All Forum Posts by: Michael Herr

Is this situation standard? I assume the property manger did this to reduce liability.
Lease states parties as "INSERT OWNERS NAME" will be refereed to as Landlord.
I would have expected the Property manager's name to be written there. The lease has the Property manager's business name/logo on the letterhead. There was a page in the addendum spelling out that owner hired and was represented by the PM.

It depends the area of town and are utilities split? 

If it only has one gas/electric meter, then I'd say go single-family,but that's my opinion.

Make sure to factor in extra management expenses for extra tenants when doing the 1 vs 2 vs 3 unit calculations. 

What's the cost to convert to single-family? 

Also, hire others to do the work. It's hard to imagine that you are getting a decent return on your time when you need to drive 5 hours to swing a hammer. 

Welcome Josh. 

Checkout the meetup.com group and the recently formed Peoria Illinois Landlord Group, mostly organizing through Facebook. 

I use the thicker click together Lowes LV plank flooring. I love it. Tenants do too. 

Way more forgiving of less than ideal subfloors compared to tile. 

Works especially great in small/odd shaped spaces like a bathroom. 

The glue down thinner version is not fully waterproof. 

I generally let them know they are both on the hook for the lease: rent and damages even after just one moves out. Paint a bad picture of that, then tell them you are willing to sign a new lease with just one, but all parties need to sign to break the original lease. 

I do the same thing for non-dating friends that fight or just one needs to move out fot a reasonable reason. 

I don't like yard-signs because it just attracts calls from nosey neighbors. 

Low-income properties it's a good idea though. 

I use Craigslist and zillow rental manager. 

Get a selfie-stick and a panorama app and take great pictures. (don't go crazy with panorama and make them look fish-eye) 

Call section 8 office today. 

Better yet, go in there: my local housing authority doesn't do well with new technology, like computers, email, or telephones. 

I have 15 single-family homes. Mix of personal name (for loan reasons) and LLC owned. Some are managed by LLC, some by property management. My LLC is "Herr Property Management LLC" Didn't like my last name on my business card and I don't like explaining at networking things that I don't manage other people's properties (thought I was going to go that route when I picked the name) I'd like to do business under a different name, but keep the LLC name unchanged for simplicity sake. How have others structured it while re-branding? Re-naming LLC seems like alot of work. One LLC owning another seems like an unnecessary level for my size. Notes: Illinois Single-member LLC, pass-through taxation. Long-term plan is to buy a multi-family, bring management in-house and quit the day job. Yes, I will consult legal counsel, I just like to do my homework first.

I think you meant risk not asset protection. Asset protection wiuld be a question like: what if i have 10 homes a tenant sues me and gets all 10 instead of the one. Yes, it's less "risky" to own a home free and clear, however your cash on cash will be worse. If you have 10 homes vacancy on one won't cause you to go under. The merits of financed versus cash investing have been discussed to death here. Please browse some posts: read up good luck.

I've use the frosting in a spray can. Never had that issue. You could try hobby store acid etching. (what i planned on until i had great success with spray frosting) The best option, especially for someone replacing the window is to go with a froatws glass window. Last rehab, I couldn't removw window in shower cost effectively due to brick siding. I had a local glass company make a double paned piece of "replacement glass" frosted on one side. Installer used pvc trim to frame it in. Much easier to clean and more modern look than standard window in bathroom. Installed it was around the same price as a standard stock window. I know that doesn't helps you since you already replaced it but: next time.