All Forum Posts by: Eddie C.

My property management company collected my rent, deducted management fee, repairs, etc. and then paid me an owner's disbursement.

Am I required to send them a 1099?  The total management fees for the year was $840.

Know your lease agreement language and local law and stick to it. People will try to sweet talk you or threaten you but it is all the same. They are trying to manipulate you. Talk to your attorney if you are unsure.

I use Attorney Daniel Reiff in St. Louis Park. I have an LLC with my one property titled to my LLC. I am conservative regarding protecting my assets. Reiff has treated me fairly. He offers advice appropriate to my situation and does not sell me things I don’t need. Last meeting was short and he charged nothing.

@Justin Young A bank in Iowa offered me a HELOC on my Iowa rental house owned in my LLC, but it required a personal guarantee. I decided to go with a cash out refi because it is non-recourse and I can get a fixed rate while HELOCs are variable rates and there is speculation that interest rates may go up.

I am a schoolteacher and this summer have decided to become a part-time REI. I am looking to buy and hold SFR to provide quality affordable homes to renters.