All Forum Posts by: Brendon Pishny

@Christopher Perez

I’m sure it’s state specific. I would serve a 14/30 notice. That means they have 14 days to rectify the situation or they have to vacate in 30 days. I would document everything. You’re conversations with the other tenants. What you see when you drive by, etc. Hope that’s helpful.

@Charles Carillo

That’s exactly what I do. Just be diligent with your bookkeeping:)

@James Erickson

That’s part of living in a house. Sometimes it’s inconvenient. The water has to be shut off to make repairs. Sounds like you jumped on it quickly and got it repaired in reasonable time. If she went and stayed somewhere else overnight that was her choice. I wouldn’t reimburse for something that’s uncontrollable and not your fault. I’ve run into stuff like this before. I feel like you did the right thing. Hope that helps.

@Nathan Gesner

Do you email that information to them? Do you have a form you have them sign? I love the 3 options approach. 

@Joshua Myers

I do 90 days.

@Blake Hege

I'm not sure you need an LLC for each property but it doesn't hurt. I do more of your option 2. I have a central LLC that I started with and still have a few priories in. Then I moved some properties to 2 other LLCs as I've grown. I collect rent in the first LLC and then disburse the money once a month. I also bill the holding LLC for any repairs or supplies. It's a lot of bookkeeping but if you want the protection the LLC provides the accounts have to be kept separate. Also, one LLC per property would be a nightmare. I have 3-5 in each depending on value, how much equity and how mich risk I'm ok with. Hope some of that info helps.

@Lois S.

I have a sheet I give every tenant at move in that states the charges for specific damage. For large holes I charge per hole. So when they move out just deduct that amount from their security deposit. I fell it helps to be upfront at move in because then they know what they owe for the damage. Hope that helps.

@John Matarazzo

Not sure what bookkeeping software you’re using but I personally use Quickbooks. I’ve had tenants pay for 12 months and it has worked well for me. I just general journal and apply the portion of rent for the current year. And then apply the remaining portion to the next year. Never had any issues. Some people advise not to allow tenants to pay early because then they can’t evict. My opinion is if you have the money why would you evict? You can still evict for other lease violations. I’ll take the money when they’re willing to pay early. Hope some of that info helps.

@Kara Speigner

I think it depends on how badly you want to sell. You can fix the foundation or sell at a discounted rate that allows the new buyer to fix it. Houses with bad foundations sell all the time. Just for not as much money obviously. If you want to keep it I would still fix the foundation. Then you could do a cash out refi and use the money to buy in your area. Hope that helps.

@Carlos Gil Blanco

Not an attorney and it may be state specific. I believe you can just quit claim deed the property to your LLC name. One document, signed, notarized and filed with the county. I've done it several times when I purchase an investment property personally but I want to hold it in an LLC name. Ask an attorney or a title company if you have questions. Hope that helps.