All Forum Posts by: Jean Paul Rousseau

In october 2013, I bought two houses in Atlanta using a Georgia corp. I am the president and my five children are stockholders. I lent the money to the corp. to buy the houses and they will reimburse me in 20 yearly installments.

Now to diversify, I want to use the same scheme to buy two houses in Jacksonville.

Is it better to use the Georgia corp. to buy those houses or should I create a Florida corp.?

I called a Florida lawyer who told be using the geogia corp. will be too complicated and he adviced me to create a separate Florida corp.

As I am a foreigner living in France, I am not familiarwith the US legal rules.

I would appreciate what BP members think about it

@Joel Owens I appreciate your comment but being new and not from the States I am not familiar with some words. What means CMA ? I think MLS is the brooker listing of properties for sales. When you mentioned FMLS what are you référions to?

Thank you

@Dawn Anastasi I would appreciate if someone has an idea of the price for those houses. The house in stone mountain was build in 1981 and the valuation I just looked on Zillow appears to be 28K$ (it was 60k$ a couple of days ago ??); the house next is 87 k$ ? The one on Riverdale is evaluated at 47k$. The agent who sold them to me told me that the Zillow numbers are not meaningful. I just have to hope so...

@Dawn Anastasi you are right, I paid 80k$ each. The contract sales price were 65 k$ but I had various cost (rehab.?..) and the total amount due was 79 457 $ for one and 79 211 $ for the other

Thanks, I have requested those invoices with no answer so far.

Thank you for your help. Just a complementary information

 @Rick Baggenstoss  One of those house is at stone mountain zip 30083

This other is at riverside 30296

I am a recent property owner and BP member. Things didn’t start too well and I would appreciate any advice on what I should do if the situation does not improve :

End of october 2013 I bought two rehabilitated houses in Atlanta for 80 000 $ each, the property manager was provided, and the houses rent were proposed 800 $ for one and 850 $ for the other. Unfortunately, they were rented only in february 2014. As the first month rent was for the property manager, I only started getting cash in mach. So I had to pay utilities (270 $ for one house and 930 $ for the other). The houses were supposed to be rehabilitated, but in 6 months rent, I had 1,254 $ maintenance cost for one and 858 $ for the other without seeing any invoice. The property manager found me an insurance a couple of month late (because the houses were bought through a georgia corp. belonging to non US citizen) with a cost above expectation. Just after a few months one of my tenant asked for a delay because he was not paid full salary, being in training. He is presently more than two months late in rent and supposed to pay back in september.

To make it short, after buying the houses end of october last year, I am still in negative cash flow and the houses were paid cash. I intend to wait a few more month before taking any action, I don’t want to hurry, but I have to think at what action I should take if things do not improve. Changing the property manager ? As I live in France I need some advice before making such a move. Proposing the houses on a lease purchase ? I also need some avice before doing it. Do nothing and hope things will improve (it’s what I am doing now)?

Any suggestion is welcomed

@Chris Clothier 

As you suggested, I had a phone call with JWB real estate capital; we had a brief discussion and they will call back tuesday afternoon. The first feeling is good.

Thank you to all of you. As I am new, I don't know what means the connect code on every note. Could I use this to make individual responses ?