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28 August 2024 | 7 replies
It's best to delead when the units are vacant to avoid extra costs like hotel fees.In the case of a property transfer where a child under the age of six will reside in the property, the new owner is responsible for bringing the property into compliance on or before 90 days of the transfer of ownership.
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28 August 2024 | 9 replies
If yes, do I need extra credit for the market rents to meet DSCR requirements?
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27 August 2024 | 7 replies
It's worth it if you have the extra $$ to put towards it.
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26 August 2024 | 23 replies
Then charge her pet fees, pet rent, additional deposit and additional rent for the extra people and demand a 2 year or longer lease.Then you can get them a second room and find a place that allows dogs.Red roof Inn is cheap.Maybe just do a couple nights while the bathroom is being redone and have contractor work around them for the other stuff Tell the contractor you'll give him a bonus if he can work longer days and finish sooner.
27 August 2024 | 2 replies
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
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27 August 2024 | 19 replies
Extra shows them a bunch of homes writes one up and seller will not pay a fee they will give the closing cost but no fee..
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23 August 2024 | 4 replies
But, there is very little flexibility and the rules are rigorous.
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27 August 2024 | 6 replies
There is 1 parking spot on the property and is being charged $50 a month (a tenant is paying extra for it).- I confirmed the tax rate and took the purchase price as the base.- Any other information would be helpful.Thank you again.
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29 August 2024 | 43 replies
However, be transparent that there’s pet fees (if you want to charge extra for pets).
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26 August 2024 | 8 replies
Let's break down the pros and cons of each approach:Forming an LLC in the State Where the Property is Located:Pros:Compliance with Local Laws: Establishing an LLC in the state where the property is situated ensures compliance with local regulations and laws specific to that jurisdiction.Legal Clarity: It provides clear legal jurisdiction and may simplify any legal proceedings related to the property in that state.Perception: Operating with a local LLC may give tenants and local authorities confidence in your commitment to the community.Cons:Additional Costs: Setting up and maintaining an LLC in another state means incurring additional registration fees, taxes, and possibly hiring local legal counsel.Administrative Burden: Managing multiple LLCs across different states adds complexity to your administrative workload, including extra paperwork and compliance requirements.Tax Implications: You may face tax obligations in both the state where the property is located and your home state, potentially leading to double taxation or complexities in tax filings.Managing Through Home State LLC:Pros:Simplified Management: Handling all properties under a single LLC streamlines administrative tasks, reducing paperwork and simplifying tax filings.Cost Savings: Avoiding the need to establish multiple LLCs in different states saves on registration fees, legal expenses, and ongoing maintenance costs.Consistency: Uniformity in management practices and legal structures may contribute to efficiency and ease of operation across your real estate portfolio.Cons:Legal Exposure: Operating out-of-state properties under a home state LLC may expose your personal assets to the laws and liabilities of the other state, potentially diminishing the liability protection the LLC offers.Compliance Challenges: You'll need to ensure your home state LLC meets the legal requirements for conducting business in other states, which could involve additional filings and fees.Perception and Credibility: Some tenants or local stakeholders may prefer dealing with a landlord who has a local presence, which could impact your reputation or relationships in the community.Ultimately, the decision depends on your specific circumstances, risk tolerance, and long-term goals.