All Forum Posts by: Adam S.

Hey everyone, Pretty soon I will need to release a property and haven't had to screen clients before (property already had tenants). I know commercial is a lot tougher to screen for than residential. Residential you normally look at their monthly wages, but obviously commercial doesn't work that way. Can you suggest criteria I should look for: 1. I'm going to do credit checks, but what credit range should I be looking for? 2. I assume you look at net worth in regards to their financials, but how do you specially go about this? Do you get a banking statement with how much is in their bank account? In relation to monthly rent how much more should their net worth be? 3. Do you only work with people who have previously been in the same business? 4. Any recommendations on how to do a criminal background check? 5. How much of a deposit do you have them do? How many free months do you give? Do you raise the rent each year?

Hey everyone, I am looking for a leasing agent/broker that specializes in renting out industrial units in Northern Va (specifically Falls Church). If you have any recommendations, please shoot me a name and their webpage if they have one.

I definitely don't mind paying to hire a building inspector (thanks for the suggestion, wasn't sure of the wording to use for the type of person I was looking looking to hire). Thanks for the fire extinguisher recommendation, didn't even think about those.

Hey everyone,

I inherited a commercial unit in an industrial park that is currently rented out to a tile company (it was rented out when I inherited it).  The tenants pay on time by direct deposit and I have RARELY had to go out to the unit. The thing is... I'm new to property ownership, so I'm not really sure about much as far as property maintaining. I know every property has different needs... but what do you recommend I do regularly as far as maintaining the property. Also, who would be the type of person I would have come out to maybe inspect the place to see if anything needs to maybe get replaced (not sure if I would catch it and nervous about something serious happening).

Thanks for the info, super useful! As far as the flash... I assume you have an external flash. Where do you point the flash usually? I don't have an external flash and plan on getting one hopefully soon.

Hey Lakaye,

I'd recommend going through as much as the old posts on BP as you can, I'm sure you'll learn a lot and figure out the types of specific questions you want to ask (if you don't find the answers just going through the posts). Someone could probably write a book with all the info right here. 

sidenote: as a real estate photographer, what type of lenses do you recommend? I have a canon 70D (crop sensor). I assume a wide angle lens, but not sure if you have any recs for a focal length? Do you use flash for real estate?

No, definitely nothing illegal! Just whenever I'm doing research it seems like people find hiding their name the smart thing to do. I'm not exactly sure why though... Do you have any recommendations on the LLC vs No LLC (both with insurance)>

Hey everyone,

I'm still undecided about whether or not to do an LLC for a single commercial unit I own and rent out (no loan). A family friend is an attorney (real estate isn't his primary, but he dabbles in it) recommends that I form an LLC. He says in Virginia an single member LLC is treated the same as a multi-member LLC, but I'm reading about people "piercing the corporate veil." Having an LLC would definitely increase costs... (not sure how much exactly, but I know that things like insurance will be more expensive).

I was reading from some posts here that the "corporate veil can be pierced" if an LLC is not treated as a separate entity, such as having an operating agreement, holding meetings, ect. However, if you're a single member LLC you wouldn't need an operating agreement and meetings right? So, what can you do as a single member in a LLC to ensure that it's treated as a separate entity.

Eitherway, I would get umbrella insurance with as much insurance as possible, so I'm not sure if the headache is worth it. The only main reason I think it would be to have my name not connected easily to the LLC, so less headaches from tenants.

Hello,

I am trying to set up an LLC for a single rental property in va. I am currently trying to form a DBA, but its asking "relationship with business: 1st option: authorized business representative 2nd option: registered agent. I'm not sure about the technicalities of terms. Could you explain what they mean and help me decide which I should pick? I own the property and do not live in the state where I will register name/llc (I live in MD).

Sincerely,

Confused