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All Forum Posts by: Janet S.

Janet S. has started 2 posts and replied 14 times.

Post: LLC and Holding LLC vs DST ?

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

I did something similar (although I didn't create a holding company) where I created an LLC in Utah and then hold properties in that LLC in TX, all to have a better veil from would-be tenants trying to find me to sue me. The lawyers in Utah assured me it was the best strategy and said it didn't matter that I lived in CA because the LLC was in Utah and the properties were out of state. THEY WERE WRONG! They don't practice law in CA, and I have mountains of paperwork and filings every year with TX, UT and CA, plus an $800/year fee that's nothing like the $15/year fee other states charge for an LLC. Plus CA shares all your data so all the shielding of me personally doesn't exist if you live in CA. The state wants their LLC fee from every LLC you have (that would be $800 x 2 in your example) if you live here, which is not well understood by lawyers from other states. I wholeheartedly agree with Christopher - bad idea. Talk to a CA lawyer - get a free consult. If you still want an LLC, just open one in CA and make your life easier!

Post: Multifamily Investor Nation - Breakfast Networking

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

Hi Dan - so bummed that I couldn't get over to the meet up this morning!  I unfortunately got pulled into another meeting at the same time.  I hope to participate in the next one!

Janet

Post: Cupertino, CA - Multi-Family Investing Meet-up

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

Hi Tom - I met you a couple years ago at the Saratoga Car show - good to hear you're still at it!  Unfortunately Thursday evenings are booked during the school year, but if your meetup changes to a different day / time, please let me know.  Would love to join you!

Hi Dan - I'll try to make the meet up in San Jose at the Capital Club on the 10th.  That works with my calendar and sounds right up my alley!  Looking forward to connecting with you!

Post: Cupertino, CA - Multi-Family Investing Meet-up

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

Hi - I'm in Los Gatos and would be interested if anyone starts something.  Great idea!

Janet

Post: Anything you say can and will be used against you

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

Thank you for your post and for all the helpful comments about updating our profiles!  It's always hard to get mean spirited comments from tenants when your intents are well meaning ... that's part of the deal with property managing your own properties.  Something to be said for having a property manager as a buffer between you and the tenants.  That's my preference and preferred approach.  :)

Post: Tenant called with a complaint of mold/mildew

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

Hi - I just went through this here in CA, and I can tell you what I did, as a heads up.    

The mold we found was under the house and the tenants weren't complaining about feeling ill, but it still required us to handle it above board to avoid future claims of illness associated with the mold.  We hired an "environmental hygenist" to test the mold and air to determine what the mold was and how significant.  That report was then shared with the mold clean up company (those that test for mold are not the ones that clean it up, to avoid a conflict of interest) for them to do a visual inspection as well as a review of the report.  The key was to stop the source of the mold, which in our case was two different leaks from the drain on the tub.  Once we repaired those, the clean up company came in with all their hazmat suits, 24x7 air scrubbers, etc and got rid of the mold (kinda freaking out the tenants in the process).  Then after they said they took care of it, the environment hygenist came back to provide certification that it was free of mold.  While the air scrubbers were running (think loud fan), the tenants could not use the bedroom for a few days, so we compensated them with a $300 check and a thank you for enduring the interruption to their lives. Some cities under rent control have very specific daily amounts you must compensate the tenants, so best to check that out, as I was lucky this wasn't the case.  

Overall, it cost about $3500 for the mold testing/abatement, not including the plumbing repairs and tenant compensation.  My goal was to be sure it was safe for the tenants, and to have proof that it was all taken care of to avoid future health claims.  I hope that helps give you an idea of what you may be in for.  If your tenants are already complaining of health issues, you may want to consult with an attorney to do everything precisely by the book.  So sorry you're having to deal with this.  It's quite a journey!  

Post: Tucson Realtor Recommendations?

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

Hi Kenny - not sure yet where in Tucson.  That's part of why I'm looking there ...  ;)

Post: Tucson Realtor Recommendations?

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

Thanks Ivan!  I'll give him a call - greatly appreciate your feedback!

Post: Tucson Realtor Recommendations?

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

Hello - I'm an experienced investor from CA looking to purchase a 2-6 unit residential rental property in Arizona in the next 6 months.  I'm headed to Tucson in 2 weeks for a location visit and would like to get any recommendations you may have for an investor-friendly realtor and property manager.  Thanks so much!

Post: 2% Rule IS possible in SF Bay Area!

Janet S.Posted
  • Investor
  • Los Gatos, CA
  • Posts 14
  • Votes 4

Ori that's fantastic!  Great work.  And just when I thought it wasn't possible to even get close to 1%!  Congratulations!

- Janet