All Forum Posts by: Mitch Kronowit

Yeah, super nice guy, huh? I hear the ladies can't keep their hands off him either! :wink:

None of my attics contain any critical equipment, but we write into the lease that using the space for any storage is at the tenant's own risk.

So where is it?

Speaking of avatars, what happened to mine? I can still see the photo on my profile, but not on my posts. Edit: Now I can't see it at all

Otherwise, no, don't require them. It justs invites abuse if somebody really doesn't want to. I would much rather have a way of verifying people's names so they aren't on here using a handle or phony identity. Not sure how that can be done, however, without adding a great deal of workload to an already busy site.

Where in California? It's a big place. :-)

How often are your tenants turning over? The holes in your wall may be masking the true root of the problem. I just gave one of my tenants permission to install a wall-mounted TV. She's been there over 3 years and just renewed her lease for another year. At this rate, the walls should outlast the rest of the structure! :-)

Here's one idea. If and when the wall needs some serious patching, rip out the drywall and double or triple up a few of the studs so there's plenty of wood for several tenants to mount their "idiot" panels (old-timers remember the term "idiot box"!).

Thanks for the tip, James, I do read my own posts - several times, in fact, before posting. After reading it yet again, I still don't see anything I wish to change and will stand by it.

However, I will apologize for going off on a tangent if that's what bothers you. I was strictly replying to Steven's claim that managing ones own rental makes piercing the corporate veil rather easy (look at the part I quoted). This is not the first time I've seen such claims here on BP and would like to see some hard evidence showing where LLC members were held personally liable simply because they chose to manage their property themselves rather than hire a third-party to do so. Not once in the last 2 years did my attorneys warn me NOT to manage any of my LLC's rentals.

I have a few reasons for hiring the 2 property managers I currently have, but an increase in liability protection is not one of them. Google "why hire a property manager" and you'll fail to see anywhere among the top 4 hits (I stopped there) do any of them provide "increased liability protection" as a reason for hiring them. In fact, you'll find in many PM contracts an indemnification clause releasing them from any liability not stemming from negligence. If PM's truly took the "heat" off the owners, then you'd see THAT heralded as Reason #1 for using a PM.

As far as Elio's original post regarding S-Corp and personal loans, I hold no opinion and will defer to others more knowledgable in that regard as the topic is quite outside the realm of my own experience.

We now return you to our regularly scheduled programming.

Do you have any evidence supporting this? I've discussed the topic with my attorneys and they say it's complete nonsense. Enjoying the limited liability of a corporation or LLC doesn't mean you have to become a silent partner in your own business. There are plenty of auto mechanics who operate their garages under an LLC or corporation. Must they find somebody else to manage their shop? What about a chef who operates his own restaurant under a business entity? Can they no longer be the restaurant manager?

I'm not sure about other states (although I imagine they're similar), this is what California law states regarding the members and managers of an LLC:

In short, you're allowed to MANAGE your own LLC without compromising its protections. Therefore, if your LLC's assets consist of rental property, you are allowed to MANAGE those assets. Just don't try fixing your tenant's car or cook for them! :idea:

My concern is if anything happens to their flat panel TV, e.g., it falls, they'll blame you and your mount.

Build a strong foundation of knowledge and identify good experienced people to help/guide you (not guru's who are more interested in your bank account than you).

Don't spend every penny you make in some immature attempt to prove your success. Put some away for those times when money gets thin. Those that prepare and save for the storm typically survive it. Those that don't get washed away with all the other phonies.

Get rich slowly in real estate and you're very likely to remain wealthy. People that get rich quickly usually get poor just as fast.