All Forum Posts by: Gulshan D.

I am on an H1B visa and new to rental properties. I was told I am allowed to invest passively while on H1B visa. I bought a house in Chicago land area and plan on renting it out to HCV/section 8 candidates. Apparently, the Chicago Housing authority provides a one time incentive equal to the first month rent to first time owners participating in the program. Being on an H1B, am I allowed to take these incentives. Any concern for H1B conditions violations? Would it be considered “public charge” if it is one time? I have hired a property manager to manage the property  who will provide me with the 1099. Would receiving the 1099 interfere with my H1b extension or green card application? Thanks 

Thanks for the insight, Nathan! 

@Nathan Gesner absolutely right! “Guaranteed rent” is what made me convinced and they are “more likely to be cautious” because if they break the clause on the lease agreement, they might get evicted and the chances of them losing their voucher becomes high. Isn’t that true? 

Hey guys, I need some advice on my first rental.

 My agent said it might be worth renting out to section 8  tenant and he was able to convince me. Do you guys have experience on section 8 tenants? What were your experiences like? Are there any additional clauses i need to put on the lease agreement, eg. taking care of the  property, timely payment of their portion of the rent etc.
 
i also need some input on whether forming an LLC would be a good idea. I have the property under my name and was thinking of getting an LLC down the road. Would it be a good idea or having a personal umbrella policy should be good enough? Any advice is greatly appreciated. Thanks!

 Thank you!! 

 Thank you very much. The info is very helpful 

I am looking at a property near Chicago and plan on closing very soon. I have a question regarding the title for the property. Should I close the title on my name or would it be a good idea to open an LLC or trust and have the title under them. What would be the pros and cons of having the title under LLC vs trust vs individual. Any insight is highly appreciated.

Got it. Thanks! 

Hello, 

I am closing on property and my lender is requesting a homeowner insurance quote before they can get the final approval. Do I need home owners or land lord insurance? I plan to completely rent out the property. Any input is highly appreciated. Thanks! 

Thank you @John Warren. Appreciate the input!