All Forum Posts by: Justin Butterfield

Thanks for the fast reply. That was very helpful

Hello everyone, today I received my first rent check Wich is extremely exciting but I ran into a small issue and need some advice. The property I purchased can with inherited tentants and the first day I gave them my contact info and where they are to mail rent payments and such. I currently have this property in a LLC and my bank account in the same LLC also. The issue I'm having is I forgot to tell the tenants that there checks need to be written out to my LLC name, because I forgot to tell them they wrote it out to my personal name. I don't want to comingle funds by depositing this into my LLC bank account and I know I can't just modify the check so what should I do with these checks. I would prefer to not have to go to my tenant and have them write out a new one if I can avoid it. What options do I have in this situation? Thanks in advance

Thanks for your answering my question, and Justin Kane to answer your question. I do want to give them a notice but was curious what laws are required for yearly. I wasn't sure if I needed a laugh longer now notice or what rules applied

hi there, I own a rental in michigan and I read that I need to give a 30 day notice for rent increases for month to month tenants. My question is if i wanted to increase a tenants rent on a yearly lease would I need to give them a 30 day notice prior to there lease needing to be renewed?

Thanks for all the replies that answered my question

If someone were to have 50 or more units to keep track of I imagines it would be a pain organizing everything as far as Wich tenant owes what and did they pay on time and considering some pay online some pay by check. I was looking into quick books as I heard it help with organizing all this. What websites and or softwares would you recommend for this?

Thanks everyone for all your replies. This is Very helpful

I just purchased my first four Plex and the current lease from the previous landlord doesn't have a late fee at all or a date for when if they don't pay the eviction process will start. I understand I must follow through with the current lease until it expires and then I can have them sign my lease. My question is being I'm stuck with the previous landlord lease will I be able to make any changes to the lease or add a late fee. 

Ok thanks for the help guys but I'm still a bit confused. Can someone answer the few questions I left in my second post. Thanks in advance

Ok so I can basically just link my accounts online and just do online transfers without having to worry about destroying my liability protections as long as I consider it a equity contribution? And when you say to consider it as a equity contribution how would one go about doing that?