All Forum Posts by: Mike Lightcap

Thank you for the responses, Nirmal I figured I would have to do something along the lines of what you said in order to protect myself the most I can. I just wasn't sure what the different LLC's were called. From what I understand from the replies: A series LLC is an LLC which acts as an LLC in itself but also has some type of subcategories where you can section off each property to be it's own entity?

I was wondering if anyone could recommend how I should go about setting up an LLC for a rental property I have. I will also be purchasing more property to hold and also to flip. My wife and I are doing this together with no partners and we live in Philadelphia. I don't know if there is a certain type of LLC that I should set up and also should a set up separate LLC's for the properties that I will be holding and the properties that I will be flipping? I'm new to all this so any feedback will prove helpful. Thanks in advance, Mike

Does he owe any back taxes? Is it a blight property? Look into possibly suing for conservatorship of the property. I have a friend who's moms house was taken from her this way,from what I remember this will allows the conservator to take control of it, remodel it and sell it. I forget how it exactly works here in Philadelphia but something along the lines that you get back any money you put into it and costs of lawyer fees etc. Its worth a look.

Thanks for the answers so far. That's what I was thinking, maybe a $25 gift card for each of them. I agree that once you start it that you cannot stop doing it and need to remember to keep it up with the said tenant. If you stop, they might think something is wrong or they have done something to displease you.

Hi, I'm a new landlord and wanted to see what others do when it comes to the holidays with their tenants. I have two young men that rent from me, this February will be 1 year. They have never been late and never missed a payment, the house looks just as when I rented to them so they keep up with it and keep it nice and clean. Should I give them a gift card or something similar as a small gesture of appreciation and holiday spirit? I know I don't have to give them anything but I wanted to get a general consensus of what seasoned landlords do. Thanks in advance. Mike

What is the full name of this book and author? I am looking for a good book on the flipping ins and outs... have you read the book yet? Is it worth the read? Thanks in advance. Mike