All Forum Posts by: Dominic R.

@JD Martin. Thanks, did not know about the $600 cash limit. I thought all needed withholding.

I just won a bid my fifth property and am waiting for it to close. It is going to need substantial work. A lot of it going to be manual labor. Since the closing is just before college gets out I would like to hire my son and some of his buddies. I would like to pay them through my LLC. Is there an easy legal way to do this through a service or some type of program?

You stated "he thinks he should be able to make 1500/mo."  I would only rent to some one who is sure they will make the rent.

In CT the sewer charges are only billed to the land lord.  I have my tenants sign a lease addendum stating that I will send them a copy of the bill and they must pay me directly.  I pay the charges when due so that I don't get hit with charges.  So far I have never had a problem with my tenants paying me back.  They do sometimes require reminders to pay.

My PM rented out an apartment (not Mine) to some students from India.  Seems they never heard of shower curtains.  Shortly after the first floor ceiling collapsed.  I think the owner would vote for doors.

Hi, @Rhonda Thomas. One thing you should look at is if your tenants will be on section 8 due to the rents in that area.  While some land lords don't mind the steady rent, others don't enjoy the extra work dealing with the state.

It seems to me you would be suing them before you know how much they will owe.  If you sue them now and later they owe more rent or have damages you will have to sue them again.  I would try and work out a payment plan for now and wait on the legal action.  I found out the hard way that even if you sue, they still don't pay, forcing even more action to try and collect.  If they have no assets you are up the creek.

It seems to me you would be suing them before you know how much they will owe.  If you sue them now and later they owe more rent or have damages you will have to sue them again.  I would try and work out a payment plan for now and wait on the legal action.  I found out the hard way that even if you sue, they still don't pay, forcing even more action to try and collect.  If they have no assets you are up the creek.

Remember that If you lose your job for any reason, there’s a good chance your plan will either require you to repay the loan fairly quickly or will end up reducing your account balance by the amount owed and consider it a distribution. I would never recommend touching a 401K. 

My daughter has a sweet pit bull husky mix.  This is about insurance not dogs.  You don't want your insurance to be voided by not abiding by it's requirements. 

Does your lease state that the tenant can engage in anything to cause your insurance to increase.  Many leases state this giving you reason to act.