All Forum Posts by: Shawn H.

Land trust holds property, LLC is the beneficiary. Are rents paid to the trust? Is this paas through, on tax return, like an LLC? Property insurance in the name of trust or LLC?

thanks

What would be an acceptable cost to setup a land trust to hold property and setup an LLC for asset protection? I'm wanting average attorney fees, I realize states have different filing fees.

thanks

How does everyone review/approve tenant applications? Is it more acceptable to approve on a first come first serve basis, or wait for several applications and pick the most qualified? Also, does everyone call each applicant to tell them their application was denied? Or only call the approved applicant?
Thanks

It may be a possibility to install sub meters. I purchased 2 from Jerman.com for about $50 each, then had each tenant read their meter. If that isn't a possibility, include in lease that tenant agrees to pay 50% of total bill then send them an invoice. The meter option is less hassle for you. Funny how people become more responsible when they are paying the bills.

I had exactly this same problem in a duplex. The water level in one of the toilet's tank was too high and water was flowing into the overflow tube. It was noticeable in the water in the bowl. My numbers were similar to yours and averaged about 1/4 gallon/min.

Has noise between units been an issue for anyone? Specifically, 2+ story duplexes or multifamily. I'm referring to tenant/children running, jumping, etc. How have you dealt with disputes? We have a noise policy, I am curious of any other methods to promote respect between tenants, if possible.Thanks

With geothermal you can receive a 30% tax credit, no limit, for the next few years. Heat pump has 30% credit with $1500 max rebate. Geothermal will have greater initial cost with greater savings over the life of the unit.

I have a 2 story duplex...3 bd 2 ba 1650 sf each unit. The insurance company came up with a replacement cost of $412,000. I don't want to pay premiums for this much coverage. If a total loss were to occur, my plan would be to rebuild either a 1 story sfh or a 1 story smaller duplex(825 sf each unit). Either way I would be on the same foundation/footprint. So as long as I am insured for the approximate replacement cost for a total of 1650 sf ($190,000+/-) I would be covered correct? Is this allowed by insurance companies?

Welcome Paul...also with property in Southern IL...I'm curious of your investing experiences and outlook in this area

I am not taking money out of my 401. I do not receive any matching contributions. My investment properties do stand on their own. I was simply getting a feel for the general opinion of 401K's on this site. I also wanted to see if other RE investors feel more secure with free and clear properties during times like these, or if having debt on them is of no concern. My 401 has returned to its former glory, but we only have so much control over these type of investments even when managed. With RE, I feel we have more control and receive more benefits(and headaches). Every investor site or show repeats stock market averages 11% or so over the long haul and RE is less. I'm sure they are correct, but over the past 3 years my RE has outperformed my 401 considerably. And I can actually use the profits for future investments or whatever now. I am not against stocks, I just feel sometimes landlords and REI don't get credit where credit is due. Thanks for your responses.