All Forum Posts by: Andy Vasquez

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

Getting ready to rent out my first property (current residence). I believe that getting a nightmare tenent out of a property is difficult and time consuming in DC, but you can request that they sign a Waiver of Notice which speeds up to process for eviction. Has anyone use the Waive of Notice and understands how it speeds up the process? Does it take away the need to go to court

Thank you all for your help. Looks like there is no point setting up an LLC. As such, do I apply for the BBL license in DC using my SS, or should I get an EIN?

Quote from @Russell Brazil:

Quote from @Andy Vasquez:

Quote from @Russell Brazil:

And to tag onto what Tom said...a property in DC owned by an LLC is automatically subject to rent control.

The idea being it shows revenue, so I can purchase a second propterty using the LLC.

Russell, if I create a LLC and have the renter pay into the LLC, but the deed is still in my name, does that create any problems. The reason I want to do that is to develop a history of revenue in the LLC.

It makes the point of the LLC completely pointless.

What is the point of an LLC? It is to Limit the Liability of the owner of the LLC by keeping those assets seperate from the owners.

So how is that accomplished? By keeping everything seperate. If everything is not seperate, then the LLC is piercable. If it is easily piercable, then it serves no point whatsoever.

The idea is that I show revenue in an entity other than me, so I can build credit to buy additional properties in that LLC, even if this property is not included.

Quote from @Russell Brazil:

And to tag onto what Tom said...a property in DC owned by an LLC is automatically subject to rent control.

Russell, if I create a LLC and have the renter pay into the LLC, but the deed is still in my name, does that create any problems. The reason I want to do that is to develop a history of revenue in the LLC.

Quote from @Nathan Gesner:

You could use a Quit Claim Deed to move the property into an LLC. However, it may trigger additional costs and add a layer of complexity to your life. New bank accounts, costs of setting up the LLC and filing every year, possibly separate tax returns, etc.

Even umbrella insurance is unnecessary, but it's a much simpler option if you feel the need for additional protection.

Even without the transfer, I was planning on creating a LLC and having the renter pay into a seperate LLC account. I want to show a history of revenue, so I can purchase another property using the LLC.

Quote from @Adah N.:

@Andy Vasquez

Why can't he simply do a Quit Claim deed to the LLC? What is the advantage of an Umbrella policy over a regular landlord policy?

I will look into this, but I believe there is a heavy charge in DC for this as well. Also, transferring post purchase, I believe is a pain when it comes to the mortgage. I will research and get back to you.

Quote from @Will Fraser:

Also, manage with excellence or, even better liability limitation, hire a really ridiculously good Property Management company to look after your property.

 Unfortuntately, that will kill any profit I hope to make. As it is, I will likely not truly cash flow (taking operational expenses (10% of monthly Rev.) into consideration)

Quote from @Kevin Sobilo:

@Andy Vasquez, purchase an umbrella insurance policy for liability coverage. 

 Thank you! I will look into it.

I live in DC and want to rent out the house that I am living in today. It is my understanding that I cannot transfer the deed into a LLC without paying a huge transfer fee. Is there anything I can do to protect myself from potential legal issues? Ideally, I would have liked to set up a LLC, but that doesn't seem reasonable when considering the fee associated with it.