All Forum Posts by: Michael Smith

Thanks for the input everyone. Do you inspect periodically for termites, and if so how often?

I am going to be purchasing some single family homes (mostly wood frame construction) in Central Florida for the purpose of rental income. My question is, should I provide periodic pest control service for my properties, or let that be the tenant responsibility? My gut tells me to take care of it to ensure the long-term quality of each house. Also, should I use a big company like Terminix, or try and find a local company who can save me money without sacrificing quality?

Hey Troy Johnston and Josh Randall, I'm in the Melbourne / Palm Bay area working on my first deal right now. Welcome to BP and good luck!

Thanks guys! I'll do some more research. Do you think I need to have an attorney look over my lease?

Hi BP, I'm in the process of buying my first rental property and want some input... In your experience, what are some things that need to be included in my lease agreement? Thanks!

Hi BP, I don't mind spending the extra money to have a RE Attorney create a lease for me if that's what it takes, but if a lease from LegalZoom covers all the bases then I'd be happy to save a couple hundred bucks... Anyone ever used LegalZoom for a lease who can tell me if its legit? Thanks!

Any recommendations? Thanks!

Hey everyone, I'm a new investor looking for good networking opportunities in Central Florida, specifically the Space Coast. I would love to join a club or association that is focused on relationship building and education, NOT just a bunch of sales presentations. Any tips? Also, I'd love to connect one on one with any of you in BP investors in my area. Thanks!

Will, thank you so much for your quick respopnse! Very helpful answers =]

Hello BP crew, my name is Mike and I'm just getting started as a real estate investor. My plan is to build a portfolio of rental properties in my local market, Florida's Space Coast. I formed an LLC which was officially assigned an EIN by the IRS today, and I will be working with a private lender to finance my first purchase. I have a few questions that I'm sure many of you experts will have the answer to. Thanks in advance! =]

1) If I need to sign as personally liable in order to obtain future financing, will my LLC still be effective to shield my personal assets from liability against those who might sue me other than the lender? For example, if someone gets hurt on a property owned by the LLC but I had to use my personal credit to secure financing for the property, does this allow them a way to "pierce the corporate veil" and go after me personally?

2) If I purchase a propery subject to the seller's original financing, does that debt become a liability on my company's balance sheet? And if I am unable to make the payments or the lender calls the loan, is my company liable for the debt or does responsibility lie solely with the seller?

3) How hard is it to structure a deal where the seller carries a note but my company's liability is limited to only that property? For example if I default on the loan the most they can do is take that property back.

Thanks everyone! I'm sure I'll have a lot more questions =]