All Forum Posts by: John Rippy

I live in Milwaukee, WI and own two duplexes next to each other. My units are well updated and I’m able to collect higher than average rent for the area. Having said that, to maintain the yards in the summer and snow shoveling in the winter, I’m considering levying a $20/month yard maintenance fee to take care of it all.  It would be in addition to the rent and would be known upfront before a new tenant signs the lease.  Do any of you levy a fee on your tenants for these items? Is it a bad idea considering my rents are already higher than average? Anybody from Milwaukee have any thoughts on this idea? 

Thank you. 

@Moises R Cosme

Thank you!

Hi, all. I just bought my first owner/occupied duplex at the end of March, renovated it, and signed a lease for the lower unit while my partner and I live in the top unit. As of now I don't have an LLC, but am wondering if I should get one. Here are my thoughts.

1. I want to protect any other assets I have which mainly consist of retirement accounts.

2. I read there are huge tax incentives to have a real estate LLC.

3. Can I take this first property I have and transfer it to an LLC or is it to late for that? Is it even worth it?

Thanks for taking time to help me out.