All Forum Posts by: Troy Stoehr

@Bill S. - yeah we sure have a lot of elbow room. :)

Really this whole situation I'm in right now is just another reminder of "the 1/2 of the duplex that got away" ... ... like spilling lemon juice on a paper cut.

Thanks @Jerry W. and @Bill Gulley - I appreciate the advice. Of course I wasn't looking for any "official legal advice" but when I heard he was going to charge me $1,000 it just seemed insane because I've seen these before but I've never had to set one up before and I knew that they were pretty straightforward. Anyway, I appreciate your help.

Does anyone have any experience with Party Wall Agreements? I own 1/2 of a duplex that was sold in an auction and the other half was sold to another person (unfortunately...). Anyway - I just refinanced the property and ALMOST lost the loan because a lot of banks would not take the loan because there is no party wall agreement recorded with the state/county. I just was told by my lawyer that he'd do it for $1,000 which seems rediculous considering how straight forward and simple this agreement would be. Is this something I should get done right through a lawyer or should I just grab a doc off of legalzoom.com and do this myself? Thoughts?

Hi - I'm looking for a good CPA in Utah, ideally in Utah County. Any recommendations?

Thanks!

Welcome to BP Dana! I'd also recommend checking out the podcasts! They are awesome!

Welcome to BP! I'd highly recommend checking out the podcasts - they are "awesome!"

What are the advantages to setting up an LLC as opposed to just investing personally. I have a few properties and I'm thinking about setting up a business entity and putting my properties under that entity. Is that a smart thing to do? Or does it not really make sense.

Thoughts?

Yeah - I'm still pretty new to investing and I don't have a lot of properties. I used a manager for the first year or two until I realized that I could do what they were doing and pocket the 10% management fees. However, if I were to purchase more properties, and get to the point where my time was better spent buying properties instead of managing them, I'd probably go back to a property manager. But right now, in my situation I don't think it's worth it.

I have 2 properties that are more than 2 hours away from where I currently live. I used to live close to the properties but moved away about a year ago. Because both properties have long term tenants and I have a network to call on if any issues come up, I felt comfortable managing these properties from a distance. However, if they were recently purchased properties and I had brand new tenants I probably would recommend hiring a manager. Also, these are both single family homes in very good areas in a medium sized town so the required management is minimal for the most part.

I completely agree with Bill. Although I've only been a landlord for about 5 years, I haven't had one issue with a tenant which I attribute to my properties being in prime locations as well as screening tenants really well.

However, because I've been lucky with zero tenant issues... I'm sure something will come up eventually...