All Forum Posts by: Daren Wang

Hi Jim, thanks for pointing out the problem that I have visioned. Well, I just hand over that headache to my property management company. Here in Metro New York kinda similar situation to Bay area, many singles, very high apartment rent, and house sharing is alternative to that. Technically, I would create a master lease agreement to protect my interest, while I will encourage my tenants to create their own agreement, regarding cleaning, noise, overnight guests, utility sharing, etc.

Thanks for asking, I stated that they are not related, and only rent a bedroom, share common areas among them. I guess each town has its own rule regarding that, but mostly won't be interested your business unless eviction and etc. happens.

Hey friends and colleagues,

I was told by an "experienced" lawyer, that if I really want to lease my single family house to 3 individuals (who are not related), I could sign once master lease and include all of them. Well, I am still wonder two things, first, will I be still in trouble if something go south, and authorities find out that it is a single family house not multi-family one, and you don't find 3 individual at the same time, how could I sign 3 individuals when there is actually only one tenant, anyone has experience on this topic? Thanks a bunch!

Hi Everyone, I live in Westchester, would love to attend local REI meetings.

People compare real estate to stock and bond, what wrong with it? oh, house, you can live in comfortably, shelter from rain, cold and other harms away. While other investment are just on the paper (maybe except one or two, for instance, gold ring, bling bling though)

Steven, thanks for the message, it means a lot.

Actually, I am CPA myself, but these questions are out my knowledge base, and trying to learn from someone here... I would consult a corporate attorney, if I have to.

Hi, BPers. Wish all of you are gonna have a great weekend. I have been listening to the podcast for a quite some time.

Here is my Situation, I incorporated a holding corporation in the Great state of New Jersey, and will purchase properties which need rehab work, and LLC them (so the corporation would be the sole member, correct me if I am wrong).

Questions:

1Does the structure said above provide legal protection as usual (a real person with many LLCs)?

2 For rehab work contracts, would be appropriate to contract under the holding corporation or it has to be under the specific LLC?

3 If we hold the after-rehab properties for renting out, does the rent has to be rendered by renters to LLC bank account? or directly to corporation account (afraid that in the event of legal dispute, court would rule commingle with funds between the parent corporation and LLCs, and losing protection as piercing the veil kick in)

4 If we do flip few properties, does it justify to LLC the properties right after we purchase them, or we can wait and see (if we could not sell the house, and then LLC it as rental property)

5 lots of LLCs are named as their address, just wonder which happens first, setup LLC or purchase the house?

i if setup LLC first, does it contain risk that the deal might not go thru and

you end up with an address name LLC wouldn't not be used elsewhere?

ii if purchase the house using corporation account, then have to transfer

the title to the LLC with another attorney fee and excise tax, and title

insurance...you name it... Am I missing anything?

Is there any method/process that could save some bucks and being a lot smooth transition than the two situations I could imagine.

Many thanks to anyone stop by and give their 2cents!!!

That rocks!

@Bill Gulley Well Said...