All Forum Posts by: Carlos C.

Hi everyone. I've read almost every possible thread here about Land Trusts and LLCs, but, yesterday I received a message from a Lawyer that I'm considering to hire to setup my Landtrusts and LLCs, but he replied saying the following: 

"A land trust is meant to function like an LLC, meaning each is their own individual entity for asset protection purposes. One of the functions of a land trust is to avoid people needing to establish a new entity (LLC, corp) for every property they acquire. If someone was to obtain a judgment against your LLC, they could arguably try to levy on property of your LLC, which could beneficial ownership interest in the land trusts. It would be difficult for one to obtain a judgment against the LLC due to liability incurred relating to one of the land trusts"

Based on Biggerpockets multiple forum posts and many videos on youtube I've researched, that statement doesn't necessarily ring true.

Any thoughts?

Thanks everyone!!!

Hi Guys! So, I have a question and hopefully you fellow landlords can guide me in the right direction.

I have a Unit in a duplex in Sunrise Florida that the tenants just moved out. I assessed the damage and texted the ex-Tenant that from his $1600 deposit I was only returning $200. The total expense to fix the property was $1850 but I still wanted to give him something. He texted back saying “ok” and told me where to send the check.

5 days later he texted me arguing that the property was already in bad conditions and other false claims.

What should I do? I told him I was going to send him a copy of the invoice from the person that did the work and the pictures before he moved in and pictures of how he left he property.

Any advice? Thanks. 

Hi Guys! So, I have a question and hopefully you fellow landlords can guide me in the right direction. I have a Unit in a duplex in Sunrise Florida that the tenants just moved out. I assessed the damage and texted the ex-Tenant that from his $1600 deposit I was only returning $200. The total expense to fix the property was $1850 but I still wanted to give him something. He texted back saying “ok” and told me where to send the check. 5 days later he texted me arguing that the property was already in bad conditions and other false claims. What should I do? I told him I was going to send him a copy of the invoice from the person that did the work and the pictures before he moved in and pictures of how he left the property. Any advice? Thanks in advance :)

Hi Guys! So, I have a question and hopefully you fellow landlords can guide me in the right direction. I have a Unit in a duplex in Sunrise Florida that the tenants just moved out. I assessed the damage and texted the ex-Tenant that from his $1600 deposit I was only returning $200. The total expense to fix the property was $1850 but I still wanted to give him something. He texted back saying “ok” and told me where to send the check. 5 days later he texted me arguing that the property was already in bad conditions and other false claims. What should I do? I told him I was going to send him a copy of the invoice from the person that did the work and the pictures before he moved in and pictures of how he left he property. Any advice? Thanks!

Hey BiggerPockets Family! I have a quick question that I thought people here might point me in the right direction. A friend here in Florida is getting ripped off by his property management company after moving out claiming a tiny piece of scotch residue on the fridge door is gonna cost $400 to replace the whole door and ridiculous other items.

What’s the proper way to challenge these charges and maybe even proceed with a formal complaint?

Thanks!

Hi everyone! So, in December I bought my first Rental Duplex, and I'm getting ready to do this years taxes. The company that's been doing my taxes for years say they're familiar with rental properties and they know how to maximize everything, blah blah blah. 

How can I know, or what questions can I ask to determine if that's true or if I should be looking for a more "Real Estate" appropriate CPA?

Thanks!!! :) 

Hi everyone! I have a duplex (3/2 each side) but I'm gonna reduce it to 2/1 each side, and build a studio with kitchen on each side. Normally those studios are called an "Efficiency" here, and they include all utilities, and normally that's easy because the owner lives in the big side, and just pays for everything, but in my case, I'll have tenants on both side.

I doubt that whoever builds those units for me will be able to have separate light and water meters for the 2 studios. Has someone ever have to deal with something like this?

Thanks!

Hi everyone!

I currently got PreQualified for a Loan, this company is being super professional, are treating me great and have a great rate, but, I do wanna shop around just to make sure I'm getting the best deal possible, just like many people advise to do.

The only problem is, I don't know where else to look for companies like this. They ran my credit already (3 days ago) and came back as 750.

There are 2 things they're doing for me:

1. They're taking the Rental income from other units (in the case of Duplex/Triplex/Fourplex) to qualify me for more than the original PreQual amount.

2. They're ok with my work history. I don't have the full last 2 years of employment history because of a Missionary trip outside the US I took from 2013 to 2015. I only have 1 year and 1 month back working here in the US.

Any ideas? Thanks everyone!

Hi everyone, I'm going to start shopping around for a lender that can do FHA for a 2, 3 or 4 unit property, and do 3.5% down.

But before I start, I just wanted to know if anyone in Miami already knows/works with one in particular.

Thanks!

@Michael R.

 Thanks for your comment and idea! I really appreciate it! Although it would've helped if I gave all the details.

She kept the house after the divorce. She rented it out and that's how she has been able to keep payments on time.

The approach I'm looking for is definitely helping her refinance, but I don't know much about that field.

For example: Does it help that the property has some nice equity already? Does she need some sort of cash payment to refinance?

Thanks again Michael and everyone giving me ideas, I really appreciate it!