All Forum Posts by: Sonu Sharma

Hi, I am looking for some contacts/warehouses in the DFW metro area to buy any used/dented appliances to complete a rehab. Can you please share where I could buy such appliances ?

Thanks @Gita Faust. When you say each entity to have its own accounting file, do you mean, each series LLC to have its own individual bank account ? I was planning to use one account for all the series LLCs.

Another useful link that I came across on this subject is here...How to setup a Series LLC structure

Thanks @Ned Carey. This is what I was told by another CPA that works in my case, so others can benefit from this - 

• We need to first apply for the parent company's EIN number using this link - IRS Site for EIN Filing. This will tie the company to one or more members depending on the company based on their SSN.
• We then need to apply for the EIN number for each of the child series companies using an SS-4 Form and mark the owner as the EIN number for the parent company. Apparently, this tie up cannot be achieved online through their site, as I was told and hence we need to send in a physical SS-4 form instead.
• This way all series llc's are tied to the parent for tax filing purposes.

Hope this helps !

Hi, I set up a new LLC with a series for each of my rental properties under it.

Would anyone know if I need to setup a separate EIN number for the parent and each of the series under it or just have an EIN for each of the series companies only ? My CPA is out of town and I need this info quickly and hence the question here. Thank you.

Thank you ! Is email / text communication admissible in court in lieu of  a signed contract ? We have communicated through email and texts only for the most part.

Hi, I have worked with a contractor for the last 2-3 years in TX and although he is slow, I stuck with him for convenience and dependability. Although, we have a general contract for any work, neither of us signs it - I pay him as the work progresses. On one of my recent repairs, he left the job midway and is expecting a pay for the unfinished work. I was willing to pay him in a few days but he started threatening to put a lien on the house until I paid him. This makes me think all the mistakes I have been doing......not enforcing a strict contract etc....

1) Does he have a case to put a lien without neither of us signing a contract to begin with ?

2) How long does it last ? Now that he is threatening, can I hold off on the payment until I sell the property ? 

3) Say, I owe him $2000, if and when I pay him upon him putting the lien, how much would I have to repay - I mean, what kind of interest is charged ?

Appreciate your help !

While I respect your opinions and appreciate the help I get, sometimes, I do not understand some of the comments thrown out. I definitely do not want to start an argument or a heated debate on this but wanted to share my side of the story.

To me, this is a business and I dont know anyone who will like to lose money in their business, especially when I am asking for what I am owed legally. Just because soneone stayed in the property for a long time doesnt mean that there were no maintenance costs and no mortgage costs for me. I was nice to them during their entire stay taking care of things that the previous owner totally neglected. Upon their request, I even let them extend the lease for 3 months to accommodate their kids’ end of school year and they just tried taking advantage of the situation.

I do realize that I should plan for these but sometimes nothing works despite the best of planning. I didnt collect a deposit when I had them sign a lease, which I wont do in the future. 

Thank you all for your help !!

A notice of late payment and eviction were served by the property management company. Wondering why we would need a judgement against them if we dont go to a court for this. As per the lease, they were supposed to pay and use the home until the end of lease or notify us in advance. The property is in TX but we will check with an attorney before proceeding.  Thank you for pointing out about these points. 

We have a 1957 built house which had foundation problems when we bought the house in 2016. The house had a crack all the way on one side of the house - stretching from living room, dining, kitchen and bedroom. Our contractor said that he would pour concrete to fill up the cracks, which he did. He then hired a foundation company that put in 9 exterior piers to level the house and it came with a lifetime transferable warranty. About 6 months ago, our tenants complained about gaps in the floor and we called the foundation comoany to check it out. They came in and determined that the piers had to be raised and when they began raising, a crack in the concrete in the middle of the house gave in and the foundation company said that they cannot raise the piers anymore.

Upon further investigation, we came to know that the previous contractor never mentioned that the concrete slab didnt have a post tension cable or rebar. The crack was just filled with concrete and left. Another company stopped by today suggested that they could fix this problem by mudjacking the floor with polyurethane - first time we heard of this. The sink in some places is about 1-1.5 inches.

Can anyone please share their experiences with polyurthane mudjacking ? Are there any long term problems with this ? Cost wise is this better than using concrete or worth the money ? Appreciate the help.