All Forum Posts by: Marianne C.

Hey @Kyle Bigger!  You'll probably get lots of opinions and at the end of the day, it really just matters what is right for you in your specific circumstances. 

I have a number of corporations from trying to be creative over the years and it just ends up being a headache. Both my CPA and attorney have suggested that for real estate on your own (ie not a partnership) that single member LLC's don't do you a ton of good -- although you are able to anonymize ownership by using a registered agent if that's important. The S corp doesn't really offer any legal protection (not an attorney, so please check) and just creates the payroll issue you identified. So, I just have purchased things personally and then have as large of an umbrella policy as I can get. As this point, simple is good for me.

@Charlotte Fogarty  Welcome to BP!  

Hey @Account Closed!  I don't envy you in this quagmire ;)  One perspective would be to not worry about what they can or can't pay.  Only worry about what you can control -- you need to make money and still run a business with integrity.  So find the balance with what is right for you.  Doesn't sound like your thinking about evicting them, so they may choose to stay if you raise the rents.  Good luck!

Yeah, great meeting people!  Introductions would be great for next time.

Also consider what else you would do with the proceeds if you sold it.  Is there something else the $15k proceeds would be used for that might be better given your current situation?  Either way, you're going to have a transaction -- refi and use cash there OR sell and get the cash.  So it's not as simple as many first rentals where you just move out and start renting it out.  

I use Jarrard, Seibert, Pollard & Co -- jspcpas.com -- they are in West Linn.  Super happy with them.

Sounds great!  Would love to join in!

At a macro level, a realtor friend just posted this today:  http://www.simplifyingthemarket.com/en/2016/03/30/past-present-future-home-values/  This data supports the idea of continued appreciation in our area.