All Forum Posts by: Corby Goade

I've been a landlord for a few years now, and had 3 SFR's in my name that I own and manage. I've recently purchased two duplexes and am getting serious about growing at an accelerated rate.

I have an LLC, and for purposes of personal asset protection, I'd like to quit claim my properties into my LLC, and likely start up another LLC or two, putting a couple properties in each. How complicated is this process? It seems that I can fill out the paperwork, turn it in to the state recorder and be done with it?

Is the process for a warranty deed different? Which is preferable in my situation? Advice on how to proceed would be greatly appreciated. 

Yeah, I would definitely dig a little deeper on this one. If there aren't tenants in place, I would do some checking on the value of rents in the area first, but if I had a deal in front of me with those numbers, I'd be at the bank this afternoon. Best of luck!

in my area, landscapers charge a minimum of $100 per month to mow a lawn. I have skirted this by telling my tenants that in order to keep rent down, I ask that they mow the lawn and I provide them with a mower if need be. This has worked pretty well for me for about 8 years. 

Weeding garden beds is a whole different issue. I add in the lease that they are responsible for basic maintenance and weeding, but weeds are ALWAYS a problem. I'm not talking about a small problem- I've had notices from the county that weeds were out of control and given me deadlines to clean them up to avoid fines. Has anyone out there had luck with any strategy to get their tenants to keep up with weeds? I don't want to pay a landscaper $100 every month to go weed, and I can't keep up with it myself. 

Without knowing your town or the details, the cash flow on this deal sounds pretty fantastic. Assuming that tenants are in place and paying those rents, you would have approx $1600 per month in positive cash flow on a property that you acquired with no money down for $50K- sounds like a great deal to me. Of course this doesn't account for repairs that might need to be made, as you mention above. Even if it needs $50K in repairs, you'd still be looking at positive cash flow in the range of $1250 per month. If the area isn't great, the challenge is in good tenant screening, not the financials from what I can see. 

I would love to participate in any meet ups in Boise in the future. Count me in!