All Forum Posts by: Robert Lee

Thank you @Greg Dickerson and @Patricia Steiner!! Looks like I have some good places to start research.

@Patricia Steiner Thank you :). We are looking to purchase warehouses and/or commercial spaces for businesses mainly (single or multi offices).  Sounds like a great place to start.  Any other books or reading anyone has Id love to see!

Looking to expand my portfolio a bit into the commercial space.

Besides actual lease terms, anyone know of any big differences between landlording/managing residential versus commercial spaces?

looking to see who has done both and what things to look out for.

Looking to expand my portfolio a bit into the commercial space.

Besides actual lease terms, anyone know of any big differences between landlording/managing residential versus commercial spaces? 

looking to see who has done both and what things to look out for.

Hey Guys! 

My partners and I (3 total including myself) run an LLC where we have historically purchased properties in full. We are considering purchasing new properties by financing them. How exactly does an LLC source a mortgage? Is it even considered a mortgage at that point or a small business loan? Would it be like applying for any conventional mortgage but all three partners have to submit info for approval?

Thanks!!

Thank you for the reply.

While the lease does not specifically say what would happen in this case, I would assume the landlord would only have to pay up to the amount of the daily rate?  For example, is their daily rate $50/day, and their accommodations cost more than that per day, would landlord only be responsible for $50/day?

Hi,

Someone or something backed into an external pipe causing it to burst.  I had to shut off water to the entire property otherwise water just flows into street.  I have a plumber coming to look at it but im worried they may not be able to fix it on the spot.  The inside of the units are fine, we just cant turn the water on or else it just floods into the street

If the units have no water, im assuming we would have to have tenants move to a motel/hotel?  Would i just refund them the daily rental amount for the days they cannot be in their units?

I am in California

any help is greatly appreciated!

Hey Guys,

I am a co-owner/manager of an LLC that owns and operates investment properties in California. I also manage the properties while living in one of the units.

I currently receive a property management fee which ends up being a 1099 at the end of the year for taxes. This means I get taxed on that income and the LLC gets to use my property management fee it as an expense.

My question is, can I just reduce my monthly rent instead of receiving a monthly property management fee? This will lower the taxable income on the properties a bit, and it would technically not be income for me.

Not too sure if this is even allowed by the IRS, but wanted to check to see!

Thanks

Hey Guys,

I am a partner of an LLC that has owns and operates investment properties in Caifornia. I also manage the properties while living in one of the units.

I currently receive a property management fee which ends up being a 1099 at the end of the year. This means I get taxed on that income and the LLC gets to use my property management fee it as an expense.

My question is, can I just reduce my monthly rent instead of receiving a monthly property management fee?  This will lower the taxable income on the properties a bit, and it would technically not be income for me.

Not too sure if this is even allowed by the IRS, but wanted to check to see!

Thanks

Hey there,

Say I have a property worth $100k. I want to sell it to a relative/friend/anyone for $50k. Will either I (seller) or the new owner (buyer) incur any taxes/penalties? In an ideal world, I feel like I should be able to sell something I own for whatever I want to but I know Uncle Sam tends to think differently at times.

Any help is appreciated!

Thanks