All Forum Posts by: Thomas D Koeneman

If I already have a LLC setup for the property but PM as an individual, would that be proper separation with out the additional LLC? Also if the property is never advertised as "For Rent" bu the seminary fed me with tenants how could that be a fair housing issue. They are referrals...

Looking into purchasing a SF 3b/1b property with-in 5 miles of my home to set up as an income property. Question, Do I hire a property manager to handle the rental? I have many years of HVAC and Construction background, so it's not about the repairs. Mostly the management issues. My concern is when it comes to vetting the tenants and possible eviction issues. My target tenant will be the local seminary students that are married and would be in the property for no more than 4 years. The seminary provides names of families that are looking for housing. The other option is 1 year lease to 4th year students that are returning from a 1 year vicarage out in the "field". The seminary provides housing for the single men but not for the married families. The property is less than 1/2 mile from the seminary so the possibility of long term vacancies is slim.

Tom

@Dennis M. It sounds as if you are working with the listing agent... Get a buyers agent that will work for you and not the seller. Our fiduciary responsibility is to the person whom we first work with. If I'm the listing agent my responsibility is to the seller and my job is to get them the most money for the property I listed for them. Tom

@Dennis M. As a re agent who invests as well as produces millions of transactions a year, I find lumping all re agents under the same light to be offensive. I recently came across several investors that give REI a bad light! Let's say fraud was involved... I do not though consider all REI as bad people. Many re agents are good to work with. Don't throw us all into one basket! Tom

After several phone calls and meetings, with accountant, financial adviser, and attorney, (my team) I have decided to go with setting up a new LLC for this property. This will make the future sale and all income easier to track and also reduce my liability exposure.

I'm purchasing my first investment property... It is a single Family 3 BD/1.5 BA that havs the potential of $90 - $100K resale. I'm paying $25K with estimated $900 - $1000 mothly rent. I'm a Realtor and have an established LLC for that business. Where is the best place to park my investment? In the LLC, in a trust I have, or use an IRA? I'm currently thinking the LLC... My plan is to buy and hold for at least 5 years.

Thoughts please?