All Forum Posts by: Liwen Gu

Do you know if it counts as "first year of tenancy" for the new owner if the tenants have been living there for more than a year but the property was sold just recently and the new owner inherited the tenants?

Thanks so much!

Hi, I’m looking for a handyman to fix a hot water valve leak in the master bathroom. The property is in Lakewood, Colorado. I’m trying to manage the property out of state so I don’t have any contacts. Can someone please give me some recommendations? PM me if it’s easier. Thanks in advance.

I would recommend either saying no or meet them halfway (don't just give them what they ask for), it's what happened when I was a renter and I asked my landlord for a rent reduction, I think I asked for $100 lower and they offered $50 and I took it. I don't think I would have moved out even if they said no but I thought I'd ask because I felt they would have trouble renting it out if I left (they didn't allow for pets)

So I was thinking about setting up a LLC for the next rental property I buy, to add some separation between my rental and my personal assets. However, I was speaking with an attorney and he said that a simple single member LLC offers almost no asset protection at all, that if someone decides to sue much LLC it would be quite easy for them to go after my personal assets as well. He mentioned that a LLC may have some tax benefits but it's not effective as a mean of asset protection. Is this true? It sounds like true asset protection cost about $20,000 as an initial a set up which seems like a lot to me. He also mentioned that I can choose a series LLC which offers a little bit more protection and costs about $3000 to set up with anonymity $300. I want to get some opinion from the BP community. What kind of set up do you have for your rentals?

I would check out your local REIA events

Hi everyone, I know there are tons of forum posts like this on here and I've given advice to a lot of them as well but I find it much easier to give advice to others than to myself :) So I have a rental property in Denver that I bought a couple of years ago and I found out today that the tenant may be interested in buying it. My property manager is also a realtor ran some comps for me and he said I can probably get around 425-430k in as is condition. I'm currently renting it for $1975 (property manager takes $125) a month which is below market rent. My monthly mortgage payment is around $1500 (15 year loan at 3.375%) including tax and insurance. I have a lot of equity in the house; my mortgage is only around 107k so if I sell it I would probably get around 300k in cash or so. Anyway, I'm 95% certain that I want to sell the house and invest something closer to home (in Oregon). I'll probably do a 1031 exchange or something if I find a good deal here (I'm also hoping the tenant is flexible and can wait for me to find a deal here before buying the house) or I can just take the cash and pay some taxes on it and wait for the right deal. I think it's a good opportunity here for me to sell and buy something bigger since the tenant can buy it in its current condition and I can get a discount from the realtor on the commission fees. What do you all think? Any compelling reason for me to keep the rental? 

Oh wow it even made the news. I hope my property doesn’t look like that. Maybe I need to get someone to drive over there and take a look. I guess I’m glad that I just got a warning instead of fines. Thanks!!

Thanks Kim, that is good to know. I emailed them last night to let them know that I received the letter and am going to address the issues right away to show them that I'm taking it seriously and I'm cooperating. The letter was a little strange as it did not include a name or an address or phone number or any contact info. It was just a letter type on the plain sheet of paper with no letterhead. I had to google their email address. By the way, the HOA is a voluntary HOA (I don't pay any HOA dues or anything) so I'm thinking they're less strict but I'm not taking any chances either!

@Jay Hinrichs Hi Jay, just to clarify, what do you mean by doing this in 15 min increments? We can only pick your brain for 15 min on the phone? Would you consider doing a in person meeting instead? I live in Salem and I can drive to wherever is convenient for you. Thanks.