All Forum Posts by: Karin Cornils

 @Brian Eastman Thanks Brian for your input on the IRA trust option, the details around how partnership could work around that. You're probably right about that horse having already left the stable, but good to know for future reference..

Hi @Steven De Lange,   

Thanks, yes, it works fine with a full-service property manager - would be nice to be able to find that rent collection service a-la-carte...

@Brian Eastman    Thanks Brian for your response.
Being in California, the $800 annual tax on the LLC isn't great, but I'm willing to pay it if we need to go the LLC route. What's holding me back at the moment is that my sister and I own the property jointly through our separate SDIRA accounts and I'm not clear on how complex the move would be and how long it might take, how much longer we'd need to have the property vacant before getting all this set up right...

Not sure, for instance, whether we'll be able to move the property with the same owner percentages into the LLC. Then there's the remaining assets in each of our custodial accounts - looks like we'd also be paying annual fees to both that custodian and the new LLC custodian.. Which may be what we'll need to do; was hoping for a simpler, less expensive workaround...

I understand that rental payments for property owned by my SDIRA account (custodian, not LLC-type) need to be handled in an 'arm's length' fashion. I haven't found a property management software that will collect the rental payments and subsequently process them into my SDIRA custodian's online payment portal. And I understand that having a tenant make the payments directly into my account is not a good practice. Do you have a suggestion on how to do this without hiring a brick-and-mortar type property manager (and without transferring property into an LLC type SDIRA)? Can I, within SDIRA guidelines, have the payments paid into an escrow-type account & then make the transfers into the SDIRA portal myself? And if so, any recommendations on where to find this? Or is there a payment processing service I can hire to make these transactions at a reasonable fee? Does anyone else have this issue? Thanks!

Thank you @Andrew Bosco for your generous, thoughtful, methodical, scientific, thorough presentation - case studies, analysis, resource lists ..... You rock!

Thanks @Peyton Millirons for the reality check around remodeling contracts and what reasonable downpayment structure should look like. Good to see the distinction between handyman and contractor wrt full material and labor bids.

And thanks @Edward P. for your recommendations, especially around verifying the license with the DBPR.

Hello BP,

We plan to upgrade and modernize our Orlando longterm rental during the turnover. We’re looking at the following renovations -
tearing out and replacing some kitchen cabinets, fixtures, lights, etc
similar bathroom rehab
fixing up the yard - the fencing, landscaping, possibly adding a paver patio

Our SFR is in East Orlando, close to UCF.
It would be great to get referrals on general contractors, but failing that, recommendations on kitchen contractors, landscapers or hardscapers could be helpful. Thanks.