All Forum Posts by: L M.

First come is easy and simple and thats why most do it. Bad advice has been given over the years against taking best qualified over first qualified. I learned the hard way when first started out. I thought you HAD to take the first qualified. I selected the first qualified who barely qualified over a more qualified. Regret it to this day when I look back on it.

So I have chosen best qualified every since. As long as you have a very detailed criteria spelled out in writing and apply it consistently, no problems. Can you be sued, yeah and you can be sued no matter what. I take my chances protecting my investment than worried about a frivolous complaint.

As long as you spell out your criteria and let it be known you select best qualified vs first qualified then the applicant makes the decision to apply.  Be sure your criteria and selection matrix is objective and not "gut" based. 

To have a discussion about asset protection regarding real estate you have to mention land trust. Land Trusts give you privacy and that is the foundation of asset protection. Taking title to property using a land trust keeps your name off of the public record. 

For additional asset protection you can then place that land trust into an LLC. An LLC is only as good as the formalities that are followed in the LLC. There are many ways to do this on your own or you can pay an attorney or asset protection specialist to do this.

Google asset protection.

Compartmentalization is the term I believe is used to keep your properties separate as much as possible. To have an LLC for each property can be cost prohibitive and a administration nightmare. A more practical approach may be to use what is referred to as the Roman Shield approach for asset protection.

You may do this by employing layers of barriers and tool. No one tactic gives you total asset protection and privacy in regards to real property. A modification of the "series" LLC is to sort your properties in various categories of potential risk or loss.

Have an LLC for commercial property, one for multifamily, and another for Single Family. Another way to batch them is by value...ie, low income, high value and equity ect. No more than three series at the most which could be manageable as far as cost and paper work.

The best thing you can do is use the Roman Shield approach where you use insurance, landtrust, LLC and the most importan tool in my opinion, equity stripping the properties. This may serve as an effective deterrent to lawsuits for anyone looking to make a quick buck by easily finding your assets via asset search.

There is some information out there going into detail and you have a few people who have perfected this tactic. I just cringe when I hear/see people saying you need an LLC for each property. That's just too much for me. If you live in one of these highcost LLC set up states you're going to take a beating. My dollars worth. Good luck everyone!

Do you have a repeated violations policy

If they are currently in foreclosure, then how are they keeping a roof over their head?

Holding fee is optional, I just stress that we will keep showing the house until the lease is signed. If you want the property held after you're approved, I need a holding fee. Only fair to me and other qualified applicants I may have missed out on because you flaked on me.

I like the tape measure suggestion. But I pretty much do everything suggested here. I'm thinking of shortening my block from 3hrs to 2.

Phone inquiry

Applicant: "uh, what do your require to qualify for your house"?

Me: "steady job with verifiable income; positive rental history, satisfactory background/credit check."

Applicant: "oh, that's too much information."

Me: "that's pretty much standard."

Applicant: "not with private owners." click

There are way too many landlords out there that don't even do the basics

How do you find out if a property is insurable before you purchase it. Seems as though you can not inquire about the insurance status of a property unless you own the property.