All Forum Posts by: Les Jean-Pierre

And thanks for the well wishes. The prospect of never dealing with landlord tenant court again and making more money is enticing.

There are services that help you manage your property. I don't know anyone who has used them however. I have a regular job so I can't meet people when they arrive. I guess I could use some sort of electronic lock. The biggest issue is that my property is in Brooklyn and I live in Harlem.

I don't use it but know people in Harlem who do and are making an absolute killing. I am considering using the model for my rental in Brooklyn instead of having normal tenants. Mngt is the key issue for me.

I had a horrible tenant that I had to go to court to evict. In NYC a tenant is effectively blacklisted if the landlord takes them to court. I would do it again if I felt the need though from a business standpoint, cash for keys, or something similar is better. The tenant has to keep their end of the bargain. I think if a person can't pay the rent then call your landlord and work something out.

Count me in

Good luck with your son.

Great job.

I have a friend who owned a home there and just recently moved. I can ask him for his thoughts.

I would ask her how to follow the formalities and for one operating agreement. Then set them up yourself. Only one LLC per property.

I would talk to a lawyer but I would think you would have one LLC be the Managing Member of the two other LLC's. However, I don't think this is necessary. As the others have stated, having the proper amount of insurance is more important. I hold my property in a single person LLC and use Intuit's Property Manager and find I am way more organized. I also was sued and at the end of the day it is the insurance company that hires the lawyers and pays the settlement. I would also say that if you go the LLC route, it is not the set up that you have to worry about it is adhering to the formalities of the corporation. A lot of people worry about the piercing of the corporate veil but that was never an issue in the suit.