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27 August 2024 | 10 replies
I would generally try to avoid insurance claims if you can because insurance is getting out of control nationwide, and we are seeing in FL, TX and CA that claims can follow the house and/or you and make it very difficult to sell the home in the future.Within the mortgage expense category you have 4 separate charges: principal, interest, property taxes, insurance (if you escrow taxes and insurance which 95% of our clients do).
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27 August 2024 | 12 replies
We are in the process of trying to sell our duplex in Toledo and have run into (yet another) issue.
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30 August 2024 | 2 replies
To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!
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31 August 2024 | 5 replies
He has a serious God Complex and just because he says something- doesn't make it so.
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26 August 2024 | 4 replies
Has anyone been successful in going through the variance process and do you have any tips you can provide?
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26 August 2024 | 6 replies
Not sure about that process would I have to accept his financing being it’s a quitclaim deed?
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26 August 2024 | 17 replies
I have or am in the process of closing on 7 SFHs this month.
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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.
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28 August 2024 | 3 replies
I don't think it is fair that I have to go through the entire process of marketing and showing the unit again.
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30 August 2024 | 4 replies
You can make anything work in any market.My concern with Austin is the amount of building that is happening.