All Forum Posts by: Neil Sickendick

@Eric P. Interesting - I'll stay tuned over there as well - thanks man!

There's an underlying theme in your response...  I can't quite put my finger on what it is... :)

Thanks for the input!

Hi all -

Long time reader, first time poster.

We have reached an agreement with the bank on a short sale (the property will be a rental for us). The house is being sold as is, but we are certainly planning to do an inspection prior to acquisition.

The home is currently winterized (all electrical/plumbing shut off).  The agent representing the bank said she would ask the bank to turn utilities back on for inspection purposes, but she doubts they will.

Is this common?  What have you experienced? Seems ill-advised to purchase a home where the entirety of the electrical/plumbing/HVAC might be inoperable once they hand the keys over.

Thanks in advance for your direction,

Hi all,

I'm new to this arena, but have been researching and building knowledge for a while.  I have a few questions/thoughts, which I think may be best directed to our specific region.

1) To LLC or not to LLC, that is the question:

I've obviously read the 1,000 threads on this topic already. I get the benefits of placing a property in the LLC, no need to rehash. The question is - what are people here actually doing?  Like most, I need to do a mortgage on this first property - the bank won't put a mortgage in the name of an LLC.  Certainly, many others have faced this problem so, what did you do?  I'm leaning towards just an umbrella policy, but one thing I would like is to have my tenant cut a check to someone other than me (a business name, for example).  Can I establish an LLC and have the tenant cut a check to it, even if I keep the property listed in my name etc, or is there a better way?

2) Where did you obtain the rental agreement that you use with tenants?  Is there a need to go to a lawyer to get this done?  It seems like one of those things that, essentially, should be somewhat universal.  But, I want to make sure that what I use provides the best possible protections.

3) recommendations on knowledgeable and (relatively affordable) lawyers/CPA's etc in the area that would  be able to discuss this with me fully.

That is all.

Thanks in advance for any direction