All Forum Posts by: Bienes Raices

The portable alarm (lasershield) that I use is billed to my personal credit card. The alarm was in a house that I own in an LLC for a few months while the house was vacant.

In order to avoid co-mingling, do I need to do an expense report for the time period/monetary amount that the alarm was used at the LLC'd property? This is kind of a gray area because the alarm is also used at houses that I own in my own name when they're vacant. I currently own one house in an LLC and the rest are still in my name. Thanks.

No, I'm not requiring it because I had a situation where the tenants got it and I was listed as "additional insured", and then the carrier later dropped the policy because it had "too many insureds" on it, even though they initially agreed to write the policy with my name included on it.

Thanks all. I ended up getting a new self-cleaning whirlpool that was on sale for $404 at Lowe's.

I agree with Jerry.

I believe that the large umbrella policy/own in your own name method should be a temporary, stopgap measure, not a long term plan. This is what I'm doing. I have some rentals owned free and clear and I want to get mortgages before I transfer the houses into LLCs.

I've known some people who've owned rentals for very long periods of time in their own names and got away with it without being sued. However, I think your taking a real, albeit not huge, risk by doing that.

I formed my first LLC using "My LLC" and did the second one myself (it was quite easy) using the Florida sunbiz website. I don't know what rocketlawyer offers. If it's a multi-member LLC the operating agreement may have to be more robust than in a single member LLC--that's where you might need specific advice and language. Other than that, forming these entities is cut and dry, at least in my state.

thanks Aaron!

I need to replace the range (electric, 30 inch, freestanding) in one of the rentals and I was wondering if anyone had any suggestions for a reliable brand/model. I'm looking for a NEW white-color coil type under $500 (would prefer self-cleaning if that is possible in this price range). The few I've seen in this price range so far have been Frigidaire and Tappan (which seems to have poor reviews, unfortunately). Thanks.

Bill, I bought the lease from an attorney. It looks like the clause refers to the LL/PM relationship (if one exists).

Huh? This person called on the phone and told me about the eviction. I don't want to spend time showing the place and processing an app when they've already told me about something that will result in an automatic "no".

Thanks Karen.