All Forum Posts by: Penny Barnhart

I would check for existing mortgages.

You can open your LLC whenever you are ready, no hurry. I haven't yet, but I have a money market account set up for each rental and then one main money market account for buying any new houses or major expense that may exceed the balance of an account that need a big repair. I give each tenant deposit slips that belong to that house so they can make the payments directly at the bank or setup automatic payments. Any expenses or repairs I have for each house are taken out of their respective accounts. This is how I keep up with the expense and income of each property. Good Luck!

Hi Michael, Long time no see! Hope you are well!  You need to consult with a very experienced tax & legal expert and probably an attorney.  That's a lot of money and better to know what your getting yourself into.

According to the companies I've called, none of them can guarantee the tracker to work due to the placement and being surrounded by metal may block the signal.  Seems they need to be pointed to the sky or the road to work properly.

I do a $300.00 non-refundable deposit per pet.  If you lease says NO PETS and they bring in pets then they are breaking the lease. If you don't want to kick them out you can give them an alternative and present them with a pet addendum to pay the pet deposit.

Has anyone tried using GPS tracking devices on their appliances?  I have a completely renovated house on the market and my appliances were stolen in less than 2 weeks of being on the market. I'm not sure I want to loose another 1500-2k again before I get it sold,  so I thought a Tracking device would be a good idea.  I hear new construction are using them because thief's are stealing them.  

I just purchased a house at auction, fixed it up and put it on the market in a little less than 60 days. I already have an FHA buyer that cannot qualify for a conventional. My thought is to rent him the house on a month to month lease until the 90+45 is up and I get paid. This way, the utilities and lawn care expenses is off my back and I'm at least getting some income instead of the house sitting empty. Any thought's on why i shouldn't make this offer to the buyer?

Being single and female, I own 4 rentals, I use a home warranty company, the cost is about $400-500 a year and they charge me a service visit of 75.00. I've had hot water heaters, plumbing, and a/c repairs done using the service, if they can't fix it they replace it.  Its been well worth it for me, especially on older homes.