All Forum Posts by: Peter Mckernan

Hey @Jose Castillo I agree with @Justin Gonzalez on this one. You should jump onto Legalzoom and form the LLC. An attorney is good to have in your pocket of course if some sticky situations happen; however, something like this could be avoided for now.

If it’s a bigger company (i.e. multiple partners, a larger company) I would get the attorney involved. Even if the company starts off as a  small company/just you, you can always go back and change the verbiage with the attorney and pay him that fee then. 

Hello @Karl Wertz

For something that revolves around developing real estate it would be best to have an attorney form the entity for you. The is also advantageous if there are going to be multiple partners in the business because you want to have an operating agreement that is lined out to everyone's liking, and they agreed upon. The operating agreement between partners/investors in an LLC/business is the road map for the company.

If you had a goal of forming an LLC for only a couple rental properties for yourself I would suggest using Legalzoom, or another online company like theirs to help you form the entity. The reason I say that is because there is not as much red tape with that type of entity as there is with the amount of money is needed for development and the investors/partners that are needed.

Good luck!! 

J, this was amazing! I have been there for both events, and they are getting better each time! 

Yes! Please put together another event for next year!

@Bernie D. I know that there is a big developer in Orange County, Ca that has bought many SFR around Disneyland, rehab the houses, and then turned them into Airbnb rentals. He performed a lot of them within the last few years and has made a great deal of profit off the short term rental.

Good luck, if you are able to get into a couple of them you can do really well! 

Thank you @David Panzera for replying! 

Thank you for the insight @Account Closed

Looks great! @J. Martin

I want a lot of apartment topics, and leveraging the most for those apartment deals. What areas those investors are working in now, and what areas are the best for a good ROI. Thank you for putting this together @J. Martin

@Alex Shipp

It is truly fun if you look at it as a problem solver. You should manage your properties as a professional, and look at it as always a learning experience. Of course there will be harder issues than others that come up, in these situations bring the positive attitude and it’ll be much easier to handle. 

To reduce any issues and problem tenants, tighten your screening processes. This will reduce the possibility that you get stuck with a troubled tenant that calls you for unnecessary items to fix or replace (i.e. a light bulb).

Hey @Jamaal Turner

Welcome to the site! This site houses many mentors, and with your great start, that seems like the best route as you said. Reading all the information on this site can help you, but getting the real life experience is where the rubber meets the road. Good luck Jamaal, I grew up in Redlands, so if you need anything, or have any questions about that area let me know.

Hey @Michael Healy

There is a middle ground between all this stuff, for instances, tenants I have will handle anything that are minor fixes, but if it sounds to be even beyond my capability, then a professional is sent out. If a property manager sits waiting to go handle every single issue, then there will be this self entitlement mentality, and the tenants will call for every little thing; or if the tenants come into the rental thinking that we will do everything for them on a beckoning call, then there is some training that needs to be done.