All Forum Posts by: Kyle R.

I have a page long indemnification clause in my lease agreements. Unless the injury was due to my gross negligence, it's on them. I also maintain $6M in umbrella coverage and have a shell LLC. If you'd like a copy of my indemnification clause, PM me.

I have a page long indemnification clause in my lease agreement. PM me if you'd like a copy of the clause. If they can somehow find a loophole in that, I have $6M in umbrella policy coverage.

Also, my lawyer is forming an operating LLC (asset free) that we can dissolve if a judgment makes it my way.

Thought I'd add an update. Hearing was held last week and the tenant did not show. As a result, we won and I informed the tenant they had 10 days to leave. Is it worth also telling them I'll be conducting an inspection on Sunday (last day to move) in order to confirm they're gone? Sheriff will be executing the writ of possession sometime next week.

I wouldn't. I'm going through my "official" eviction now. Based on how horribly the tenant has handled the situation, I can't imagine she would truly change her ways. Also, as others have mentioned, a tenant having an eviction says a lot. I've had tenants in the past that ran into financial issues, however, they were rational human beings. We sat down, talked about the situation, and they agreed to leave and pay the back rent. Save yourself the headache.

This is a great thread. I'm in the same position as the OP, currently have my residential property in my name but am considering the formation of a LLC. I have three umbrella policies totaling $6M and several clauses (most importantly indemnification) in my lease agreements. While this helps, I still question if I should move my assets to a LLC.

I personally add a few clauses in my lease agreements to further protect myself. Never thought about adding them until it was too late. If you'd like the list, PM me.

Thank you all for the replies! I'll look into the sites mentioned.

I almost feel bad asking this as variations of this question has been asked many times. I'm looking for a website to help screen tenants (credit, eviction, and criminal reports). However, I'd prefer to use a site where I can pull the report myself using the tenants SSN, name, address, etc. Any suggestions? Thanks in advance!

From a couple that used to live in one of my properties. Rent was $1,200 and they wanted to renew their lease. "If we were willing to sign a long term lease, would you discount rent?" My response: How long is a long term lease and what kind of discount are you looking for? "$1,000 per month for 14 months instead of $1,200 per month for 12 months". I'm not sure if they really think I'm that dumb or they really think they're being sly. Told them thanks, but no thanks. Time to move out.

I'm contemplating selling one of my rental properties. It currently cash flows $175 per month and I have had no trouble renting it. I purchased it in 2013 for $128K, owe $103K. Based on current comps, it should not be difficult to sell it for $160K. I plan on using the profits from the sale to purchase another rental property within the next year. Is it worth selling the unit to realize the appreciation gain?