All Forum Posts by: Sylvia B.

I provide a detailed accounting of deductions, and include the statement, "Photos and receipts are available upon request." We also include a list of common deductions in the move out instructions letter that we send.

Perhaps, perhaps not, but apartments and mobile homes are different animals. What are other mobile homes in the area renting for?

We started out with one LLC that did everything. After a few years we had grown to the point where we were no longer comfortable holding all our real estate in one LLC, so we reorganized to the structure we have now. Keep it simple as long as you can. When it's time for complications, don't do anything without advice from a lawyer and CPA.

1. No fee

2. Any money not spent on expenses or held in reserve for yearly expenses is transferred to the holding company, because it is the owner. As partners in the holding company,  Hubby & I take money from it. Money never flows directly from the management company to us personally.

3. My 3 LLCs that own real estate do not have bank accounts because they have no money. 

My 10 occupied houses are all paid. The 2 vacant ones are getting tenants Friday. I'm in a small town in Missouri. 

The accounts are separate because they have different account numbers and different owners. However, from one login I have access to any account that my signature is on. Currently that is 7 different accounts. Your bank may require separate logins for each account, mine does not.

@Nicholas Jose You really want to get the completed estoppels before closing on the property. Not only do you want the tenants' information, you also want their statement concerning the terms of the lease agreement, to be sure that it is the same as what the seller has told you. There should be questions about the rent amount, due date, lease expiration, security deposit, who pays utilities, and who owns the appliances, at least. You can either provide the information that the seller gave you, asking them to verify it, or leave blanks for them to fill out.

 This is what we have:

Holding company LLC (partnership) owns 4 single member LLCs. 3 of those own the real estate, the other operates as a property manager. All rents and expenses are handled by the managing LLC.

We have 3 business bank accounts. Checking account for the holding company, checking account for the managing LLC, and savings account for the security deposits.

All records are kept in QuickBooks. Each house is a class, under the LLC that owns it. Income, expenses, assets, and liabilities can easily be sorted by class and grouped with others owned by the same LLC.

Both my lawyer and cpa approve of this arrangement.

My plumber says he loves garbage disposals in rentals. I have none in mine. Connect the dots.

We invest in a small town with a rather high demand for rentals. That has not changed. We still get calls almost every day from people looking for houses to rent. We are not under a state-wide stay at home order, and have had no cases in our county yet, though there has been one in the town closest to ours (different county)

Most of our tenants have jobs that so far have not been greatly affected, but some will definitely have problems if ordered to stay at home, since their business is not "essential". We will cross that bridge when we come to it.

There is no moratorium on evictions, but the courts aren't hearing eviction cases right now, so . . . But the only tenant that I was concerned about possibly needing to evict moved to New Mexico last month, so evictions aren't a concern right now.

I have 1 tenant closing on a house purchase in May (they hope) but the other 11 aren't going anywhere for a while. This tenant has been good, solid tenants for 5 1/2 years and originally only planned to rent for 6 months to a year. 

No one has said anything about not being able to pay, and most have paid already. I expect the last 3 payments by Saturday.

So for us, things are still very much business as usual so far.