All Forum Posts by: Benjamin Aaker

A landlord should not be disrespectful or unreasonably severe. That would be a bad landlord. A good landlord wants to do reasonable business to have continued tenants. We do take many steps to consider whether a tenant will be a good fit for the property. That's tenant screening and it also helps the tenant - they are less likely to sign an agreement if the place isn't a good fit for them.

This certainly doesn't answer your question - only the landlords who have interacted with you can - but hopefully it gives a little more about the mindset of a landlord.

I am paying the property tax bill when it comes due, so that is what shows up on my statement. You'll invoice the tenants on whatever strategy you set up in their leases. For me, it all gets trued up after the first of the year. There's an invoice for what's due in NNN reimbursements and then income to pay it.

Lofty goal, to be sure, but take it and work backward. What would you need to be doing each of the next 4 years to meet this goal? Would you be satisfied if you got 1/2 of the way there? 1/4? I would have been. Chunk that goal down into what you need to be doing this month, this week, and today.

For now, it's learning. Read every book you can on different niches of investing, at least one per month. Go to one meetup a month to network. Ask your questions here.

Once you have a niche (this can change), start finding and analyzing deals in it. While doing all these things minimize your expenses and save as much of your income as you can. Keep your W2! It will help you get loans for now. 

Welcome to the forums! This is a great place to learn.

Hey guys, I look at the benefit of the LLC as keeping a loss from one from spilling over into other LLCs or your personal finances. This will work for ordinary losses, but not from negligence or unlawful activity. Depending on your area, it can be a pain to set up multiple LLCs and keep them running. My rule of thumb has been to have a new LLC whenever the ownership structure is different, when I have > 10 doors, or when the total LLC's ownership is > $1,000,000. I'm considering increasing that last one as property values go up.

You could set up one LLC to own your 4 rental properties and quit-claim deed them over and that would be the maximum I'd do with respect to LLC formation. More importantly, make sure you have good insurance coverage and an umbrella policy.

Since you are in the country, you will want to contact the county administrator. In my area, counties don't have zoning, but they do enforce certain rules, like housing eligibility, which often has one house per 40 acres. Probably will be different in your area. 
Another avenue would be to call your utility companies and ask about installing additional meters.

Nicholas, welcome to Bigger Pockets and thanks for posting. Keep learning and determine your long term goals. Best of luck to you.

Hi Usman and welcome to BP!

That's a big question. Tenant screening is a big task and extremely important. Read Landlording on Autopilot by Mike Butler to get started. Make sure you create a screening policy and don't deviate from it. At least do these things before marketing your house.

If you are working with a Realtor (TM), they will have to follow the NAR rule to sign an agency agreement with a buyer before showing houses. That agreement will set a compensation that is negotiable. Most likely you will need to factor this into your purchase price when making offers.