All Forum Posts by: Jason Xue

For those who contract a property management company to manage your properties, how do you verify expenses and transactions? I have a company who manages my building and I can access Buildium to look at my financial statements. I trust them, but at the same time I want to do my part in checking that expense items are real. 

What has your experiences been?

As many of you know and are experiencing, this current situation has greatly impacted our tenants' ability to pay rent.

What programs/resources have you been directing your tenants to for rent assistance? 

Unemployment benefits, stimulus checks (on their way??). Any others??

During due diligence, is it worth your time to check titles of every home in the park? To verify that TOH are actually tenant owned and not owned by the park?

If it’s worth the effort, how do you go about this?

@Mike S. When it comes to email correspondence for all your various properties, would you just use one email address that's linked to your management LLC? Or do you have separate emails set up for each property LLC? I imagine the latter to be overwhelming in practice...

@Mike S. Thanks for your suggestion! Will def consider Wyoming as the holding LLC.

Can you tell more about the dynamic between the holding LLC, the management LLC, and the property LLC? It sounds like from your post that all rents go directly to the mgmt LLC? But the expenses still go through the respective property LLCs? Then if there's a positive difference, that'll transfer to the holding LLC?

@Nicole A. I definitely appreciate you looking out for me!

This is the set up I am going for. If I may ask, which bank do you have your accounts with? 

The New Mexico, LLC is for anonymity purposes and is simply a shell holding company. It will be the owner-member of the Illinois LLC and Missouri LLC. The Illinois LLC holds my Illinois Mobile Home Park and the Missouri LLC holds my 30-unit commercial multifamily property located in St Louis. Are you suggesting that I hold all my properties in one single LLC?

How do you all deal with multiple bank accounts if you own multiple properties in different LLCs?

Long story short, I am creating a New Mexico LLC to be the holding company and owner of children LLCs created in the states of the properties (currently in Illinois and Missouri). Would each LLC have its own separate bank account? If so, how do you keep up if I keep scaling??

@Amanda Han @Brandon Hall

Would you be able to share your two cents on this?? Really appreciate it!