All Forum Posts by: Rob Lane

Someone reached out to me through BP now a colleague has developed a new software program he suppose to call me this weekend about testing on my properties.  Stay tuned on that but I will continue to do what my accountant tells me. 

As far as the not being able to put into LLC, can you put it in a trust just to add an extra layer of protection?

I would offer cash to be honest with you.  If they are broke need money, they will sign.  You will just have to do it individually.  Pay them a $100 a piece if the deals worth it.  Your going through all the other tax problems which means your dealing with local government.  People are easier than government. 

Wait for the paperwork.  Was it on the market long? Did it pass all the home inspection BS?

I use Quick Books Pro because that is what my accountant prefers.  Every time a buy a new property he just takes over my computer through the web and sets it up for me.  Something else I have done is hired someone a couple years ago to input all my receipts, get bills ready to pay etc.  I hate paperwork but the love the hands on dealing with properties each day.  She comes in once a week so cost is minimal but she provides me so much time to play with my houses.

I would throw that Triplex in an LLC real quick. Do not leave yourself at risk. Your accountant will be able to do this.

As far as your net worth, you should be updated a financial statement once a year with your banker.

I have several forms on my website that helps me stay organized feel free to take a look and see if it helps you.  Millionairemaintenanceman.com   Good luck 

My contract reads month to month after the one year obligation is met.  You can look at it on my website see if it helps.  millionairemaintenanceman.com  under forms.  Good luck

Private message me and I can help you with some of these.  Ive been doing this for 20 years only needed a lawyer once.  I can give you my insurance information he is a broker so can get you the best rate.  I use Old Republic title but they are pretty much all about the same.  Typically the realtor will set closing. 

Ive certainly become more strict on who I lease to.  Ive been doing this for over 20 years and got my first big burn by a tenant.  My first lawsuit too if I can find them.  Same kind of story, animal feces etc. terrible.  These people are very good at staying hidden and Im married to a cop.  People can be real bad sometimes.  Its a shame.    

Most of my tenants don't even know how to take their rollable trashcans to the curb for trash day.  I have to say they are very spoiled.  Best wishes to you. 

I like the discount rent policy I have in my contract.  I overprice the rent to begin with but everyone who pays on or before the 1st of every month gets to take $50 off their rent.  If they have been consistent throughout the year they get an additional $50 off the rent in December for a total value of $100.  I come from the sales world and incentives work!  Feel free to check out my contract at millionairemaintenanceman.com under forms.  Good luck.

I have never seen a tenant who is a good painter.  I do not let them paint.  All my houses are painted the same color and just more work for me when they move out.  Since most of my homes were built  in the 20's & 30's I always hang their pictures for them because you cant nail into the old lathe and plaster.  Offer to hang pictures?  Don't change paint unless its ugly.