All Forum Posts by: Shikha Gandhi

Looking for an attorney who can help transfer ownership of a WY LLC to a WA Trust

Quote from @Rodney Sums:

Quote from @Shikha Gandhi:

I was not ever paying for tenant utilities as mentioned before. lease clearly mentions that tenant will pay for their utilities. However PM started paying for tenant's utilities on their own without informing me about it, because they wanted to keep utilities ON even if tenant stop paying utilities. this clause in my contract with PM goes against me as owner of property. BE aware of whats in your contract with your PM.

 In your area, what utilities are you required to ensure are available to the tenants at all times? (water is a common one). Does that change with the season? It may have been the PM following the law and protecting you. If not and the PM was doing them a favor or avoiding the utilities being turned of for convenience (???) then you may have a justified reason to demand the PM reimburse you. Also, in your agreement, what's the agreed max the PM can spend from your portfolio without notifying you first? 

only 200 and they did not notify 

any resources you can share around recovering expenses from tenants post eviction in Memphis? 

I was not ever paying for tenant utilities as mentioned before. lease clearly mentions that tenant will pay for their utilities. However PM started paying for tenant's utilities on their own without informing me about it, because they wanted to keep utilities ON even if tenant stop paying utilities. this clause in my contract with PM goes against me as owner of property. BE aware of whats in your contract with your PM.

Adam, interesting point about the pipes freezing, that makes me feel better I guess. Thanks.

Theresa, I'm going to just suck it up. PM should have solved the situation differently with tenant, like paid them to move without waiting 6 months to evict etc etc. I lost a lot of time and money. and continue to lose, but its not worth it for me anymore. I just wanted to know if this is the norm and other property mgmt companies do the same, so looks like I really landed with a horrible PM. 

Thanks for the conversation here. got so many ideas from you all!
No, my lease with tenant was that tenant will pay for utilities, not landlord whatsoever.
It turns out, tenant stopped paying for utilities back when they stopped paying rent. However property mgmt jumped in to take on onus of utilities without my knowledge! so while the tenant lived there without rent, property mgmt helped them with their utilities and didnt make me aware of the situation or put any bills on my ledger until now that I've moved on from them!
my business model needs to incorporate for collusion of property mgmt with tenants. They've hidden expenses on my properties for 2 months at a time on other properties and 6 months on this eviction case, they've authorized expenses without my knowledge and faltered on their contract multiple times, hence I moved on. I'm glad I did.

oh, I thought that if LLC takes a portfolio loan against investments then the individual owners debt to income ratio improves, bec its LLC's debt, not individual debt. I think this is true. I sure will investigate further. Improving debt to income ratio is the only reason why I want to create an LLC, portfolio loans are only given to LLCs, not individuals.

Thanks for sharing your thoughts. Isnt your debt to income ratio impacted - in case you have mortgages on your investments? 

Quote from @Michael H.:

IMO you don't need an LLC unless you have a substantial amount of equity in the property. And even then you can get an umbrella policy to cover your equity. I think trying to run your operation through an LLC at this early point in your journey is just adding unnecessary complications. The upside is minimal (especially if you get an umbrella policy).

I was exactly where you are when I started this about 7 years ago, and wasted a lot of time and effort trying to figure it out. Find a good real estate lawyer in your area and get their opinion. Google is your friend.

Hey Michael, After about how much investment made in real estate personal portfolio do you think it would make sense to run operation via LLC vs personal ?

Hello,

my property mgmt evicted a tenant (hadnt paid rent in 6 months) on an SFM in memphis. now PM is adding evicted tenants utilities bills of over $1000 to my ledger. I have no idea why property mgmt is paying for evicted tenants bills from my account.

I have also moved on to a different property mgmt company, so they keep billing me without answering my questions or stopping to bill me for ex tenant's bills

has anyone paid for evicted tenants bill post eviction?