All Forum Posts by: William Davidson

Thanks @David M. for your response. As of right now, it seems as if having one LLC filing as a partnership is the best way to go. The question is... should we have the LLC in CA or AZ? My brother lives in AZ and I am in CA. We have one commercial prop in CA and One MF prop in AZ.

My last question is: How should we protect ourselves? Umbrella policies, rental dwelling policies?

Hi BP,

My brother and I lost our father a couple years back. He left us some amount of money, and we already have one deal in California that is bought outright. We are looking to invest in Arizona, since it is close to him in AZ and we could check on the prop/ maintain it easier. When it comes to having two properties in two different states. How should we go about setting up this partnership?

1. 1. LLC filing as a partnership holding both properties?
2. 2. LLC filing as a partnership holding llcs below that each have the properties seperately?
3. 3. No LLC as of right now?

Also, what is the best way to insure these as well and protect ourselves?

Thanks,

Billy

Hi Team,

My brother and I are looking for recommendations when it comes to finding an investing real estate agent around Phoenix, AZ. We are looking to do our first four plex / possibly something bigger. Any suggestions would be very appreciated.

Thanks,

Billy

Hi BP,

I wanted to hear your take when it comes to charging tenants for utilities. The property is a single family home which I have turned into a duplex by splitting up the top floor and bottom floor by using a lock out. The house only has one meter, so it is hard to decipher the total amount of utilities per unit. 

Details on the property: Downstairs unit is 700 square feet (2b1b) and Upstairs unit is 1400 square feet (2b2b). 

I was currently thinking about not charging downstairs for utilities and having them baked into the price of rent. I was thinking of charging upstairs for the utilities, but have a percentage (formula driven) which I would take off of the total utilities for the month. My thought process is to make sure tenants are still held responsible for turning utilities off and on, while still having only one meter.

I was thinking of having a percentage formula based off of - total square feet, max occupancy per unit, and rent price. After averaging all these out I came up with a 40% credit off of all utilities for the top unit.

What are your thoughts? Anything is greatly appreciated.

@John Warren Thanks for the input. I think hearing that you leverage both cozy and QB is great to hear and honestly builds confidence to do the same. My next question is how much of QB do you actually utilize and how did you go about learning QB to become a master.

@Kevin Phu and @Rob B. I appreciate the input.

Thanks. 

Hi All,

As we all know, technology always has a new wave that is always better than the last. I wanted to get everybody's take on what the best property management software is today. Currently, I have two rentals, with hopes to grow. Any suggestions would be greatly appreciated. 

Currently, I am using quickbooks, but I've heard there are alot of apps out there that simplify the task of being a property manager. 

I've heard of stessa, cozy.co, rentspree and several others.

I would love to hear what your take is.

-Thanks