All Forum Posts by: Mitch Kronowit

Ask him what the terms of his lease was and write up a new one. If he causes any trouble, start jacking up his rent until he moves.

Slightly up, but a far cry from 6.4%. It's been relatively flat out here in SoCal. The average annual increase has been between 1-2% with me personally seeing 2-3% over the last 2 years.

I do what Jon does, stamp my keys. I assign a two-letter code for each of our rentals, e.g., Briar Ridge = BR, Maple Street = MS, Seaview West Avenue = SW, etc. I also use these two-letter codes as a short- hand in our bookkeeping and files as well.

If a property has more than one keyset (front door and garage), I simply add a number after the two-letter code to signify they fit different locks (SW1, SW2, etc.).

We're looking forward to the day we have so many properties that the two-letter code begins to repeat and we need another system. :-)

Correct. There isn't any tax benefit. The only advantage I see to having escrow/impound accounts is one of convenience, but only narrowly. The taxes and insurance you pay are equally deductible regardless of who is actually cutting the check.

Bingo!

Depends on how your LLC is set up and how you transferred the properties over to it.

In California, I set up a manager-managed LLC, so the only names on file with the Secretary of State's office are the names of my manager and resident agent. However, unless you take title of the property DIRECTLY into your LLC or land trust, then there will be a paper-trail. It won't take a genius to figure out the grantor probably has beneficial interest in the transferred property.

Yes. If you keep them in your own name, you won't gain any of the limited liability protections from your LLC.

So that time I rolled through Vegas and threw a quarter into a slot machine and got two back wasn't really the 630,720,000% ROI I've been bragging about???? ;-)

We just bought a short sale last month, but to hold, not flip. It took a little over 3 months to close from initial offer (BofA held 1st, name of 2nd position escapes me).

Sorry, no first hand exerience and not on commission. Just looks like a neat idea.