All Forum Posts by: Account Closed

@Pat Goodyear - I am in similar work situation. I work at a tax accountant, army reservist, and landlord. In the Army I rely heavily on a couple good NCOs and I take care of them as best I can. Given they don't always do tasks how I would do them, but they get them done. Like NCOs, good property managers make things so much easier. Even though my property manager doesn't do everything 100% how I would do it, my units are taking care of and things get done. I seriously recommend finding a good property manager. It will allow you so much freedom to maneuver to focus on working on your business instead of working in your business. 

Hi Mike, 

Feel free to connect with me.

Has anyone dealt with raised house before? Recently a couple have come across my searches and I was wondering if there are additional repairs involved since the bottom of the house is exposed? What other things should I know?

@Chris Freeburg Well first things first...I didn't acquire that property. You can work with the local government's zoning commission to work on combining lots. After speaking with one in this area, I was told that it could be done. I have another property that I'm considering doing it on. 

Hi Jessica. Aaron is correct, but I think there is more to add to his post. You need to bring something to the table, something that will attract an investor usually a deal or a track record for producing good and stable returns. Another suggestion is to network and get to know people after finding a deal or developing a track record. 

@Soh Tanaka I think you missed the point of my comment. The point being that a different ways to protect yourself from risk other than forming a separate LLC for each unit.

@Russell Cazeault

If you are seeking legal protection, I assume specifically against being sued, have you considered purchasing an insurance policy for it? I don't remember what type of insurance it is, but I know there is one. I guarantee it will be a lot less headache than separating every property into its own LLC with separate books and bank accounts.

From a tax perspective it wouldn't matter too much since I assume all of these LLCs would be single member an thus treated as disregarded entities, which means it would flow directly to your Schedule E. Based on a conversation with the my lender, that amount is what is important for applying for loans.

@Dylan Earl You are right to a certain extent. I personally don't want 4 loans for what should be 1 loan nor do I want to pay 4 closing costs and sign 4 sets of closing documents. It isn't efficient.