All Forum Posts by: Account Closed

I'm glad you found it useful, it's what we do.

I have shared the process and helped many find a good property manager. They aren't commodities and what works for one and their properties could be a disaster for someone else.

Yeah, a seller will never call you up and say, "Hey, you know, you are offering too much, let's reduce the price to X." It is all up to you to make those offers and let them come back and try to negotiate higher.

It's not that hard.

We file everything electronically, but you can order the forms directly from the IRS...

http://www.irs.gov/businesses/page/0,,id=23108,00.html

You need both 1099-MISC and the 1096 transmittal forms.

Also, does your brother work for anyone other than your company? Is that documented? I ask because if the lion share of his income for 2008 came from you through a 1099-MISC that sets off flags in the IRS computer system. It is likely he will be tagged for an audit or your company will be tagged for an audit or both.

To guard against this, it is important he "offer" his services to the market at large and that there is evidence of that.

Just say'n, cause it's all fun and games until the audit notice shows up.

Some states have specific rules for specific documents that either require a notary or give preferential treatment if notarized. Most lawyers will use a notary for most documents they generate requiring a signature. This is especially true for things like Wills and Estate planning documents because by their nature the signatory is not going to be around to vouch for their own signature after they are dead and their wishes are being implemented.

Having a notary validate the identities and signatures is never a "bad" thing. It generally makes a document easier to admit into evidence if needed and establish the authenticity of the parties involved.

A witness and a notary are not the same. A "witness" is vouching they actually saw the signatures be put to paper but their credentials are not presupposed to be valid. A notary's are. They are registered with the county and their identity is proven and they have that nifty seal to prove it.

Be careful in the non-notary witnesses you choose to use. They can't be connected to you or derive any benefit from the transaction to be accepted by a court, should that be needed.

Well said. All high leverage lending is relationship based.

What is practical about it since it most definitely increases my likelihood of being sued?

But, we do not provide it in any language other than English nor do we execute our leases and other agreements in any language other than English.

There are very specific liability reasons we do not conduct business in any language other than English.

I am not saying others should do what we do. I am saying you should discuss it in detail with your lawyer.

Property Book

Yeah, the book turned out to be a great thing for us. We talk the talk about transparency and we walk it too.

When we get appraisals or sell, the inspections are a breeze because EVERYTHING is right there. Full descriptions of repairs, damages, improvements, etc. All with copies of the receipts. Appraisers love us because we make it easy for them to find the defects and how we dealt with them.

It is just one of the ways we reduce the risk of someone renting or buying from us and therefore get higher rents, better sales prices, faster closings, easier dealings with lenders. It also makes us younger, sexier and money falls from the sky as we walk along.

Okay, I am exaggerating with that last part. :D

But, in all seriousness, it is just one of the ways we set ourselves apart in our markets and it pays off many times over.

Yep, it's all legal until the forensic audit happens. :cool: