All Forum Posts by: Ryan F.

Thanks all! Appreciate the feedback.

Ryan

I have no problem ordering a mold test. My only concern is that the tenant has been known to be a PITA and complain about every little thing, so what is preventing him from saying he suspects mold here or there or there, or wants me to test for other things, etc? I want to be sure a mold test is warranted before I order it, and I'm not sure if it is warranted if the window has been completely dry for such a long time.

Thank you both. I am positive that the window is dry and not leaking. I looked at it with the maintenance guy (condo) and it had rained pretty heavily the night before and it was still bone dry. Before I take any legal steps, I just want to be sure that it can't be harmful mold, like the tenant is claiming (he has been known to be overly dramatic about things).

Tenant started to paint apartment walls (I gave permission), peeled back some old paint around a window, and noticed the wood window frame was rotted. It appears to have been damaged by water some time ago, but the area is completely dry now and no leaking presently. I am doing everything I can to repair/replace the damaged wood as soon as possible, but he is claiming there is mold and refuses to pay anymore rent until it is fixed. If the window did leak years ago, and the problem was fixed on the outside but the interior wood frame was left, is there any possibility at all that there could be mold? I always thought that if there was no water, there is no mold. Even if there was mold on the frame at one point, if it has been completely dry for years, is there any chance it could be dangerous and/or show up positive on a mold test?

So I am just starting out in real estate investing and I am currently in the process of learning about business entities and trying to figure out which setup would be best for me. I know there isn't just one right answer, and it depends on the type of investing and your goals and everything, but I was wondering if anyone had an opinion for someone just starting out like myself. I am interested in flipping houses to raise cash to then reinvest and eventually acquire rental properties for long term passive income. So I would be doing both short term and long term deals. I have heard that an LLC is best for long term holdings and an S-Corp is best for short term deals. I am not sure why S-Corp is better than LLC for short term deals. Should I set up both? Or should I just set up an LLC to do both types of deals? Obviously, I want the best tax advantages possible and best asset protection. I am in Pennsylvania if that matters. Any input or recommendations would be greatly appreciated! Thanks!

Ryan