All Forum Posts by: Caryn Seifert

A 1031 has a definitive time frame and you may not be able to find another property that meets your criteria in that time frame depending on location. 

Could you sell it to a new LLC you own and get a new loan for less than 8%?

Hi! On occasion I rent to tenants with pets if all the other boxes are checked. Not sure if I need to increase the fees. What do you charge?

Currently I charge a $300 non-refundable pet fee and $50/mo per pet. I think the non-refundable fee is low based on the damage pets can do (not to mention tenants). I am thinking of raising this to $500 and also increasing the refundable deposit by a few hundred. 

SF in Ohio. Rent $1200. Security deposit $2400. If no pets. TIA for your input. 

You can create your own LLC it's easy to do. Just make sure it is structured properly.

USE THE PROPER AND COMPLETE DOCUMENTATION:  the articles are only your application for your LLC set up in the formation state. That’s it! While they are the only public LLC document, they do not govern LLC operations in any way; they do not determine who the actual members are. The four most important LLC legal documents (which are private) that govern LLC operations, protect your personal assets and determine who the actual members are…

(1) Operating Agreement (OA)

(2) Minutes of Meetings

(3) LLC Certificates of Ownership

(4) Resolutions

Here's a resource LLCs for Landlords

Definitely, have written "Release from Lease" signed by both parties on the same page. I would suggest having them get their signatures notarized...you don't want to be drug into a messy divorce. I would also do an inspection before releasing him. I would charge for the inspection...your time is valuable. Any damages would need to be paid in full or corrected before releasing one party. Depending on where you are located you may want to make sure the water bill is current. In some places, the past due water bill stays with the property not the tenant. 

If you don't feel confident in her ability to pay on her own you can ask for an additional security deposit before the husband is released. 

Managing multiple insurance policies?

Not being able to choose the insured value you want for the property?

Inspections and inspection fees?

Canceled / non-renewed policy?

Adding and deleting properties when bought & sold?

Co-insurance clause? 

Insurance doesn't cover property after it's vacant for "30" days?

Other?

Would love to hear all your input.

@Linda S. Great idea to use a vent hood and no microwave over the range. I am definitely doing that. 

Thanks for all your replies! I appreciate your input. 

Hey BP nation! I'm doing a complete rehab of a rental property. I am not planning on putting the flooring under the new kitchen cabinets. I will be using LVP flooring over the existing ceramic tile. 

Do you typically put flooring under the kitchen cabinets or not? Why?

@Austin Haynes

In addition to the good advice above:

3 Mo of pay stubs. Mo. income of 3X the rental amount. 

Call to verify employment and whether it is temporary or permanent.

Google them. Enter name in quotation marks so it shows you only results for that person as opposed to showing results for anything containing their first or last name. Also, try combining applicants' names with their city or county to narrow the search.

Drive-by Unexpectedly. Consider driving by or even paying them a visit at their home to get a good look at how much care they show to their yard maintenance, housekeeping, and general cleanliness.

Landlord references are good but be aware they may not always be truthful if they are trying to get rid of a problem tenant. 

@John T.

Wow! I've heard/seen plenty of crazy things but weeding with a propane torch! Sorry, you had to deal with that. I appreciate your input. I will be increasing the amount they are required to carry accordingly for each location. FL $300,000 / OH $100,000. 

FL is more litigious and house prices are higher (along with just about everything else LOL).