All Forum Posts by: James Collins

thanks everyone.I sure have a lotto learn.Like I said earlier for right now I am going to make sure her insurance is adequate.

If it makes a difference I would say the houses are worth 100-110 thousand a piece.So around 1.2 mil worth of rentals.Her house is worth around 500,000 with 200,000 mortgage.

I wish I had never mentioned It was my mothers business.I was really looking for how you guys would handle the business if it was yours.She is not incompetent but she is not real business savy either.Neither am I.

She would listen to me if I said here's all the reasons why you need to do this and this is how we do it.

Iam doing all the (physical) work in this business with her so I'm not just some know it all kid trying to tell my mom what to do.

thanks Robert,I wish I knew a local expert to ask.I feel that people that should have been advising(attorneys) tried to take advantage of my mom after my dad died.There plans were things like "sell them all,I'll buy em" "Turn over the properties to me and I'll invest the money and give you a certain percentage" So I'm trying to figure it out myself

Ok thanks guys I am going to make sure her Insurance coverage is adequate and leave it at that for now.

Brian lets please keep this discussion about business,I really don't need any counseling about my relationship with my mother.Thanks

Thanks guys,Thats a lot to take in.
Basicaly I'm in this together with her.I've moved back home because she is unable to keep up with it physically and it cost her too much to pay someone else to do the work.So now all she does is the bookwork.I am running everything else.I am currently living in one of her houses so I guess she actually has eleven rentals.

We are planning on expanding the business.I'm looking at some houses to buy and either flip or rent out if they don't sell.I've been a carpenter for 20 years and can pretty much handle any kind of repair/remodel.I'm not to sharpon the business side of things.So I will probaly be posting a lot more questions.

Thanks guys.I understand seperate LLC's would require different bank accounts and paperwork.
She would keep up with it once it's setup. I do all the mantainance/repairs.
Perhaps one Setting up one LLC would be the best thing to do?

Well thats one person saying I should setup LLC's and one person saying I don't need to.

Yes I agree I would rather she had the mortgage agianst the rentals.I tried to tell her that when she refinanced

Thanks for your reply.Not sure what the laws are in Missouri.

Hi,New guy here hope I'm posting in the right forum.

My question is for my Mothers rental business.She owns 12 houses free and clear.And has a large mortgage against her home.

I have been telling her she needs to split her business up into several LLC's.To protect her home and business.She will not listen to me.

What do you all think?