All Forum Posts by: Jim C.

@Ray Lai- If the utilities are in your name, you can simply call NIPSCO and get a copy of the bills for Feb. That will show if there was any gas usage during that time. If the NIPSCO was in the Management Co's name, you could request March's copy to see if there was any gas usage.  If you PM me, I can forward some good PM's.

@Ray Lai- Are you referring to the Gas valve on the outside of the property attached to the Gas Meter? If so, that's NIPSCO's property and they would have been responsible for it. 

@Tiana O.- One at a time. Only concentrate on one at a time so you don't get frustrated or discouraged. Alot of newbies get overwhelmed and burnt out since they set lofty goals. When I started out, I didn't have a "number" but as the years went by they accumulated like rabbits. I look back now and say "Wow! How did I do that???" 

@Boris Peyzner- Was thinking about the same thing earlier today..... I would probably expect HUD to simply go back to the landlords and say "Hey- we had a 13% cut, so you'll have to take less for rent!". They would just cut the voucher amounts the same percentage and screw the landlords. That's the government way. Just my opinion though....

@Ryan Dossey- C'mon! It just needs some lipstick on that PIG!

@Ryan McCann

I have separate bank accounts setup for each of my properties at a bank that has several branches near my rentals and have my "cash paying" tenants deposit directly into these accounts. That way, they get a 'receipt' (aka deposit slip) and there is no more "It got lost in the mail" responses. The bank will take cash, money orders, or even personal checks for deposits. The reason I use separate accounts is if I ever have a tenant in an eviction, I simply close that account and they can't make any partial payments to stop the eviction. My bank also allows me to NAME each account so I can simply log in and see each property's account.. Once a deposit is made, I simple transfer those funds into my main business account and allows me to put a memo stating who its from as well as the amount.  It works perfect for me!

Interlocking. The sticky ones had issues in a basement bathroom where the edges have lifted up in spots 

@Mark Smith- I agree with @Andreas W. post. You can get extra Umbrella protection (2-3 mil) pretty cheap, perhaps cheaper than an LLC. Also be sure to put in your lease that the tenants are not allowed to eat the Lead chips LOL!

@David Robrecht- If you've have already decided to sell it, I would simply provide the CCR's to the MLS listing as an attachment and not mention anything about a 1 year minimum restriction as it isn't enforceable if its not in the CCR.

I had a similiar issue with an HOA regarding pets. Nothing was listed in the CCR and my tenant got a cat and the HOA said NO PETS. I said "show me in the CCR where no pets were allowed". They provided a handbook of Rules and Regulations. Someone in the HOA decided they didn't want pets so added it to the Rules and Regulations. They threatened litigation and I said go ahead and they dropped it since it wasn;t in the CCR. When push came to shove, I shoved.

@Shawn Holsapple- Thanks for your feedback. I too, met with a corporate attorney in Indy near Allisonville Rd and 465 and they recommended what you mentioned. The issue that I brought up with them is that land trusts, especially if the property is already in my name or company name and I transfer to a Land Trust really doesn't 'hide' the assets as they claimed, since they were originally in my (or my company's name), any litigious attorney can easily find out that I once owned the property and then go forward with suing the land trust as well. Land trusts are only good if you buy directly and place the asset into a land trust for ultimate anonymity.  In addition, converting to a C corp causes double taxation and becomes very expensive if you have alot of properties. I'd be more than happy to share with you what I learned from that attorney with you if you are interested. I'm in Indy quite a bit and we can meet up sometime to discuss further if you're interested.