All Forum Posts by: Al Pat

Is your SFH investment paid and clear? If so, you can quit claim it to LLC. If you have a mortgage on it, you can still do the quit claim but just know that you are opening your self up for your lender to exercise due on sale clause even though it is technically not a sale. Now with that said, it is extremely rare for lenders to do it despite having the right and ability to do so as long as you are in good standing with the loan.

I appreciate the feedback from everyone. My duplexes are side by side with separate driveways. I am now thinking to continue providing the services and adjust the rent when time comes for renewal. This will ensure that the curb appeal is maintained and property looks uniform. Thank you to all of you.

I own several SFH where tenants are responsible for yard maintenance such as lawn care etc. I am closing on my first Duplex next week and learned that previous landlord is providing yard maintenance and pest control to tenants (part of the rent). Is this typical? Those of you who own duplexes, how do you handle the yard maintenance and pest control services? do you pay for it or tenants take care of it?

I am not a CPA but I have my investments in LLC. Therefore they are NOT personally owned by me. However, you need to explain your wife, just like I did, that the investments we are making are for guaranteed return for our life where as financial aid is for the duration of four years. My son just started a college in GA and though we did not qualify for need based grant (you have to be at or below poverty label to get it) due to our income, he did get GA's zell Miller scholarship. He also won some competition based scholarship. My advise to you is to not get hung up over "what if" when you have a "for sure" scenario playing in your favor. Go get your duplexes and plan to make so much money that you don't need any aid. I am cash flowing remainder of the tuition for my son with my rental investments income. You have a good horizon with young kids, don't hold back. Good luck.

@Scahin H, ok I have few properties not too far from you and closing two more next week 10 miles from Villa Rica. Be patience, but at the same time  $1300 is little too high for that market. You rentometer to gauge the market. Again, it' all about location.

About one month shouldn't be concerning. Where is your property located. I typically find tenants within three to five weeks. Atlanta is good market and B class areas should be quick to fill. I would say wait and watch.

I like to claim as much as I can as expenses under repairs and supplies rather than capital improvement. Simply because depreciation needs to be recaptured where as expenses do not. I do ensure that the expenses are reasonable and below $2500 per contractor. For example, if my rental needs carpet change within 5 to 6 years that cost $1800 then it doesn't make sense to add it to cost bases but if I replace a roof them it does get added to cost bases. however, roof repair does get expensed. I would recommend seeing CPA, it's a cost of doing business.

I don't have separate account for each of my properties. I have one LLC where they are all held. I have labeled my accounts as OPEX where all rent gets deposited. CAPEX where my reserve stays. Profit where I transfer predefined % of funds. last one is at different bank, I have not drawn money from it so it builds up. I track all my income and expenses using excel spreadsheet per IRS categories.

I have bought from Builders Surplus in Smyrna as they have vast selection for very cheap, may be around $18 to $25, just primed so you will have to paint. 36" Steel front door was about $40, but it has been a little while since I last bought a door.

@Nate Burgher so what if you have multiple properties. Do they charge you? how much? I don't like to wait for 5 days before I see my money. I have been using Zelle and Cash app with instant deposit into my account.