All Forum Posts by: Eve Mahoney

Totally agree, David. I'm only on my second tenant, but started advertising immediately after the first gave notice. Ended up with about 3 days vacant during which I had the place cleaned top to bottom. 1st tenant left mid-month (their choice & they gave 30 days notice); 2nd came in mid-month. An entire month vacant is a lot of money to lose.

In regard to the original question, seems to me you're off the hook with your current tenants. They said they were leaving.

Thank you Colleen, good point, people lose jobs every day.  

As it turns out the parents would not co-sign. We turned them down.  Thanks for all the input!

Now we have another applicant. Both spouses work. Together they earn more than enough to qualify. The wife is expecting. Either spouse”s income alone is too low.  I don’t know their work plans after the baby comes. Can I even ask?  

Thank you Steve, those are great questions!  One reference has not called me back yet so if this moves forward I'll use those.

Good tip on not using family, too.

Thank you! Good suggestions. 

Their income really is too low for this property. Unless one of them is working off the books or something.  No jobs show up on record for one of them since 2007. I've asked them for a co-signer.  We'll see what happens. 

I have prospective tenants who have no prior rental history. They live with their parents. I ran a credit check and they have good credit. Their income is low for the property.  

They gave me personal references - friends, family.  What should I ask these personal references?

Well obviously getting money from mom is cheapest lol.  Actually I just gave them enough to buy land.  Now they will be looking money to build.  I guess I'll start a new question although there doesn't seem to be much hope for obtaining a reasonable loan.  I am not going to encumber my own property in Los Angeles.  Even mom has limits.

Thanks but I do not want to encumber my California property.

Q2: No matter what state you live in and no matter what state you organize an LLC in, you will owe taxes on the income to your home state. If you buy property in a state you will probably have to register your LLC in that state even if it is organized in Delaware.

I am in California. If you, as a NJ resident, organized an LLC in Delaware and purchased property in California you'd be considered to be doing business in California, your LLC would have to register in California and file a California tax return. I don't know if this holds true in every state but odds are it does.

What advantage do you get/hope to get by organizing in Delaware?

My daughter and her fiance live in Cholula, Mexico. He is a Mexican citizen and a college professor. They want to buy land in Cholula and build one house to live in and another to rent. I am interested in helping them and need to know how to get financing for this, terms, etc. Any help is appreciated.