All Forum Posts by: Ashish Maheshwary

Chris, thanks for you detailed response to my question.

Mitch and Don,

I would love to see how your attorneys respond. Please update us when you find out.

I have a general question for you seasoned landlords. I recently bought my first property and have found renters. They will be moving in tomorrow evening. Actually, the wife will be coming alone while her husband stays behind and takes care of moving and other details.

I plan to do a move-in inspection with the wife when I meet her, as opposed to leaving the move-in form with her and having them send it back to me later. The form has a place for the signatures for both tenants as well as the landlord. My concern is that since only the wife will be present at the walkthrough, I will only have her signature on the move-in form and not her husband's. Could this come back to bite me later if I have to keep part of the security deposit to compensate for damages? Could they make a case that because the husband never signed the form that he didn't agree to the condition of the house when they took possession? Or is the wife's signature enough?

Thanks so much!

-Gulzar

Hello all,

I just bought my first rental property and am extremely excited to join the world of REI!

I am seeing an attorney later this week to draw up a rental lease. I was wondering if anyone had any advice on any "must-have" clauses that should be included in my lease. I do plan to allow small pets as most of the population here (Raleigh, NC) seems to own pets, so if you have any pet-specific clauses too, that would be most helpful.

Thanks!

Gulzar

Mitch,

Thanks for your detailed response. I appreciate that.

My only outstanding question is whether or not you have to put the title back in your personal name if you want to refinance the property. And if you do that, will you get "busted" by the lender and face objections?

Does anyone have any experience with that?

Vikram,

Does your bank generally give a higher rate to those seeking financing on a property that will be held in an LLC?

Hello everyone,

I am a new investor and am trying to set up my business entity before I dive into the game. I have talked with 2 attorneys and both have given me the opposite advice. One said to create a LLC (single-member) and the other said an LLC is not necessary when first starting out if you have good insurance with an umbrella policy.

I am still leaning towards the LLC at this point because of the asset protection it offers. My concerns about LLCs are the following:

1. If I buy a property and transfer title to the LLC and the lender finds out, will the lender call the loan? Should I even notify the lender?

2. If I want to later refinance the property, should I transfer the property back to my personal name?

3. Let's say I transfer the property to my LLC, the lender finds out and gets pissed. Will transferring it back to my name satiate him or will I get in some kind of trouble?

4. Are there any LLC-friendly lenders that will allow me to take title cleanly into the LLC?

4. Lastly, if transferring title to an LLC is so much trouble, is it truly worth it?

Thanks so much for your time.

-Ash