All Forum Posts by: Ronan M.

@Jennifer Brown

No seller (or agent ) in their right mind will go to the trouble of getting and providing that amount of information without having the property under contract.  Tax returns etc would only come after the property is under contract  and not to every tire kicker who likes looking at property and playing with spreadsheets. 

Sorry for your troubles. But most likely not a drug dealer (user maybe...but not dealer)

Those folks are awash with cash and can well afford to pay the rent and generally do so on time and in full so they can be left alone to do their thing.  Last thing they want is trouble with you or the law over a few hundred bucks rent when they are usually dealing in the many thousands.  

@Account Closed

"If you live in Cali. you need to set up your business LLC there"

Very much incorrect. You can set up your LLC anywhere you like but must register with any state(s) where you want to do business. Every heard of that teeny tiny little state of Delaware ? Half the LLC's and Corps in the country are set up there and transact business all over the country. Ditto with Nevada or Wyoming if you want an LLC with greater privacy. Bottom line I just wanted to correct you for the sake of the OP. If he lives in Cali he does not have to set up his business LLC there. He can do it wherever he wants and wherever is most beneficial based on his type of business and the advice of his attorney and accountant.

"When should I start the screening process for the tenants?"

For the existing tenants...well its too late. You could of course try to screen the existing tenants again but they would be under no obligation to go along with you and provide you any info.

For potential new tenants you only begin screening them when they start turning in applications for your vacancies.

"How/when do I tell the tenants that the rent is going to be increased?"

If they are on M2M lease you need to give them at least 30 days notice. So if you close Dec 15 you can essentially tell them on Dec16 about the rent increase (good luck with that!!!) but that increase would mostly likely not be applied until their Feb 1st rent payments.  

"It's set to close on the 15th of December. Do I pro-rate the rent for the remaining days of the month?"

No. Current owner collects the rent for Dec at the beginning of the month just like any other month.

At closing you will get a credit on your statement for Dec 15 onwards. That's your potion of Dec rent.

And if current owner slacks off and does not bother to collect Dec rent you should still get that rent credit at closing and its his/her loss. 

You attorney should trash all this out before closing...ditto with any Security Deposits the tenants may have with current owner. You get those as well.

@Frank S.

"do you own research and set it up as you please"   what's that all about ?

How will a DBA give you more protection than an LLC ? Highly doubt that.

You have very little protection right now if your properties are all in your own name. 

A properly set up and well run LLC and good insurance should give you both the protection and anonymity you need. Just my opinion.

Own nothing. Control everything. 

@Ben Leybovich  That's what I was thinking as well. Until the OP later mentioned a significant other. That explains it.

We men will do crazy things sometimes.

In option B will the dishwasher open without the door banging into the stove or stove handles (the lower ones anyway)

Might need some fillers in there if you go with that option to give enough clearance for the dish washer door to drop down.

Personally I would not like the sink beside the fridge. But that just my opinion. Corner sink not an option ? and push the DW few feet right and stove a foot or so left.