All Forum Posts by: Miranda M.

Can I create an "operating LLC," keep the house in my personal name AND still be protected?

I ask because I just purchased a property in Austin, TX. In TX, we don't pay income tax. We pay property tax. To protect homeowners, you can file a homestead exception and it caps the amount it can raise each year. I want to rent out my primary residence on Airbnb when I'm out of town but don't want to expose myself to a lot of risk (if someone gets drunk and falls down the stairs for example). Is this a good way to protect myself? 

@Tom Gimer Thank you! 

If a house goes to foreclosure, who gets hit? Everyone on the loan or everyone on the dead? My little sister is separated from her husband. They got a home with a VA 0% down loan. Now, the mortgage is being neglected. She is not on the loan (stay-at-home mom) but is on the dead. Should she be concerned?

Hi all,

I recently closed on a house in Austin, TX for $1.2m but the appraisal came back at $1.9m. Why such a discount you ask? Because the place came with 5 unrelated tenants (room share) 3 of which are delinquent felons.

With COVID laws going out of effect on March 1st, I thought it would be easy to get these guys out but there's not a lot of debate around whether or not the laws should stay in place. I've already offered money to get them out but that's not something they want as they have criminal records so they wouldn't be able to find an apartment to lease regardless. Any suggestions?

Thanks,

Miranda