All Forum Posts by: Mike S.

I charge $250 refundable security deposit per pet. No additional rent.

@Taylor L.

I agree, don’t even consider stock investing if your expected holding time is shorter than 3 years.

Look for online banks with high yield money market. There are offers in the sub 2% range now.

A joint account will be another way to create an informal partnership that will open you up for shared liability of everything. Not something I would do.

You can create an LLC instead where you will in writing in the operating agreement spell out exactly who is doing what and what each of you is entitled to. Then this LLC can have a bank account under its name. You can even require that each withdrawal need both your signatures.

@Kory Moran

I have been using Cozy.co for 2 years now and I am satisfied by their free offer.

@Justin Kushner

I have a C Corp as management company for all my entities.

I am using it for all my expenses and it also gives me some other benefits like a health care plan. I can also use it for retirement plans.

This Corp is also the property manager for my rentals and is the public face of my operation. It has almost no capital and would probably be the first line of defense in a lawsuit.

Its only income is from the management contract between my entities and the % of rent that I take as property manager. I review my contract fee each year to make sure that this company is earning only as much as I need for my goals.

I have a similar setup.

However I have a c Corp for management that collect all the rent and pay all the expenses.

Each small Smllc has a basic checking account that is used as a pass through from the Corp to the holding LLC.

Only my Corp and my holding LLC have credit cards.

I bought points for one of my property and my calculation was giving around 5 1/2 year to make it worth it. As it was a keeper for the long term, I did pay it. But now with the mortgage rates dipping again, I need to calculate if it worth doing a refi. Obviously with the points that I bought it make it less advantageous to do so.

If you have to ask the question, I would suggest that you use a lawyer. Warranty deeds are not more difficult than quit claim deeds, however you need to know what your state and county require in the deed. Using a local real estate lawyer is useful and cheap. A deed preparation should not cost you more than $150 to $200 plus recording fee. On the other hand, if you bought the property initially with a warranty deed, you can probably use it a as a template. But if it was me, I would use a lawyer anyway.

Unfortunately after looking it up, I don’t believe that lady bird deed is available in your state.

You should get an estoppel letter from the tenant confirming the amounts of deposit and that there was no amendment to the lease agreement that was provided to you.