All Forum Posts by: Kevin Colwell

Lev,
The apartment that I was just living in was partially underground so there was a some dampness in the rooms. Needless to say we had a mold issue and the prop. mgmt company had us sign a mold addendum. We also had to purchase a dehumidifier to control the issue. So in regards to their health you may want to address the situation with an addendum to the lease in regards to possible mold. In my personal opinion in respect to purchasing a dehumidifier I would let them purchase it if it becomes a big enough priority. I would not want to worry about collecting any more funds from tennants then I have to. Hopefully you find something useful out of this :)

You should use your best friend spackle and his partner sandpaper.

Originally posted by Michael Rossi:

So, what I do is have multiple rentals in each LLC, grouped by risk. I try to keep about 10 per LLC. Nice SFHs together in an LLC. Nicer duplexes, tri's, and quads in other LLCs. Low income apartment buildings in their own LLCs, etc. You get the idea.

Mike

Mike I understand the hassle if you were to have 30 properties with 30 different LLC's. I guess being a new investor I am slightly confused by the fact that the LLC is there to provide maximum asset protection. However, wouldn't grouping multiple properties appear in my novice eyes to defeat that purpose? No matter how nice the SFH or multi's that you have in one LLC am I incorrect to think that one lawsuit can jeopardize all of the properties in the LLC? Or is the risk of having them grouped together outweigh the LLC costs and tax preparation and checking issues? Please advise

Thank you for the response Taz, Sorry for posting it in the wrong forum. I was looking around for about 15 min trying to find out where I posted. :) It will be a wonderful day when the units that I own reaches 100 but four is a good start.

I am currently in the process of closing on my first apt building and I have a question in terms of improving the units. Is there any certain guidelines that you follow in terms of getting your return back on your investment?
Hopefully this doesn't sound too odd but the reason I ask is because all of the units are roughly $200 a month below market value and the improvments that need to be done would be new windows in all of them. The optional things that could be done would be the appliances and possibly some new linolium in the kitchen/bathrooms. That being said if I made the improvements on just one unit and it takes me a year to pay for the cost via the additional rent money is that considered a good investment? I feel like this is an obvious yes but I was just looking for thoughts on if any of you landlords view improvements this way. Thanks for your time as always forum :D

Taz,
What are your thoughts on John T Reed as I see you referenced him earlier in regards to the book being fiction. I read that site a while back and have googled him and it would appear to me that his platform is based on slinging mud and putting down every one elses work but his own (which of course he promotes throughly). So just curious Taz if you have read any of his books or what not and what you think about him since you reference him? This is quite the thread we have going on

Great point Rich I will definately see about that. Any chance you would like to share your wording NC Mark? Thank you for all of the posts this place is the best :)

Sounds good thank you for your advice as always Wheatie

Hello Forum,
These questions are directed to the landlords that charge an application fee. I think that this would be a good way to cover the fee's associated with the credit check and criminal background check. Being a noob to this I assume that there is a form that I would have the applicant fill out stating there is an application fee and what the fee is, but do I need to state anything in terms of why I would reject an application? I guess what terms if any do you put in regards to the application fee?

Dan,
Thank you very much for the post and I will definately google him.