All Forum Posts by: Alejandro Lee

@Jacob Repreza I got a SFH and a duplex located in Cleveland area. I both them back in 2018 and haven't bought anything since. What about you?

@Patrick M. thank you so much for the response, i also hold umbrella too and not sure if that should be enough for those two properties. @James Wise im the only owner and got them through a bank loan. 

Live in California and have 2 rental properties in Cleveland with a total value of 150K at most, is creating an LLC for each property a viable option for asset protection?

Hello BP community!

I've been experiencing my first eviction and hopefully last. Now that the tenants are out, they owe me a good sum of money (no rent paid, damages, etc) that the security deposit wont cover. Although my property manager supposedly is handling it, it seems like i gotta follow up for them to do something about it. The question is, should i personally contact the tenant so they can pay?

Thank you!

Alex Lee   

@Jason Hirko, from what ive read, people usually do 50/50 with only one person dealing with the down payment and the other just as PM. do you know other creative ways of making a partnership fair? 

Hi BP community!

I'm ready to look for some partnerships with people but the trouble is, i don't know what is a good binding contract for me and another investor. What are your guys' experiences when doing partnership deals? what is a fair deal when splitting the profits of the property?

Thank you for responding and happy holidays! 

Hi BP community!

I'm ready to look for some partnerships with people but the trouble is, i don't know what is a good binding contract for me and another investor. What are your guys' experiences when doing partnership deals? what is a fair deal when splitting the profits of the property?  

Thank you for responding and happy holidays! 

@James Miller actually, the property will be in cleveland, LLC in cleveland with a registered agent in cleveland as well but the single member LLC (myself) resides in california.

@Ashish Acharya do you know if i have to pay california taxes even though I opened the LLC in cleveland?

Hello BP! 

I hope you all are doing great! So a couple of months ago i created an LLC in Cleveland (i live in California), i did so in order to place my rental property and all that. Now that the LLC is created, i decided to leave it under my name and not transfer it to the LLC. Am i going to get penalized for doing so? Can i still keep the LLC? whats the right course of action?