All Forum Posts by: Mike Hanneman

In my area it's very hard to find a deal on a 2-4 unit property. And by deal I mean one that just cash flows. These units move fast but at prices that wont cash flow with market rents. It will be interesting to see how this effects the rental market, and if any of these properties will be back on the market any time soon.

Make sure not to let your property manager off the hook. They put you in this mess.  This could be a very good reason to fire him/her. I would!!!

Me personlly I would make him take it down, but then I would have words with "my manager" that allowed this. Doesn't sound like an experiences property manager to allow this.

I would be worried about liability not only for my tenant but all the other kids that will be using this. Not to mention the eye sore from other neighbors and all the possible complaints.

From what I have been told by my CPA, it doesn't matter what you do, the LLC will be a pass through tax. There are no tax advantages or disadvantges with LLC's, The LLC is only used for asset protection.

**consult your CPA, I'm not a CPA**

I honestly can't think of anyhting a "Guru" is going to tell you, that you can't find online somewhere. Or better yet at a local real estate investing club. Most clubs are free and you get to talk to agents, land lords, investors, etc... 

Start off reading books and looking through the forums here.

Ask questions when they come up.

I understand what you are saying, but do you actually think that you are going to change their behavior? I agree it's just as bad as shoplifting and if the law would allow it I'd remove the tenants by the their neck myself, but it doesn't. For me it's a business and whatever is easier and cost effective makes sense. I could still be asked as a reference and tell other landlords then.

Something to think about with a multifam, is if there is a common area or room, to add coin op laundry units for added income. Again I would look at comps in the area to see what would be a better way to go.

I have never heard of a site that offers the payment and mangement software all in one, what ones are there? I'm curious to look these up.

Why did you decide a tri-plex, I assume that's what a 3 decker means? If you are starting out and just want to ease into it, look for a duplex. Especially if you are going to live in one of the units. This way you only have one tenant to deal with yet you still get your rent covered too.