All Forum Posts by: Patrick M.

@Scott M. There are far, far more hoops to jump through to gain the "alleged" protections of an LLC. It is a daily endeavor making sure that "your two worlds" don't collide. From not using a personal credit card for supplies to how you move your money in accounts. As I have said before- any of the protections (beside anonymity) are far better covered through proper insurance. And on top of all that- his finger prints are all over the property already. If such an egregious tort took place any lawyer worth his salt can pierce the veil of an LLC- especially one tied to real estate.

           As both an investor and property manager for clients all over the world I can tell you there is a benefit to be an “unknown” owner. Or maybe known but not easily trackable and that anonymity is something some of our clients enjoy. They do not like telling a tenant no. They do not like enforcing late fees or are as eager to start eviction if they are the ones doing it.

Yeah- but he is already getting down in the mud? He is managing the property. He will be telling tenants "no" on a routine basis. But as the owner you have far more authority.

And by the way- in many jurisdictions, if you walk in to court to prosecute an eviction as an LLC you can be forced to retain counsel.

@Jeffery Drayton Embrace it- you are already putting yourself in the mix.

Weed smokers don't appreciate how much they smell. And just because they are smoking it outside doesn't mean it doesn't follow them in. God that stuff sticks around, regardless of wafting through the windows- I am sure the hallway smells from them as well as their apartment

BTW, my ficus tree could get a medical marijuana card. It is now legal in my state which is subscribing to the new adage "well if people can't follow the law, then we'll do away with the law." Great points by @Nathan Gesner

Wow- that sounds like a lot of extra work and opens up a bunch of pitfalls. 

My market's department charges a base amount per unit and then water usage results in incremental increases. All multi's in my market include water in the rent... in other words, water is paid for by the landlord.

When we took over one 4 family we implemented water conserving appliances, shower heads and fixtures. Made sure water heaters were operating optimally and replaced those that needed it. Through renovations we also cut out about an extra mile of piping in the building- well it seemed like it. The quarterly water and sewer bill dropped by over $400. $400! It has been an ever steady, roughly $850 a quarter... until the last 2 (I just received my quarterly bill today)... The last 2 have been $680! Thank me very much! Roughly $600 difference from take over.

So I get all the profit and the RUBS and sub-meterers get all the work.

In NJ it is tough luck- barring extreme case - you go through your homeowners insurance or pay.

Zillow all the way for me. With the amount of demand right now I don't need to be spread on other platforms. I took my listing down yesterday from Cozy and I am still getting Realtor.com inquiries. 

One platform where all my info and communications are. Allows prospective tenants the greatest amount of freedom to use their reports on multiple listings. Uploaded pay stubs... nope it is ball game.

You are going to lose the same amount of privacy whether you are the property manager or the owner. Tenants know to reach me via text and all is good. My home address is on my leases... because we live in the 21st century and it is a click away anyway.

All my tenants know that I am the owner of the properties and they see me down there working with my family, wife, kids, in-laws. I would like to say that they see the pride I have in presenting a beautifully, recently renovated apartment and I can tell them all about it, from studs to insulation to wiring, but who knows what they think. I do know that they have so far taken very good care of it and the common areas. They love living there and they know who to call when a concern arises.

If I was going to be "frightened" of any tenants, it would be the ones I removed- instead I laid down the law and they eventually moved on... I am certain they are probably over a year into taking advantage of this rent moratorium somewhere else.

If you didn't purchase the property in an LLC then anyone can find out you owned it before moving it into an LLC, trust me- your tenants will look and find you out.

So why the charade? Embrace it! Let them know that this is your baby! This is helping feed your family and you need them to abide by the lease. 

Sorry... I really just don't understand it. You have far more authority as the owner, and when your tenants find out you are the owner they are going to wonder what you are trying to hide. 

I love being the owner of my properties and letting the world know.

"I appreciate that, but I would like to speak to the owner about this issue." "I understand thatyou told him, but I am not sure you explained it..." "Can you please provide me with proof that you have presented this issue to him..." Gosh- one could run you through the ringer once they found out you were really the owner!

Embrace it!!! 

A good 1st step and will give teeth to Florida and Texas... But in States like mine where we have a King who dispenses moratorium dates it will be a mere cite in future briefs.

Texas was already telling its state Judges to pay no mind to the moratorium. It is a different story elsewhere.

I think you did with the 3 or 4 trains! LOL! That is gold!

Also- the segregation between your personal and LLC must be absolute for it to mean anything. That means separate credit cards and accounts and no cross mingling. There are several other factors to consider.