All Forum Posts by: JR T.

Just go get control of your property. This lady doesn't care. Next time collect some cash money or don't bother writing up a lease!

In this market it's very hard to find properties that work for buy and hold. Houston has lots of condos in the Willcrest area in the $50s that you can make a good return on. 

You're free to sell your shares anytime and do whatever you want with the money.

$600 per year is kind of pricey for a dog. One positive about dog owners is they stay longer because it's hard for them to find a place that will allow the dog and moving is more expensive due to the pet fees. I charge a $350 pet fee at the start, if you can get additional rent from someone, go for it, but don't ignore the fact that you'll get consistent rent, longer from a dog owner.

If you do work for the LLC you need to pay yourself wages and withhold the appropriate tax. The wages need to be reasonable for the services you're performing. The balance you take in distributions which, thanks to Mr. Trump, you get to write off 20% of that from your income right off the top.

Frederick does not require any licensing to operate a rental. How you handle your taxes on a roommate situation is up to you. Some would just have the tenants pay them in cash and not sweat it. 

The most important thing is to be careful who you lease to. You are allowed to discriminate against smokers and drinkers. Pop an ad up on Craigslist and you should find plenty of potential tenants. Basements in Frederick rent from $700-850. You'll get more rent if you install a small kitchenette in the space.

Good luck!

You  can buy now and when you are relocated lease out the whole place. That is how the vast majority of people wind up with rental property. They just keep their loan in place and put a tenant in there when they need to move.

It is very easy to simply sue the tenant in small claims court for your damages, go to court yourself, obtain a judgment and then follow up with a wage garnishment or bank levy.

The District Court has helpful information, the procedures are easy and it's extremely inexpensive. Your judgment is good for 12 years and renewable again if you're still interested at that point. 

Let me know if you have any questions once you get into the process.

It's pretty easy to do yourself or you can pay an incorporator to do it more cheaply than an attorney. Incorp Services is one there are many others.

All of the entities do basically the same thing. You'll probably find the LLC to be the easiest to work with.