All Forum Posts by: Robert Glennon

I bought a rental from another landlord earlier this year. I'm about a month away from when the tenant's lease ends. They would like to renew for another year. However, I just noticed the previous landlord did not do a move-in inspection and there is no report on condition of property at move-in.

What are my options?
1. Do I just renew the lease without an inspection report and hope for the best?

2. Can I do a move-in inspection report now, even though they've been living there for a few years already? 

3. Maybe a Property Condition Inspection Report? 

4. Something else?

What would hold up in court if he eventually leaves and there are significant damages???

The tenant takes OK care of the place. I'd give him a 7 or 8 for cleanliness and maintenance.

LLC is set up as a partnership with just my wife and I as the only members.

I'm working on getting all of my rentals transferred to my LLC and setup in Quickbooks. I'm using Nancy Neville's book: "QuickBooks for Landlords who hold & flip" which is a great help.

I have a few personal unsecured lines of credit that were used to purchase/rehab these homes. 3 questions:

1. Do you recommend paying those lines of credit directly out of business checking acct, OR making a draw to myself first and then paying the line of credit from my personal checking account?

2. How will doing one or the other affect me tax wise?

3. How will doing one or the other affect the balance sheet and profit/loss statements?

Unfortunately, I'm not at a place where I can refinance the lines of credit I to a business loan at this time.

What say the experts?

Single Family seem to have better resale potential for when you are ready to get out.

I'm renting properties in Lansing, Michigan. Have 7 properties right now. My partner in Jackson, Michigan has over 100 units.

Looking to network with like minded individuals.