All Forum Posts by: Seth Jacowski

Wow - thanks everyone for the input. Very helpful.

Happy Holidays everyone!

-Seth

Hello all,

My property manager has found a qualified tenant but she has a cat. Initially, I have always been hesitant to the idea of pets in general just because you can never be sure how well the pet is taken care of...anyways, my property manager says that we can add an additional $50/month fee for the pet. I am still somewhat hesitant. Does anyone have any experiences/input to renting to cat owners. Last thing I want is a urine-filled rental property.

Thanks,

Seth

Hi all,

Just scooped up my second 2 unit. Both of the units currently have in the lease that one set of the occupants is responsible for mowing, snow removal, etc...

Just curious....Is this a liability for me if they get hurt? Or if the other tenant slips and falls on ice because the other tenant didn't adhere to his lease responsibilities?

Thanks for the posts!

-Seth

Thank you everyone!

Hi all,

I recently bought my first rental about 4 months ago. I think I am ready to buy another one but am curious on what others stance is on reserves. How much cash do you keep in reserves in case of emergency. I dont wanna spread myself too thin.... Just curious on what everyone's strategy is....

Thanks,

Seth

Thanks Michael! My property is actually back in my hometown in Janesville, WI. I have transferred it into my LLC.

Hey Folks!

New to the scene here. Just had a lawyer due a warranty deed transfer to my LLC that I have recently created. Just curious, has anyone ever personally had a note due on sale (or in this case due on transfer)? Or has anyone ever heard of the bank actually exercising the Due on Sale clause? I'm just curious what peoples experiences have been. My property manager told me that I should create an LLC for the property and have it transferred in. My lawyer said that he has never seen a note get accelerated, but he did make sure I was aware of this risk. I actually had an off the record discussion with the mortgage banker in which he said that as long as I make current payments on it that there would be no problems. Just looking for others experiences! Kinda scary!

Thanks in advance,

Seth

Thank you for your response Ned. I looked at what my lawyer is performing for me in the act of the transfer he is doing a "Warranty Deed" - which as I have read means "A warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer)." (thank you wikipedia). Also, I agree with your point that since I did pay for them to check for a clear title during my initial purchase it should be free and clear with no issues.

I think I'm good? lol

Hi Folks,

New to the scene here. Just recently bought my first rental property (2 unit). I am in the process of transferring it into an LLC that I have created. My biggest concern was the "Due on Sale Clause" but I have had an off the record discussion with my mortgage banker and he put my worries to ease (along with all the other threads that say the clause is never exercised). I heard today though that the title insurance will be voided after it is transferred into my LLC. I spoke with my lawyer and he said that this is true. He did say that this was a minimal risk for me. Can anyone tell me what title insurance actually protects me against (what types of claims, etc...). He mentioned that I could get a new policy but the cost may make it not worthwhile? Any info on this/experience?

Thanks,

Seth