All Forum Posts by: Jerry Bredesen

 Courtney,

Disclaimer - I am NOT an attorney, and like everyone else, my advice is worth exactly what you are paying for it. Even if you decide to go the LZ route, I recommend you at least look at the state website. The paperwork and process is way easier than you might expect, and almost everything is boilerplate. That said, I've used LZ in the past and had a good experience. They'll guide you through the process and make sure the proper forms are filed; just don't expect more. Re the Agent - most states (possibly all) require you to name someone physically inside the state who can be served papers if someone wants to sue you. That's usually you if you live in state, or you can hire someone to act on your behalf. Hiring an agent is fairly inexpensive because they rarely have to do anything. Re: the S Corp. This is just a tax election. An S Corp (technically called a Subchapter S Corporation) pays no taxes itself. All the profits and losses simply flow to the LLC members (you) and you pay the taxes on your personal return.

Anita, I can't help you with your software question, but I can help you with Internet etiquette. 

DO NOT EVER TYPE IN ALL CAPS - UNLESS YOU ACTUALLY INTEND TO SCREAM AT US. PEOPLE HATE IT, AND MOST OF US WON'T EVEN BOTHER TO READ YOUR POSTS, MUCH LESS ANSWER. I KNOW IT SEEMS LIKE A SMALL THING, BUT IT IS HIGHLY OFFENSIVE TO THE PEOPLE YOU ARE ASKING FOR HELP.

Look through the rest of these forums. Do you see anyone else using all caps?

Hard to beat a full-sized pickup. I have an older extended cab F-150 that I couldn't live without. 

Why not just replace the broken piece with a new one. They're still available. 

Since the old DW is trash anyway, use a grinder to cut it in half from the inside so you can pull it out in peices. It will be much easier to figure out how to get the new one in once the old one is out. 

Fellow landlords - What sort of recordkeeping system do you use to document that you have performed any routine inspections and maintenance you may be required to perform? I'm thinking of things like smoke/CO alarm testing, rekeying locks, or testing the water heater temperature (120 F max in Wisconsin) where you may someday have to prove that you actually did the work, or simply that you acted in a reasonable manner to provide a safe home for your tenants.

Personally, I just note the date and activity on a spreadsheet, but I'm concerned that may not be considered proof if/when I ever need it. Has anyone come up with a "bulletproof" recordkeeping system that helps provide some legal cover if needed?

Simple answer - your sister can't afford $800 a month rent, and she won't qualify for a mortgage. She's lucky she already has a paid-off home, even if it's not ideal.

Also, I would never rent to friends or relatives. If you choose to do so, you had better be ready to forgive late/missed rent payments. What happens when your sister isn't able to pay rent because her medicine costs too much? Could you really evict her? 

Personally, I would be very leery of renting to a lawyer. I've heard a few horror stories.

One intangible to consider is whether the garage will help you attract a better quality tenant. People who drive nicer/newer cars may not even consider a house without a garage.

TJ - Congrats on the first duplex. Depending on size, you can probably get replacement windows for around $200 each. I've always used the lower to mid-grade big box store vinyl replacement windows, and have always been satisfied with the quality. My nstaller charges me about $50 a window, and he supplies the caulk and vinyl trim strips if needed. It's a very simple DIY project, so just about anyone can do a professional-looking job. Or you can easily learn how to do it yourself from a YouTube video.