All Forum Posts by: Todd M.

Nah guys, my bad, miscommunicated....

Each panel is 60amps.

I guess the problem lies in the way the electric makes it to the panels inside the building:

The lines are buried in a 2in pipe in foundation cement up until the panels. Electricians are concerned about running lines from street to panels (in this pipe) that can handle each panel being upgraded to 100amp. They are thinking it will require 3in pipe. That's the rub and why potentially the price is so high; they can't just swap the panels out.

I've got one electrician trying to see if he can pass inspection copper lines in the existing 2in pipe. I guess copper handles more amps (than aluminum maybe).

Hello,

New owner of a 4plex with 60amp electric service. There are 5 electric panels with fuses: 1 for each unit and 1 for common area electric.

In trying to get property insurance, two very large insurance companies have problems with the current electrical and can't touch it.

They wanted upgraded service to 100amp, so I had to go with an expensive, state based plan (plan of last resort). In addition, I had to take out a separate commercial liability policy as well.

I'm starting to check around and it's looking like approximately $8,000 investment to upgrade to 100amp in order to "save" $1500/ year in insurance. It's not like I have that kind of money laying around.

Anyhow, I'm not experienced enough to know what I'm being told and the direction I'm heading.

Thoughts? Opinions?

Thanks everyone. I'm getting it.

Any suggestions on moving money from one corp to another?

If I move from corp to personal (distribution or paycheck) then to LLC, then I'm going to be taxed on it.

Hello,
Seeking opinions/insight into "loaning" from one of my corporations to another from a tax perspective:

Quick Background:
I have a C-corp for software development business. I have an LLC for my real estate business which consists of one duplex and one four-plex.

Once or twice a year, I loan money from the C-corp to LLC and I'm wondering if this is a good idea from tax avoidance perspective? In other words, I'm trying to lower my taxable income in the C-corp while injecting the LLC with cash for improvement projects.

Let me be clear on something though- I pay taxes, but I am always trying to legally lower my tax payments. I'm sure there are plenty of other people on this board who understand.

Thoughts? Alternative ideas to consider?

Thanks in advance,
Todd

Hello,

I have a 4 plex with a common door with access to utility room. Tenants are suppose to keep this door locked (deadbolt and regular handle lock) at all times. Well, they don't and I had a "break in".

Thieves came in and busted off the coin boxes from washer and dryer.

I'm looking for ways/ suggestions to keep that common door locked at all times. Is there some kind of automatic door lock?

Thoughts?

Thanks in advance,
Todd

What to do when you suspect there are too many people living in a unit?

I have received two reports from one of my buildings where tenants suspect there are more than 2 adults living in the units.

How do I prove it? Thoughts?

All I can think of is writing a letter restating the lease terms about number of people authorized to live there.

Thanks in advance,
Todd

I'm looking for recommendations on finding an attorney . I own a duplex (in LLC) and 4 plex (in my name for now) with aspirations of growing bigger. Maybe you saw my previous post on a tenant slipping on ice.

Anyhow, my local list of MHA attorneys is pretty big, so my current focus is creating a shorter list:

Do you have suggested interview questions?
How do you typically work with your legal team/person; e.g by the hour, yearly retainer?

I want them to review my current lease procedures and paperwork and also be someone to call when tenants try to come after me in the future.

Suggestions? Opinions?

Happy New Year. Well, a fear of mine happened today.

Tenant called and said they slipped on ice outside my four-plex and needed to go to emergency room. Cracked knee cap and ligament damage.

Says to me- "I'm not planning to come after you because you're a nice guy. Just drop off a shovel so I can clear things now and again."

Now, I clear snow personally if it snows over 1.5 inches. And I left a 50 lb bag of melting salt in the utility room of the place.

I own this place in my name (no LLC or S-Corp). Insurance: have business liability coverage ($500,000) and personal umbrella liability policy of $1 million as well.

Thoughts? Suggestions? Prayers?

Hi,
I'm looking for specific procedures on noise policies :

Do you address it your lease; e.g. "must be kept to a minimum between the hours of 9pm and 8am every day"?

Do you tell tenants in writing they should try to work it out themselves first, then call the authorities and then the property manager? You know, what's the best practice here?

Do you send some kind of follow-up complaint letter to the noise offenders?

---
I need to have a policy in place because these one-off custom counseling sessions doesn't seem the right way to do it. Doesn't scale.

Recent example:
Resident starts work each day at 5am including weekends and he is really after the tenants upstairs about noise. He called me to complain last night at 8:30pm. I told him it's a Friday night and give it some time. If things don't calm down by 10:30, then call the police as I'm not onsite to hear the noise.

I do background checks and don't allow more people allowed in a unit than allowed by law. I'm diligent. In this particular case, I covered the hardwoods with carpet and pad.

Anyhow, thoughts, comments and of course, specific wording on noise policies are appreciated.

Todd

I imagine this one has been covered but searching the forums didn't help.

Looking for opinions on accepting rent payments in cash:

I'm probably being a bit paranoid, but it seems like an area that could manipulated by a devious tenant. No paper trail. A tenant could claim they paid xyz when the really paid zyx.

Thoughts? Suggestions?

Todd