All Forum Posts by: Andrew Millard

Is it ethical to charge rent for apartments as the tenants are just "trowing away money"? is it ethical to charge $200 a night for a hotel stay? Supply and demand rule everything. I think if care for your properties/business and provide a good product at a decent value to your customers its moral.

Decently nice trailer: $35K 30 year note say $200 a month, plus 300-400 lot rent. $600 total. Much cheaper than a quality 2 or 3 bedroom house rent. 

I’m from west bend, finding a good Tennant is like finding a decent average job. Takes a little bit of task work, but not super hard. People looking to rent in small towns are on Facebook groups mostly not Zillow.

If you work south of Hartford there’s a few lower end dups in Hartford for 150-200. Looking a little farther out might be the ticket. Mayville Horicon have dups for under 150k

I think some may have missed my original point. Is it stupid to have a LLC? No. Good standard practice? Yes. My point is there’s some much obsession over it I just wonder how often it really happens that someone’s sued to the point that the LLC mattered. Just like the infamous 2 am clogged toilet calls that rarely happen.

Great responses. Jim Jopling sounds like he was sued as a bad contractor, not as a real estate investor. Not a consolation, but think about why decent landlord would be sued for large sums of money. It would likely be over major negligence. In the litigious Society we have the individual will likely be at fault more the the LLC. I agree it’s good to have some asset protection, but the guys getting different LLCs for each 30-100k property seems way excessive. Not to mention if you the individual is sued for massive amounts (say terrible car wreck your at fault) your rentals are fair game, LLC, INC or not.

My question is mostly out of curiosity. Does anyone on here have any example of you or anyone else being sued and losing the entire asset, business or worse?

I hear so much about asset protection and it just gets me thinking, I've never heard of anyone being sued and losing everything or losing the asset. I own a couple rentals in a LLC with million dollar+ liability coverage, the likelihood that I would be sued and loose excess of that seems highly unlikely. Seems to me that if something major does come up the insurance will pick it up, and if not you will likely be held liable personally anyway for some reason or another.

Standard figure out average life of each item, cost divided by useful life to figure out cost per month. Roof in Milwaukee on a 4/12 pitch simple apartment should run $2.5-3.75 a sqft. 100/mo/door seems a little high for maintenance but that all depends on how you run things and classify what’s maintenance and what’s capex.

I think when your self employed with taxes exceeding 10k a GOOD CPA will save you more than they cost you.