All Forum Posts by: Account Closed

This is SUCH a "duh" comment, but YES!!! I'm not sure I would even think to ask this question if I were awakened at 2am with a no-heat call, but now you bet I will ask this!

I recently had two outgoing payments via Zelle from my business account that were over $500. I had to call to verify my identity, but had no trouble with the payments going through afterward.

This is all great advice. I've signed 3 leases as a landlord, and I have not included such a clause. Luckily, I have not had major issues after tenants moving in (just a misaligned door, or broken oven gasket, etc.), but I may look into adding a clause like this in the future.

The first steps I took after creating my LLC were to obtain an EIN and create an operating agreement. An EIN will allow your business to open a bank account and begin to build its own credit history & score, separate from yours. An operating agreement simply puts down in writing how your LLC will operate, and can show a judge that you have intended to truly operate your LLC as a business.

I sent all of the official paperwork to my CPA so he could begin working on my LLC's tax return (I have a true partnership and not a single-owner LLC, so my state requires a separate tax return).

Next, I opened a business checking account. All of your income and expenses should go to and from this account. I have read that it is incredibly important to keep your business finances and your personal finances separate should you either be audited or sued in the future. Change all of your payments to and from this account.

Most recently, I requested permission from my mortgage company to deed my rental properties from my own name to my LLC. My mortgage company allows for this after 1 year of ownership, provided I send them the documentation. I had my attorney draw up the deed transfer and send it to the county records office. I also sent lease addenda to my tenants letting them know the new owner & landlord of their residence -- my LLC.

This was my specific experience, and yours could vary widely. This is not professional financial, tax, or legal advice, and I always suggest that you contact professionals in each of these areas regarding your specific situation.

All the best!

Morristown :)

I am certainly no expert, but I believe, as far as rent control goes, each municipality can make their own laws.

As a followup, I checked the Rent Registration form from the website, and it looks like an increase of 2.2% for a renewal was the allowable increase in 2019.

Also, town code states:

Your best bet might be to call the Dept. of Code Enforcement for clarification on month-to-month - 973-292-6709

Greetings, fellow Motown owner! There is no rent control law for NJ, but you will want to make sure you read the rent leveling information from Morristown: https://www.townofmorristown.o...

Yes -- they're not as time-intensive. I work more than full-time hours, so dealing with roofs, landscaping, siding, driveways, etc. is more than I'm interested in at this time. I'm more than happy to pay HOA fees that go toward these maintenance issues.

Hey Jake! Fellow Motown investor here. Please add me to the list for the next one!