All Forum Posts by: Russ B.

Multiple entities sharing a bank account probably takes away the compartmentalization you created them for in the first place - you're commingling funds between them, which means they're all one entity.

If one goes bankrupt, it may take all the others with it.

You may not need an LLC for each individual property, but each LLC you do have should have its own bank account and books, and should behave as its own completely separate entity.

One thing you could offer to do is, meet at the bank and get a cashier's check with them standing right there.

Originally posted by @Dawn P.:

So he could post all those pictures of his stupid self with stacks of cash but couldn't pay the rent?

No way he was screened.

Especially when the pile of cash he saw the need to take a picture with, isn't even enough to pay the rent 🙄 

What's allowed varies by state / municipality. I don't think the cash for keys thing would be an issue, but you definitely want to know where the business stands (because it's not just a building you're buying - it's a business) and what the local laws are before buying.

Depending on where it is, that could be a professional tenant that will take a year to get out. Can you make the deal work if you have to begin with an eviction that will take however long they take in that area?

Inherited tenants make up a huge proportion of the bad tenant stories we see here, because they're often the reason the place was for sale... it's not surprising to see a seller claiming all is good, when one hasn't paid in half a year.

Just because it's a higher priced rental, doesn't mean that people who don't remotely qualify won't try and talk their way in...

I would second having the line in the lease that says appliances are left as a convenience only and are not part of the lease / unit - ie, they're free to use the appliances you happen to have sitting there, but they aren't officially "included" and come with no warranty or obligations on your end.

I think that one is fairly common.. the last place I personally rented had it.

Originally posted by @Neal Royal:

Turns out the tenant was doing a laundry co-op service for several months. Thanks for your responses!

This is not the first I've heard of (or personally seen) a tenant basically running a laundromat out of their unit.. seems to be a not-uncommon problem.

I'm actually a managing partner in a daycare business (a regular commercial one).

There's a lot we do to ensure compliance and protect ourselves from lawsuits - from heavy duty insurance policies to video recording in every room and badge locks on the doors, to having an extremely solid legal team (thankfully, we've only ever had to call them to write up deals and fight with the occasional bad contractor).

You'd be at risk for anything that happens there that some lawyer (the kind that advertise on TV) could try to pin on the property, especially if you're the only person in the picture worth suing. They may also just name you for fun, to see if you'll throw em a few bucks.

If it's really unlicensed, the solution could be as simple as calling up the state daycare inspector for your area. The problem could take care of itself pretty quickly.

Cats aren't scavengers - even in the wild they won't eat random dead stuff they find unless they're really desperate.

If it's the flooring I'm thinking of (the synthetic tiles that click together that are completely waterproof), you might not even have to pull them up.

I've had water get under those in my own house from a plumbing malfunction, to where the whole floor was floating. I just started vacuuming in an un-tiled furnace room until the water was gone, walked across the floor to push more into there (the bottoms of the walls are held half an inch off the concrete so the water goes right through), vacuumed again, etc. Pretty quickly, the floor was feeling solid again.

The little bit of water that was left dissipated on its own within a day or two. With nothing under there to grow mold, it was good to go.