All Forum Posts by: Jay Moore

Hello all. 

I plan to rent out my extra bedroom for extra money. I downloaded the BP lease agreement. Do you have any tips or resources recommended for getting up and running for a newbie landlord for just a room rental?

I have a post for lawyer recommendations as well. However, I would like to ask a tax advisor if they have any advice for LLC/DBA tax structure that enables tax advantages later on.

I'm currently searching for a new lawyer to assist with LLC formation and drafting a room rental contract.

Can anyone recommend a reliable lawyer who can meet these requirements?

I'm currently searching for a new tax advisor who will be on my side. In addition to help with yearly taxes, I also need assistance with LLC formation and drafting a room rental contract.

Can anyone recommend a reliable and responsive tax advisor who can meet these requirements?

Yes, I would appreciate any references for Attorneys in the San Diego area that can assist with room rentals, LLC formation and rental contracts.

Thanks for the clarification on how to treat mid-term rentals same as long-term. I am leaning towards using the Biggerpockets lease agreement. I was not sure if I needed to work directly with a lawyer, rather not.

Setting expectations sounds smart. Do you know of any service or lawyers that specialize in rental contracts?

Hello BiggerPockets Community,

I'm a new landlord and want to ensure that I have the right insurance coverage for my rental property. I've read about the importance of landlord insurance in protecting against potential risks, but I'm unsure about the specifics of what I need and which providers are best.

I would appreciate any advice or recommendations on the following:

1. **Essential Coverage**: What are the key components of a comprehensive landlord insurance policy? Are there specific types of coverage that are must-haves for landlords?

2. **Recommended Providers**: Which insurance companies offer the best landlord insurance policies in terms of coverage, customer service, and pricing? Any personal experiences with providers would be helpful.

3. **Cost Considerations**: What should I expect in terms of cost for a typical landlord insurance policy? Are there ways to reduce premiums without compromising on coverage?

4. **Differences from Homeowner's Insurance**: How does landlord insurance differ from standard homeowner's insurance? Are there specific aspects that are unique to rental properties?

5. **Claims Process**: What has been your experience with filing claims under landlord insurance? Are there providers known for handling claims efficiently and fairly?

6. **Additional Tips**: Any other advice or insights related to landlord insurance that I should keep in mind as I shop for the best policy?

I want to make sure that I am adequately protected against potential liabilities and unforeseen events, so any guidance from experienced landlords would be greatly appreciated. Thank you in advance for your time and assistance!

Hello BiggerPockets Community,

I'm new to the world of real estate investing and am looking to start my first LLC to better manage my properties and protect my personal assets. I understand that forming an LLC can offer various benefits, such as liability protection and potential tax advantages, but I'm a bit overwhelmed with where to begin.

I'd appreciate any advice or recommendations on the following:

1. **Steps to Start an LLC**: What are the essential steps involved in setting up an LLC for real estate purposes? Are there any specific considerations for landlords?

2. **Best Services for Setting Up an LLC**: There are numerous services out there that assist with forming an LLC (e.g., LegalZoom, Incfile, Rocket Lawyer). Which ones have you used, and which would you recommend based on your experience?

3. **State-Specific Considerations**: Are there any state-specific requirements or tips that I should be aware of? I am located in CA, so any insights related to this location would be particularly helpful.

4. **Ongoing Compliance**: What are the ongoing compliance requirements for maintaining an LLC? How do you handle annual reports, taxes, and other obligations?

5. **Professional Help**: Is it advisable to consult with an attorney or accountant when setting up an LLC, or are the online services sufficient? If professional help is recommended, what should I look for in a good attorney or accountant?

6. **Additional Tips**: Any other advice or insights from those who have successfully set up and managed an LLC for their real estate ventures would be greatly appreciated.

I want to ensure that I set things up correctly from the start to avoid any legal or financial issues down the line. Thank you in advance for your guidance and support.

Hello BiggerPockets Community,

I'm a newbie landlord I've decided to offer my property as a medium-term rental (typically 1 to 6 months). I believe this duration is ideal for attracting professionals on temporary assignments, traveling nurses, and individuals relocating or renovating their homes. However, I want to ensure that my rental contract is comprehensive and protects both my interests and those of my tenants.

I'd greatly appreciate any advice or tips on what to include in a medium-term rental contract. Specifically, I'm looking for guidance on:

1. **Essential Clauses**: What are the must-have clauses in a medium-term rental agreement? Are there any specific to this type of rental duration?

2. **Security Deposits**: How should I handle security deposits for medium-term rentals? What is the standard practice in terms of amount and terms?

3. **Maintenance and Repairs**: How should responsibilities for maintenance and repairs be divided between landlord and tenant for medium-term stays?

4. **Furnishing and Utilities**: My property is fully furnished, and I plan to include utilities. What should I specify about these in the contract to avoid misunderstandings?

5. **Cancellation and Termination**: What are fair and effective policies for early termination or cancellation from both landlord and tenant perspectives?

6. **Insurance and Liability**: What insurance considerations should I keep in mind, and what liability clauses are important to include?

7. **Additional Tips**: Any other advice or experiences from those who have successfully managed medium-term rentals would be invaluable.

I want to ensure that my contract is clear, fair, and legally sound. If anyone has a template or an example of a medium-term rental contract they could share, that would be extremely helpful.

Thank you in advance for your time and assistance. I look forward to learning from your experiences and expertise!