All Forum Posts by: Vivek Kumar
Vivek Kumar has started 11 posts and replied 29 times.
Post: Cost to transfer a new property to into a series in an existing LLC
- Posts 29
- Votes 7
as per him this includes "creating series and transferring the property"
Post: Cost to transfer a new property to into a series in an existing LLC
- Posts 29
- Votes 7
I am in austin texas and i have a LLC that already has 3 serires one for each rental property i own. I recently acquired another one and wished to create 4th series and move the property into it. My old attorney is asking $325 for this. Is this reasonable?
Post: Army veteran applicant
- Posts 29
- Votes 7
Quote from @Alice Goodson:
Quote from @Vivek Kumar:
Quote from @Bill Hampton:
Quote from @Vivek Kumar:
I am sorry not sure what you mean
What he means is that you should have a checklist for tenant qualifications. For example a tenant has to meet certain qualifications to be able to rent your property: income, credit score, evictions, rental history, criminal history, etc. If you don't have specific prerequisites, you should put some in place.
but then i am here as it's useful to learn from others experience for this kind of profile and background that I have no experience with.
Don't exactly understand the question. In fact you may want to be cautious of the inquiry since many states have discrimination laws. If he meets all of the criteria what makes you inquire about his military status impacting him/her as a tenant? Just wanted to let you know simply being a veteran may not be the best thing to deny a tenant.
Hope it works out.
Alice -
Heritage Rentals LLC
I already rented to him. But the question was to just know the unknowns like any special accommodation requirements I may need to prepare my property
Post: Army veteran applicant
- Posts 29
- Votes 7
Quote from @Bill Hampton:
Quote from @Vivek Kumar:
I am sorry not sure what you mean
What he means is that you should have a checklist for tenant qualifications. For example a tenant has to meet certain qualifications to be able to rent your property: income, credit score, evictions, rental history, criminal history, etc. If you don't have specific prerequisites, you should put some in place.
but then i am here as it's useful to learn from others experience for this kind of profile and background that I have no experience with.
Post: Army veteran applicant
- Posts 29
- Votes 7
I am sorry not sure what you mean
Post: Army veteran applicant
- Posts 29
- Votes 7
I got an applicant from army retired. Getting about $4000 and $2500 now as a consultant in a furniture company. He is alone and no pets. He has 1 year of rental history in an apartment leasing. I checked his 2 year bank statements and looks fine. His credit score is 620. He only have a auto loan with last 34 payments all on time.
any red flags etc to check for? I have never had a army veteran as an applicant. So would appreciate any kind of thoughts
Post: Tenant for possible short term
- Posts 29
- Votes 7
I normally sign up for a year lease. However, got a willing tenant with an excellent credit score and everything willing to sign up for a year lease. However, they already see a possibility to break it after 6 month due to some uncertain moving parts in their life. I am ok for it personally but trying to see what additional lease terms i can put regarding lease break so that i have no or very low financial burden for breaking say in the 7th month.
Post: investment properties in kyle, TX
- Posts 29
- Votes 7
Quote from @Joseph Bui:
Are you sure it would be cash flow positive? Its not even close to the 1% rule. Also got to think about maintenance which most investors set aside 15-20% of the rent just in case.
Well will break even based on numbers I got
Quote from @Bill B.:
I’m sorry. I thought your post asking if the rent was reasonable meant you didn’t know and were just guessing. A PM would eliminate any guessing and know what they could get.
But anyway. What happened? Was the last tenant really overpaying by 15-20% or is your rental market really crashing hard? Is it too late to sell to an owner occupant before values crash too? I’d be disappointed at flat rents, I can’t imagine a 15+% rent crash. Good luck.
They were over paying but then I have got other property where tenant is overpaying. So now struggling to fill up is a shock for me.
Quote from @Bill B.:
Please hire a Pm. Unless the last tenant was paying 20% over market rent or the market you’re in is falling apart (if so, SELL!) You may end up finding a tenant at $1950 and be “happy”. Until you find out a PM would have charged $2,300 and paid you $2,100. Then you are paying to be a PM.
PM can't guarantee either timeframe or 2300 rental. They are going to do pretty much the same what I am doing right now (which is posting on Zillow and similar sites and putting a board in front of the property) as long as it is about renting.