All Forum Posts by: Scott Mac

Easier Fruit -- and the band played on....

As any gambler knows:

https://www.youtube.com/watch?v=7hx4gdlfamo

Look into holding your shares/memberships in an inter vivos trust.

It can make operating seem like moving in quick sand, but it might be something you wish to discuss with your estate planning attorney.

One other caveat on these multi-member deals, is to take in to consideration divorce proceedings by any of the members, And the affect the divorce court may have on the operation of your LLC company.

Good Luck!

Some people like to live at a higher standard of living than others . 

Some people are comfortable driving a clunker car others want a status symbol vehicle of some sorts . 

Some people must have a status symbol vehicle so they believe for their professional purposes . 

Some people are Ebenezer Scrooge living on one lump of coal in the winter . 

Others are Mr Howell and his deck chair with the drink with the umbrella in it in the shade . 

Many people live paycheck to paycheck even at higher incomes, I have seen this . 

Once somebody gets over 300,000 to 500,000 dollars you would think it would get hard to live paycheck to paycheck , but I have seen people finance incredibly expensive furniture for their mortgaged incredibly expensive homes and the money just runs out at the end of the month . 

I've also seen people who squirrel money away and then lose it in the stock market or some other investment like strips or something . 

If you're the kind of person who would benefit from a monthly budget microsoft Excel is probably your best friend . 

But the trick to a budget is making sure it satisfies your needs so you can stick to it - like they say about some diets - compliance is the science . 

Meaning you need a budget that is comfortable to stick to and is not sticking you like a sword every month . 

Good Luck!

Have you driven past the unit and noticed anyone living there.

Have you knocked on the door and had someone answer and say I have a lease on this place and are paying for it.

I've seen a property manager put his own extended family members into a (very nice) property like this and not tell the owner.

Good Luck!

You might want to check with your local section 8 office and see if they are prohibited or allowed.

It might give you an idea of the desirability/rental rate for a unit with this feature.

Good Luck!

This law is currently in effect--you must disclose.

https://www.forbes.com/sites/joshuastein/2021/02/18/new-federal-law-requires-llc-disclosure/

If you do it yourself - zero.

If you have workmen do it- past the cost along to the tenant without markup.

If you have a property manager handling it for you, pass it along to the Tenant at cost of the Workman plus the markup of the property manager, whatever amount that is.

Spackle is cheap, but paint can get costly especially if two coats are required. 

I mentioned doing it yourself. If there are a lot of holes they may show through the primer and the paint after they're finished. 

You might be able to find a local handyman or painting company that has someone on their staff who is really good at blending things in.

If you're looking for a first class repair, someone like that is as good as gold.

Good Luck!

DIY Tips:

https://www.youtube.com/watch?v=qbupCzSPW9o

https://www.youtube.com/watch?v=PLGmTzEGSIY

Go for it---

Good Luck!

(1) Maybe the wax ring on the toilet is not sealing, and sewage is wetting the subfloor. You might want to think about pulling up the carpet and taking a look. 

(2) Maybe the water delivery piping under the floor, hot or cold, has developed a pinhole leak and is spraying onto the subfloor from below. 

Just my 2 cents.