Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Marc Phelps

Marc Phelps has started 8 posts and replied 54 times.

Post: Can you build another house on the same property?

Marc PhelpsPosted
  • Title Representative
  • Savannah, GA
  • Posts 57
  • Votes 23

Call your local zoning office.  Ask them: 1) Can you build additional homes on the property?  2) Can you build an 'accessory dwelling' on the property?  3) Can you rent out accessory dwellings?  4) What are the size and setback requirements in your zoning district?

I've never met a zoning person who wasn't able to quickly answer those questions.  They typically will give you a firm no or a maybe (they hardly ever say 'yes').  

Post: Medical Insurance for my family

Marc PhelpsPosted
  • Title Representative
  • Savannah, GA
  • Posts 57
  • Votes 23

I have used ehealthinsurance.com with success.  I also think medishare is an interesting option but I've never used them.

Post: Can Rental Deposit be Turned Into a Profit Center?

Marc PhelpsPosted
  • Title Representative
  • Savannah, GA
  • Posts 57
  • Votes 23

I have done both.  The problem with taking a non-refundable fee is when your tenant moves out, no matter how great they were when they moved in, they will remember that the 'deposit' is non-refundable and many (if not most) will make a point of trying to stick you for $500.  They won't clean up or they just will leave it out of their last rent payment.  Of course, you can track them down and try to collect your damages if you want.  Just keep in mind that you aren't the only party in the transaction who may find motivation in the 'non-refundable' part of the move-in fee.

Post: Using my own LLC to manage my own property, without RE license.

Marc PhelpsPosted
  • Title Representative
  • Savannah, GA
  • Posts 57
  • Votes 23

The correct answer is to talk to your attorney. My question for the attorney, if he/she says it's fine, would be this: Are you losing the benefit of an LLC by operating it as if it were a sole proprietorship? So by saying that your LLC is an owner/operator on a building that you are the actual deed-holder, are you breaking the corporate veil and losing the protection of an LLC?