All Forum Posts by: Dennis Liu

@Griselle Monzon 

The first thing you want to do is avoid taking advice from someone that gives you advice on how to break the law. Under-the-table payments and not reporting taxable income is a federal offense. Don't cheat to try and get ahead in life.

Make sure the zoning allows for three separate dwellings. You can probably call your city zoning office and they will tell you what is allowed.

A roommate lease is appropriate when you have shared common area. For example, if you had three bedrooms rented out but everyone shared the bathrooms, kitchen, and living room then you will need a lease that addresses how to use those shared spaces. If your rentals all have private space and private entrances, then a standard lease is appropriate.

You should put them in your personal name. An LLC will only add protection if you know how to use it properly. They are easy to set up but many people don't follow the rules and expose themselves to liability.

@Daniel Kong @Dennis Liu thanks guys this was really helpful! What podcast were you talking about Dennis?

@Matt K. - thanks for resetting some expectations here. this may take me a little longer than i expected.. haha

@Ivan Barratt - love this. always inspirational to know that there's been people whose done it before. i guess for me it's a two fold thing - take action today, focus on the ONE thing but still have some vision for where I want to end up and maybe more importantly, why i do what i do. How do you plan your goals if you don't mind me asking? 1 year? 6 months? No plan at all? 

@Dennis Liu - you're right and thank you for the reminder there. i guess what i struggle with is choosing between a 9-5 job and having an opportunity to work in a commission style, high risk high reward kind of structure. just thinking maybe my one thing i can do today is to make a career move and grind it out till i have a healthy amount saved up... curious to get your thoughts there if you have? thanks again for commenting.