All Forum Posts by: Priyanka K.

Hello folks!

I am working on forming partnership with someone on a flip project. Looking for the best way to go about it-

- Is it better to form an LLC or work under our individual names?

- Is there a standard partnership agreement/contract available that covers all the points?

thanks for your help!

priyanka

Hello fellow landlords,

Would you consider tenants with a bankruptcy? They do not have any criminal history and claim some unfortunate event caused the bankruptcy.

Both husband and wife are employed and have excellent rental history. Ill verify everything for sure!

I am considering a short term lease for additional $100/month rent, say 4 months and then will offer a 1 year lease if they pay on time and will adjust the additional $100/month rent in the long term lease.

I will also ask for two month's rent as security deposit instead of usual one month.

Does this sound good? 

@Scott Smith, great information! It is very hard (read impossible) to get conventional financing for LLCs. What do you think of Umbrella in that case?

@Marian Smith @Greg H. @Nathan Gesner @Gita Faust

Thank you all for your responses! It is very surprising - I took my Texas real estate licence exam last year and the course instructor made it very clear (multiple times) that security deposit are required to be kept in a separate account so I assumed it was the law! Thanks for clearing that up!! :)

It saves me some trouble of managing one more account!

thanks,

priyanka

Investor and Agent in DFW

I am also looking for a CPA in Dallas area. I have rentals and am a licensed real estate agent so need help with taxes! 

Chance, thanks for posting! I am now following!! :)

Thanks,

priyanka

Investor and Agent in DFW

Hello fellow landlords!

I know I need to keep security deposit for rentals in a separate bank account but do i need an account for each rental or can I keep them in one account for all rentals?

FYI - all rentals are in Texas.

Thanks for your help!

priyanka

Investor and Agent in DFW

I always include a service call fee for each issue they report and want fixed so that they don't abuse it. 

This is, of course, after fixing any move in issues (issues reported on move in checklist).

@Terrell Garren, here is the link - https://www.homedepot.com/p/TrafficMASTER-Grey-Dis...

It is 95c/sqft at Home Depot. It is a new design so I had to drive 30 miles to get enough boxes. It is Peel and Stick but my people are using an additional layer of glue for extra strength.

I am so glad I did not waste money in carpet cleaning, I am now planning to replace carpet in all my properties!!!

Thanks so much!!!

Here is a picture!