All Forum Posts by: Megan Penman

I am looking at purchasing a home on the lake in Lake Ozark, MO- From what I see it is zoned as R-1 and that nightly rentals are prohibited. However, it is and has been a nightly rental for years on Airbnb- I called the city and the person who answered said there are no restrictions for nightly rentals... but I am running across articles that say otherwise... advice on how to do my due diligence before pursuing this purchase?

Ha. Clearly I need to proofread before I post 🙃🤣- all good tips- I’ll contact an attorney to set it up correctly. 

I have two rentals, one in Missouri and one in Nevada- I need to open an LLC - I hear NV has better protection laws on properties- should I open the LLC there and create a serious LLC? I plan to purchase more properties in MO. Also- is it smarter to be a sole proprietorship instead of a partnership? I am married but we try to keep my husbands business/ income separate from the rentals- also for liability reasons. Advice?

I purchased a SFH that has dog doors built into the door that leads to the garage and the door that leads from the garage to the backyard. I am a dog lover and will allow dogs once approved (will be charging a pet deposit and pet rent) Do I remove the doors as they look terrible or do I keep them in hopes to have the dog not destroy the house? Pros and Cons? Thx!

Thank you for all of the help!- I will try the tips - :)

I purchased my first real rental this weekend and it has a terrible cat urine smell throughout the house. I am have ripped up the carpet, and padding to find old linoleum flooring on top of the subfloor. Has anyone used http://www.maxblasterusa.com ? or are there better options? Do I need to remove the linoleum and subfloor too?- it’s a 1957 slab home. Thanks for the help!

Thanks Andrew! I will have to do that as well. Great idea on the estoppel clause. 

Thank you Nitin for your feedback! Great tips on obtaining a letter from the current tenant and also addressing any issues that the LL might be trying to back away from-- Is it possible to also request to look at their books to prove out if the tenant is current on their payments/if they pay on time? That would be hard, as I am sure you know, if they didn't pay for 8 months. 

Do you write up a new contract with the tenant or just honor their original lease agreement? 

My skeptical side (or maybe my newbie side of purchasing rental properties) is that why would they be selling the homes if they currently have tenants in them and making a profit? 

Thanks for the help!

I am looking to purchase my first rental property using a HELOC- thoughts on buying a home with current tenants inside? M2M on one and a year lease on the other-thx