All Forum Posts by: Bienes Raices

Thanks everyone. I've been contacting my lawyer for these types of questions but he hasn't been easy to reach lately. I'm planning to ask my CPA some more questions too.

When the LLC reimburses you (the person) for the business expense, is this considered a draw, or is there some other specific term for it? The two terms I'm familiar with are draw and capital contribution. Thanks.

And the holiday/calender day excuse seems pretty lame as well. Even I know that it's usually calendar days (at least for REOs). If the agent didn't know which it was he should have checked at the beginning of the process.

OK, I'm perfectly willing to do it this way as long as it's considered kosher. I thought this was the correct way to do this (for this situation), but then I got conflicting answers on another forum.

I'm getting my tenant credit reports, etc. from a company called Quick Check. Quick Check does not have technical capability to have more than one user credit cards on file so that the user can charge different reports to different cards. This was fine while I only had properties in my own name but now I also have one owned by an LLC. But the credit card I have on file is my personal one.

I was initially told to pay for the credit reports with the personal card and then submit an expense report to the LLC and get reimbursed by the LLC. However, someone else has suggested just paying the personal credit card bill (once it arrives in the mail) with an LLC check. I don't use that particular credit card for anything but rental expenses.

So would this be a safer way to do it? Could I skip the expense reports if I do it this way?

Yeah, I'm guessing the OP's properties are only about 15 to 20 feet above sea level.

Ben,

I made an an offer on a bank-owned property a couple of years ago and the bank took two weeks just to get the water turned on at the house. I asked my agent if this would cause a problem with my seven day inspection period and she told me no, they would need to wait until. the water was on for the clock to start on the 7 days. I believe this was in REO addendum (that utilities had to be on).

Thanks Phil...my friend (who used to be a landlord) also told me that SSI will reduce the SSI payment/allotment by the the amount of child support an individual is receiving.

This is exactly how I feel. If I lose it due to my own mistakes I don't lose any sleep over it. But if it's due to someone else's incompetence I'll fight tooth and nail to get the money back.

Okay maybe it's better to put it in the account. Although I'm going to do it it in batches--I don't want to have to run to the bank every time I get an application fee.

I've heard that in Mount Dora (FL) landlords must register their their property with the city and have an inspection performed every couple of years at their expense. Thankfully Orlando hasn't done this.