All Forum Posts by: Joe Hines

OMG, I can’t believe if spelled ‘tune’ as ‘toon’.  Damn spell check!  

I agree with @Josiah Kay.  Go to a website like Realtor.com or Zillow, use the map functions to zoom in the area around your property, see what the rents are and fine toon base on specifics, such as size, finishes, specific locations, utilities, etc.  

You can transfer the property from your dad to your LLC through a Quit Claim deed. I usually get an attorney to draw one up for me and to file it, but you might be able to do it yourself. It is a very basic transaction.

Just a note:  If the property has a mortgage, the lending bank usually won't let you transfer the deed and it usually will trigger the full amount due.      

Outside of that, if there is no LLC, your dad owns it, the he's going to be carry the liability for it.

That's the property manager's responsibility.  My PM does show me applications, credit scores, etc to check in before a lease is agreed upon, but they sign the lease.  The PM owns the relationship with the tenant. 

Sorry, that's just way too low.  

I've used it in 4 rentals and seen great results.  I've used different brands, none of them bottom shelf.  Very good wear and look great.  Highly recommended.  

To echo the good response that @Dan V. provided, I find those reports crucial in managing my rental business. They help identify underperforming properties and drill down to find out why. They help identify large areas of spending that can help you negotiate better with suppliers and PMs. It is also very helpful for tracking depreciation and making tax returns much, much easier - even if you are using an LLC.

Even though I have a PM, I enter all of their charges into my QB system through a 'wash' account.  This ensures I am tracking all of the expenses they are paying, even though they never hit my accounts.  It can be a lot of work, especially when you have a large number of units, but essential in staying on top of your business.

One final point:  Unless you are a CPA, I'd recommend you spend time with your accountant and get help setting things up.  Getting your Chart of Accounts and Class structure set up correctly is crucial and will save you a lot of misery and suffering down the road.  Also, make sure you can connect to your bank and get the account downloads.  Helps ensure you don't miss anything.  

Good luck!

I’m sorry, @Luis Leiva, please forgive me, but I don’t understand what you mean ‘room in houses’.  Could you explain a little more about the situation?

Never cease to be amazed at what people will do. 

Great example of adding value!

Thanks for that warning, Austin.  Regular inspection is the key.  Just to throw out an idea, having lawn maintenance people you can trust is a great way to keep eyes in a property.  While they can’t go inside, they can sure help let you know when things aren’t adding up.