All Forum Posts by: John S.

Hello everyone,

I'm a single investor with no partners.

I started by placing my 1st rental property into an LLC (for this example, *JOHN SMITH PROPERTY INVESTMENT, LLC*).

I just purchased a 2nd rental property last week with this same LLC.

These 2 rental properties have total equity of about ~$1.5M (both are owned outright). Property 1 = $750k; Property 2 = $700k.

I told my RE lawyer this and he said that I should really have each property in it's own LLC, since if something goes down at Property 1 and I get sued, they can not only go after the equity in Property 1, but also that in Property 2. I have insurance either way, but he said it's still best to split them up, with each having their own LLC.

My plan is to create a new LLC for each one:

-123 MAIN ST, LLC

-123 GREEN ST, LLC

...and then use my original LLC as the "Holdings Company", which then owns those 2 LLC's, and any additional properties I acquire.

As of now, I have 1 business credit card and 1 business account for *JOHN SMITH PROPERTY INVESTMENT, LLC* -- this makes things easy from a bookkeeping standpoint.

I've started doing some renovations on each property and have so far just ran everything through the 1 business credit card and business bank account -- keeping track of all of my invoices, etc.

Even after I split up the properties into their own LLC's, is it safe to continue doing things this way? I can't imagine it making sense down the line once I have say 20 properties and 20 LLC's, to have a stack of 20 credit cards that I'm juggling.

As long as I keep track of what expenses belong to which LLC, is it safe to continue running all of the payments and credit cards through the holdings company and then just divvy it up during tax time?

Will this expose me to liability?

The Niagara Stealth advertises it's ultra-high efficiency @ 0.8gal/flush.

I pay for the water in my rental units, so I was looking for something that's going to cut my costs on water, but also doesn't clog and need constant repairs.

What do you guys think?

Hello,

I'm looking for toilet recommendations to use in a rental house.

Since I'm responsible for paying for the water, I would like something with a low water usage that still gets the job done effectively, and has as few issues as possible.

What brand/model would you guys recommend?

Obviously, newer homes are the "safest" bet because they will likely not need any major CapEx expenditure.

What's the oldest property you would consider investing in for rental property before major systems (electrical, plumbing, etc.) become a major liability and expense?

 Oh wow, that's very interesting. I didn't even think about black appliances. Are they generally more expensive than white appliances?

I just acquired a Section 8 duplex and wasn't sure if it was smarter to go with white or stainless steel appliances in the kitchen?

I know white appliances are cheaper, but I know they can be stained and pretty gross looking after some time (if they're not being taken care of and continuously cleaned). 

On the other hand, stainless steel appliances are more expensive, they won't be stained by things like pasta sauce, but they show scratches more easily.

I'm trying to make my Section 8 rentals as bulletproof as possible so that I can keep my costs down. 

Would you recommend White vs. Stainless steel appliances for Section 8 rental?

Hello everyone!

I'm looking for Contractors/Tradesmen in Long Island, NY (Suffolk County/Nassau County) for rental units (don't need luxury/high-end contractors).

I've done a few small projects at my 1st property, and I've called at least 10 estimates in for each job (top rated and top reviewed contractors on Google)... it was SHOCKING how big of a spread there was in the estimates. 

I'm hoping to build a team of contractors and tradesmen that do really good work at a reasonable price, with the expectation that these are rental properties, and not luxury/high-end units. 

I'm looking for contractors and tradesmen in every category.. Please let me know if any of you have any recommendations! 

Thank you!

 Each unit has it's own water heater tank currently

 I'm not sure, it's just old according to the inspection report.