All Forum Posts by: Jeff S.

Hi Michael,

What you are doing sounds ideal to me. Being from the west coast where prices are high it sounds great to have reasonable values down there. When I was a kid I tried to move to Daytona beach so really like the area.

Just curious what kind of price/rent ratios you are finding down there. Also, what about hurricanes? Are you protected from those?

Any ideas with a conversion duplex single water bill? Tried having tenants take care of it together but one tenant dominates and snarks at the other for too many flushes etc.
My bill is almost $400 for 3 months.

Water meters 5k and new water line prohibitive. ???

Agreed-criteria is most important. If someone meets your criteria then you need to rent to them, first come, first serve.

My experience is good credit makes good tenants. For me that is no.1. I have very few tenant problems

Can you sell properties from one LLC you own to another you own? Example: deed high equity property into an LLC holding company, then sell on land sales contract from holding co. to an investment LLC you own, with a small down reducing exposure from activities of the investment company. Holding Co retains deed and equity but does little in way of risky business.

Josh-they say most people's biggest asset is their home. If you have 2 homes you just doubled your largest asset.

From reading various posts I am gathering single member LLC's are a questionable entity.

To have additional members is it required they particpate in ownership of the property or can they be appointed secretary, treasurer, etc. while not being owners?

My accountant says to get tax ID info BEFORE the job starts because contractor may be reluctant to give info after job done. And yes do it now tax year 2011, according to him.

Mike-went to Phoenix in 2009 looking at real estate and couldn't get a feel for it. The Realtor didn't help an out of state investor.

I called a property manager out of the phone book and asked him how the rental market was and he said he couldn't tell me because the Realtor would get mad.

How do you put all that together in a strange town? Are your places getting rented?

Thanks a lot, that is good stuff. It sounds like keeping minutes is a good idea.

Now I am wondering about the single person LLC as Jason wondered. I wear all the hats, that is common to small businesses. I can have Launa be secretary but she is not on title.

Thanks for the responses. In Bryans case I assume we are talking about 1 LLC with multiple properties, no doubt a business entity.

I don't know whether my state requires this, I was thinking that this would be done to more resemble in a formal fashion a business entity, thereby looking more like a business and not like an individual with a rental.

I notice large businesses own lots of property in their names. Does that make them more of a business than 1 rental per LLC?

I think she was referring to the lawyer suing as making a joke of the arrangement.

Jeff