All Forum Posts by: Dinesh T.

I formed an LLC in October 2015 & this is my first time filing. I have not yet transferred my rental properties under my LLC. Below are my questions:

• Me & my wife are members of the LLC. I assume that this means it is a multi-member LLC. Can anyone please confirm?
• Should I report the income & expense under the LLC or under my personal returns as the properties are still in my name.

Dinesh.

I just got a condo resale document & I was surprised that the association charges move in and move out fees of $150 each time. 

• Does the tenant pay to the association directly this fees?
• Is it normal to charge tenant move in and move out fees?

-Dinesh.

Thanks Jeremy

On further investigation, I found that this was in the extremely hazardous database & decided not to pursue. Apparently the dry cleaners use some chemicals which can seep through concrete into soil. The vapors from those chemicals probably is harmful.

-Dinesh.

$8000/month rent on 200K investment. Fully rented. Talk about the 2% rule. The catch is that a neighbors property (dry cleaner) is potentially contaminated. Seller is insisting on cash purchase as bank will not finance due to environmental concerns.

Is this property worth further investigation or should I not even touch a potential contaminated site with a 10 ft pole?

-Dinesh.

I understand that the more loans you have in your name, credit worthiness (read credit score) of an individual goes down. Any loans you take from banks is information which is available to all other banks. Is the same true if I take a loan from a seller? If this information truly private, then I would assume that the credit worthiness would not take a hit initially.

On the flip side, individuals would not report payments to credit agencies and hence the long term credit would not improve.

Thoughts?

-Dinesh.

Thanks John. Appreciate your input.

-Dinesh.

I got a response from my yellow letter campaign. However the property was recently lead abated. What impact will it have on a prospective tenant when I have to disclose the fact that the property had in fact lead in it & it was professionally removed? Would you have the same hesitation which I have in moving forward?

-Dinesh.

I have joined class to become a real estate agent and have started my search to join a brokerage. While I am currently interested in investing in multi-families, I would like to move up to investing in apartments. Would you recommend that I join regular residential brokerage or brokerages dealing exclusively in commercial transactions?

-Dinesh.

 Thanks Steve. Can I assume that your point is to go to an attorney to do this rather than DIY?

-Dinesh.

 Thanks Mat. I went to TD bank & they advised me to open a Landlord Tenant account. I guess I am splitting hairs here, this might be enough.

-Dinesh.