing the plumbing without a license, and they are basically looking to "tax" me for up to 15k.

I sent all the papers to my real estate lawyer and will be meeting with him on monday to see what he says.

My question is, has anyone else on here ever been sued civilly for something like this by the state board (plumbing or otherwise)?

What happened?

Hoping to hear some not horribly bad news on monday....

I had a bad falling out with a property management company that screwed me over mulitiple times in the one year I employed them.

I never received a 1099 for the rent collected from them.

Can they legally withhold this form? Or can they just claim it was lost in the mail or some such?
Is there a way for me to get copies of every 1099 sent to the IRS (I'm sure he sent them one :wink: )?

Great, thanks for the info.

I have one of their contractors giving me an estimate now.
I'll go check his ratings

This is a company that give referrals for companies (such as the handyman company I was looking for) and supposedly does background checks (among other things) in order to somehow give the client/customer peace of mind when dealing with these "servicemagic certified" companies.

Has anyone heard of these guys? Are you really getting a better, more trustworthy contractor? Or is this all just a bunch of b.s.?

It seems like a good idea, as many people will just pick a contractor out of the phone book/google search without really knowing anything about the company. How do you know if there are a lot of unsatisfied customers? How do you check a companies rep?

thanks,
matt

Just for info,
In charlotte NC the going rate for PM is 10-12%.
And I called several to make sure.
We are getting out of our rental up there and selling it after a horrible experience with the PM handling our single family home