All Forum Posts by: James Li

Recently, we had a call as the management from the tenants mentioning that they had a security concern in the property.

The property is in a gated community. The tenants reported that burglary and break in used to happen in the community. They experienced two events: one was a person tried to enter the house through the sliding door in the family room at night around 1 am. The other one was the sunglass in the tenant car was stolen when the car was parked at the drive way of the property at night. We had suggested that the tenants could get a security system in the property, like simple safe. Tenants asked if the owner would contribute to the system. We thought that this is beyond the owner’s responsibility.

Any suggestions?

@Jaysen Medhurst The concern is 1) if by accident the firm formed the LLC On behalf of the owner but made a mistake on the owner part (like misspelling of owner name), and 2) if the firm did not register the LLC with the ownership on your name. After transferring the property to the Wyoming LLC, I am concerned about the property ownership.

That's why I am thinking if there is a way to verify the ownership of the Wyoming LLC. To me, even the public records of Wyoming LLC do not show the ownership, it can be tracked if the real owners want to see the documents of Wyoming LLC in state to verify it.

@Jaysen Medhurst hey Jayden, my point is how to verify that the Wyoming LLC formed by the owner with help from attorney firm (register agent) is actually the owner?

This question comes up to my mind when I plan to transfer my property to my Wyoming LLC.

If another person claims in the future that my Wyoming LLC is owned by him, instead of myself. How to approve it?

Wyoming LLC could bring the best asset protection. Just one question: how to confirm or verify the ownership of Wyoming LLC since the members of the Wyoming LLC are not listed in the state website or certificate of organization.

@Jeff Schechter

Thanks Jeff for the responses. That makes more sense to me for what you pointed out.

Me and my wife invest SFH rental locally. Most of the properties we purchased have an age within 20 years. In order to diversify our portfolio, we are thinking to invest out of state. We search so called turn-key properties and had spoken several turn-key providers. However, we do have some concerns on turn-key properties and hope sophisticated investors can provide some insights:

1. Normally turn-key properties providers provide have an age range of at least 50 years. However, when talking about the renovation done in the property, seems no plumbing or wiring replacement has been done. Basically, the turn-key properties just are done with the replacement of roof, water-heater, and/or kitchen/bath reno/resurface. This would concern me a lot that issues with plumbing and wiring would definitely happen down the road.

2. Normally the turn-key companies collaborate with local providers and contractors. when talking about signing the purchasing contract, the parties on the contract would be only the investors and local provider, rather than the turn-key companies. This concerns me a lot if something bad happens in the future.

3. Since the contract is only between investors and providers, what is the role of turn-key company plays in the business? Referral benefits? 

4. Management company also is local and turn-key companies have no control with the local management, why investors need to have turn-key companies as their contact and let turn-key companies to deal with local management? No guaranteed at all since turn-key company cannot control over the local management/providers

5. What about the appreciation of so called turn-key properties compared to the properties with the age of 10-20 year?