All Forum Posts by: Terry Hershberger

@Abou C. 

It depends on what is acceptable in that market area.

@Jon Huber 

Most investors that I know seem to shy away from pool homes due to the maintenance needed and liability. Usually there are enough deals to buy without taking on a pool home. I have heard of some that have filled them in if the deal was good enough.

Happy Investing!

@Kyle Evans 

You're welcome! Glad I could help!

Happy Investing!

@Brian Ellis 

Anytime! Glad I could help ya!

@Christopher R. 

You can always go to an asset protection lawyer if you feel the necessity.

However, at the same time I would get the advise from a great CPA.

There are several ways to protect  assets if you need to.

However Legal Zoom is more than capable at setting up you LLC's for each property.

Happy Investing!

@Brian Ellis 

Here is a start. Check this out. Then I would talk to an expert.

http://www.ehow.com/list_7251892_indiana-rules-fli...

Hope this helps ya!

Happy Investing!

@Brian Ellis 

There is no "cooling off" period for residential releases. In some states, a cooling off period is required for certain contracts, which give signers a window of time, typically one to three days, during which they can void the contract if they change their mind. Unless such a condition is explicitly stated in the lease or there is a rare jurisdictional law that requires a cooling period, your lease is binding the second you sign your name. The landlord has the right to decide whether to mutually agree to terminate the lease or to hold the tenant to the terms.

So Brian, the ball is basically in your court. If it were me, I would explain this to them and try to rent the home again. I would charge them for the days up until I rent the home again, any advertising expense it costs to get it rented again and keep their security deposit for breaking the lease.  If any money is left over after these expenses, I would refund the balance. I think that is fair. Hopefully others will chime in and give you some advise too.

Hope this helps ya!

Happy Investing!

@Vinson Lee 

It would Depend on your personal situation. I would seek advise from my CPA. However, I believe I would personally rather have the debt on a rental.

@Abou C. 

Get or make sure all utilities are separately metered so tenants are paying all utility expenses.

@Paul Choate 

So far, sounds as though you made a great deal!