All Forum Posts by: Rick Colquhoun

Lots of pros and some cons- we chose to do an LLC 4 years ago when we started. Now it's helping us as we need to start getting commercial loans (I am maxed out personally with 3 mortgages and a HELOC). So now I am using my $120k HELOC to buy/renovate and now the LLC can get more financing. Commercial loans are different- definitely go for them only when you have to. We used 30 year private mortgages for our first 5 homes, all with banks that knew we were deeding them to the LLC. Use a small local bank if possible.

BTW- Commercial lenders don’t do 30 year notes.

Our written policy is to require applicants to pay the fee. It is part of screening. BUT, I have waved it for single moms, and actually skipped it for law enforcement folks (who make $100k) and a teacher who had great references. These 2 folks have background checks done as part of their careers. They also went into SF homes- in my duplexes I always do the credit and criminal background for safety/liability.

I know that we need to allow for service dogs in NYS...

BUT...here is what we put in our ad...We will consider a small pet with a $1500 security deposit and $25/month rent increase (we do not allow dogs in our other houses, but thought that we might try it this time with a $25/month increase and higher security deposit).

A new tenant applicant (who I really want) thinks that I can't charge a higher security (normally just one month's rent) or the extra $25/month since she is handicapped and it is a real/official "service dog".

What say ye???? Please HELP.