All Forum Posts by: Account Closed

That is the way it is done.  But is sort of done under the table. And why it is done after.

If the note holder finds out they can call the loan or require a commercial loan. And of course the little things. Like your insurance. They may not, but they can legally refuse a claim if the name on the policy does not match exactly what is on the deed. So put it in the name of the LLC and then have higher commercial insurance. Additional insured does not solve this. Agent may tell you no problem but watch what happens if you ask for it in writing.

Then some states require a lawyer if you do an eviction on a tenant if it is owned by an LLC.

I still say an LLC is a bad idea unless you have complete hands off with managing the property.

Otherwise no protection , just extra problem.

The saying is LLc's were designed by lawyers for lawyers just to make money setting them up.

Depends on your market. Like my area. No longer can you count on appreciation and yearly rent increases. Used to be easy.

You really need a title search which you can do at the courthouse.

But sometimes this is not that easy to do without help the first time.

Usually you will find someone there doing one for a lawyer or title company. Well worth it to offer $50.00  for a 1/2 hour of their time.

You need to check liens and any judgments against the owners.

I have to disagree with the above post by James Mc Ree.  There are a few exceptions, so I think your will find with a little research his is not the norm.

Most of the time section 8 people will cause more problems and more wear and tear.

Of course part of the reason is more people in the household. And a lot depends on your local sec 8 office. Some act like they are doing you a big favor and are very unprofessional. Others can be very easy to work with. Just like Judges, know your local section 8 office to start. Difference can be night and day.

But I definitely would not recommend it for a out of town landlord. And only experience LL should even work with it if they are in town.

Used to be easy for the 1% in my area 20 tears ago.

But now, very hard to do unless I get very lucky at an auction.

Little easier if you are willing to buy in the minority areas.

But it just depends on your area.

Mildew or non dangerous type of mold can form from condensation and lack of airflow. This can be common. So you would need to prove there is still a problem. Hire your own independent testing since the mail in kits are not reliability.

If it is positive then ask them to let you out of your lease early.

If it is a big concern to you. Then ask to get out of the lease before any test.

Understand most molds are not dangerous and also can be spent on testing when a simple cleaning will do. There are also a number of other test for different things that can also be done.

But this is something you have to decide how much to spend. 

The Department of Housing and Urban Development warned last week that landlords who refuse to rent to anyone with a criminal record are in violation of the Fair Housing Act and can be prosecuted and fined for racial discrimination.

issued on April 4, the federal agency announced that any landlord with a blanket policy of not renting to people with a criminal conviction is effectively discriminating on the basis of race or national origin. "Because of widespread racial and ethnic disparities in the US criminal justice system," HUD's new guidelines read, "criminal history-based restrictions on access to housing are likely disproportionately to burden African-Americans and Hispanics. . . . [T]herefore such a practice would violate the Fair Housing Act."

because blacks and Hispanics commit crimes and go to prison at than whites, a policy of automatically rejecting applicants with a criminal past will have a “disparate impact” on different racial groups

It could work out but then again you could have problems. Trying to do long distance investing is going to make this a nightmare.

Very happy with E-Rent

No offense to the other posters.

But remember that common saying. The people that benefit from most from an LLC's is the Lawyers that can charge you to set one up.

Very few should ever consider one.  There are to many ways to pierce the protection.

Setup for asset protection only, you are personally involved in day to day management etc...

Easier to do your own research on " How to pierce the protection of an LLC "