All Forum Posts by: J Salter
J Salter has started 4 posts and replied 58 times.
Post: Excess funds from tax sale

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
Curious what was the finale here? @Ondrece Love
Post: Real Estate LLCs and How to Run Them

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
It's pretty easy and flexible. It also depends on your state (fees and such). Basically you just have to document significant changes and get them approved by the state so it reflects on the company's history... (things like transfers of property, selling of your llc or buying of other llcs) It all has to be organized. I'm not sure about paying yourself a regular salary and all that. If it is your only income I do not see why you couldn't do that but talk to a CPA about that.
Of course, you are right about keeping your personal separate from your business as much as possible.
However, I do this funny thing of borrowing (as my LLC) from my self personally and charging my LLC interest to borrow! As long as you keep track of it ok. I do my "auto-debt" on excel. The problem arises when people simply have no idea where their money is going and who they owe what to...
precarious indeed
Post: Declined tenants: Your thoughts?

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
I like to never turn anyone away unless they have deal-breakers:
Certain pets, number of tenants, too little income, multiple evictions etc. But obviously, you tell them directly so as not to waste time that they are last on your list of considerations and you will call them if you would like to rent to them.
I'd imagine their are better potential tenants.
Post: Hedge Funds, Canadians, and Overseas Buyers Swoop in on U.S. Real Estate

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
I am overseas and Joe Bertolino is right. Some of my european friends are shock when they see how cheap houses in say Texas or Louisiana (my region).
I show them pictures of the house and ask them how much for this house if it was sitting in your country. They generally say half a million to 3/4 million for a house they you can buy from about 120K - 280K in the states.
Of course, don't get too excited. I believe the biggest factor in this dynamic is supply and demand and available land. In europe the "nice house" supply is generally low. Most people stay in apartments etc. Demand is high and available land space is little in most countries like the UK.
In the states its the opposite. We could fit all of Europe's population very comfortable in the northwest. There is so much undeveloped land and resources in the USA. Supply of "nice houses" in the US is high and demand is firm but not high since the jobs picture is tepid.
It will probably stay this way for a while and foreign investors will prop up the real estate market but I'm afraid of things getting worst and scaring away investors. But honestly, as European with more than 30K USD in the bank, I don't know how you could pass up on US real estate at least as a hedge play.
Originally posted by Joe Bertolino:
Post: Manager ignoring me, holding money... next step?

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
Update - Basically, she started to email again and went on about how people are saying this and that. I told her I don't care about any of that, the facts are the facts. I have seen no leases, money hasn't been deposited, no rent roll, and non-responsiveness.
I remained kind as possible all the way through and managed to get most of the money orders rent for this month. She has handed over all of the associated paperwork and property. And I have paid her for past months but not this month yet because I need to make sure everything is there for this month.
Before we started communicating and before I attempted to contact an attorney, I called the sheriff's financial fraud division who did not answer at the time but has called back and left a msg. I should just have to tell them we are resolving it but you never know if she is indeed keeping some money orders - I must verify with tenants.
So all in all I think I will have it settled soon. Lesson learned. Still reviewing resumes on craigslist again but letting family run it for now util confidence builds in an ASSISTANT manager (no hands on rent money!)
Post: Manager ignoring me, holding money... next step?

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
She responded yesterday by email. An email than hinted that she got my call to check on one property. It was VERY short and somewhat incoherent email because what she was saying was vague. I'm sending a [abrogating] PoA to relatives as we speak and once it arrives we are going to bring down the hammer.
Note guys, I am VERY out of state, I'm overseas....
Post: Manager ignoring me, holding money... next step?

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
@Rob K, that would be the plan but she has money orders that the tenants have given her and I'd rather not go through that mess if I don't have to. I have yet to use forceful or harsh language besides saying initially that no providing of leases is unacceptable. Seems like things kind of fell apart shortly after that.
I will take your advice on securing everything ASAP though for sure.
Post: Manager ignoring me, holding money... next step?

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
@Joshua Dorkin and all, Regarding termination
5. To employ best judgment and maintain qualifying documents for prospective tenants. (Pay stub, proof of income, credit check, and ability checks shall be applied when necessary to ensure quality tenants. In this regard, Manager shall treat all personal information collected with the utmost confidentially and security. Violation of this principle shall result in contract termination and possible legal action in the interest of the Owner and Tenant.
Term of Agreement.
This Agreement shall be effective as of the 1st day of May, 2012, and shall expire on the 1st day of Jan, 2013.
Upon expiration of the above initial term, this Agreement shall automatically be renewed and extended for a like period of time (one year) unless either terminated in writing by either party by providing written or emailed notice _30_ days prior to the date for such renewal. This agreement may be prematurely abrogated and invalidated by a newer contract with similar effect or may be terminated by mutual agreement of the parties at any time. Upon termination Owner shall pay to Manager any fees, commissions and/or expenses due Manager under terms of this Agreement, which are owing to Manager.
Post: Manager ignoring me, holding money... next step?

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
Thanks a lot everybody. I really appreciate it. I have been calling almost every single day and leaving polite and short messages. The good thing is I have family that goes by the property often so we can definitely put a stop to anything foul she tries to do but Yes she has been handing keys with no agreements.
WHen I first found out I was furious but calmly told her to immediately get them under lease. Its still not done. More tenants are in other units with out lease.
It is ridiculous but the good thing is they seem like decent tenants and are demanding a lease. It is the fault of the manager. At any rate I will try to do it softly and with out needing legal act but I will start documenting everything. Getting an official PoA for my family if they need to represent me in court.
I didn't originally want family involved (conflicts of interest) but so it seems I can't trust anyone to do a good job. I think I will send her a notification of termination or something. The probably is she became so unstable I don't even know if the address I have for her is valid sooooo... very weird situation. I know where she works though so a subpena can be delivered there if needed.
Keep the advice coming guys.
Post: Manager ignoring me, holding money... next step?

- Multi-family Investor
- Shreveport, LA
- Posts 67
- Votes 9
So it goes like this.
I am out of state. I got a manager to manage my property on 1 May 2012 off of craigslist after background check and all. She did pretty good the first two months and she has experience but she is lower income and seems to be having personal issues that MAY be conflicting with my business. The bottom line is this months deposits are late and not rent roll clarity at all. No leases as far as I know for three new people. Its outrageous but she will not answer my calls. She is clearly violating our contract but I am not there to enforce it myself.
She has not stolen money (money orders) as far as I can tell but I do have family in the city and one of my relatives does maintenance on the place and said an A/C unit was missing from storage where only he and she had the keys. Things are going waaay foul and I want to get rid of her. Haven't talked to her for over 2 weeks now...
Advice!!!!! Can I just call the police or who do I call if she refuses to return keys, deposit money, and relinquish the position.
Looking for experienced answers guys, thanks in advance
J