All Forum Posts by: Luke Sass

@Skye Anderson Skye, -I agree that sometimes your goals are different than your PM’s but you should account for some sort of management fee even if you plan on self managing.

@Ben Morris Ben you need quickbooks yesterday. It synces with your bank account and does most of the heavy lifting for you. Your CPA will thank you

@Robert Antonie I agree with Aaron call them anytime they will answer the phone, a few people that are interested will be worth dealing the other couple hundred people that won’t be so nice about it.

@Kai Van Leuven Couole thoughts on the pet policy. Yes it’s fairly standard to charge an additional security deposit ( as carpets will most likely require additional attention for pet hair). You should be able to charge an extra $10-&15 a mo for the pet. - call a couple apartments in your area and tell them you want to rebt but you have a dog abd see what the additional charge is. -There is additional wear/tear on your building as well as risk from allowing pets ( no pit bulls) and you should get compensated for it. -Every now an again you run into someone who is allergic to pets and it causes a ruckus.

@Nic A., It’s not common but you could get there if the owner is willing to carry a contract. I would say in this low yield environment you could negotiate it with the right property.

@Kai Van Leuven It’s sounds like you’ve gotten all the low hanging fruit, another couple things that come to mind Is reducing boring expenses that people typically dont shop or spend alot of time addressing; -taxes ( I don’t know how tuned in the city is to your remodel but you want to spend a little effort ensuring you don’t get hit with a property tax increase ) - I’m not sure the type of tenants your looking to attract but a playground might go a long ways to adding value -Insurance ( anything you cad do to reduce your insurance?, security cameras, moisture sensors etc might pay off) a quick call to your insurance agent to ask for a list of things that will reduce your premium is usually worthwhile.

Trang, Like one post one here mentioned you need to look at it like a lawyer would when they are deciding/attempting to sue you. I was originally in favor of setting up an llc but after additional research the math tells you a different story. 
Take a look at these articles and I think you will be able to make a decision. 
http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-1/ 
http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-2/ They dive into very detailed explanation as well as many risks/benefits & possible scenarios in which makes better financial sense. The clear winner is a large umbrella policy as it’s better coverage for most situations at a better price. Hope this helps Thanks Luke

Brian, I’m not sure I agree with his reasoning some potential risks for you are; - once in corporations name who else might be staying there? -is he planning on subletting the place? -I would clearly define the use of the place if your going to put it in a corporation’s name -any potential issues with a commercial business operating in residential zones area? Benefits for you/ways to mitigate risk; - have him personally guarantee to lease if he wants it in his company’s name -I’m not a lawyer but I believe a lease in the companies name might eliminate some of his tenant rights -I would check on potential complications with suing a corporation vs an individual (I think the process is similar although if the corporation is found insolvent you will have to pierce the corporate veil to go after the individual unless it’s personally guaranteed) Hope this helps Thanks Luke

Matthew Go for it alone you won’t regret it

Esther, PM me I can point you in the right direction