Rental Property Owners

[rferg84]

1 million should be more than enough. Most lawyers are smart enough to settle within certain limits. Unless you have some crazy negligence that causes deaths I can't imagine needing more than that.

LLC is easy, but IMO would be a pretty large headache to turn in yearly franchise tax reports for each of them. Plus you'd need generate a K-1 for each I'd think so that you can report the pass through income.

Eh, not a pain with your business partner is a CPA.

But yes our stack of K-1s is getting towards 100 pages...

[DeadEyeB]

Eh, not a pain with your business partner is a CPA.

But yes our stack of K-1s is getting towards 100 pages...

oh nice yeah then why not. Keep the money in 1 llc put all the rentals in their own. Most they could go after was the house value.

Fedex does this. Every fedex truck is it's own LLC. I'm sure plenty do it that way. Just seems like a major hassle to me haha

[Paycheck]

Thanks for the info.

[Captain39]

I always require them to turn in a formal application, even on my low end rentals(trailer park). I always require to see pay check stubs and typical call employer and previous rental manager. For my houses, I use smartmove. It allows the tenant to pay their own background check ect.. with out me trying to do everything. For my low end rentals I might run them myself; and just do my own homework. But in the low end they always have issues. But the better my rental the lower my cash flow, but better tenants. The lowe end has better cash low , but the tenants are a **** headache.

[Keith]

Lot's of great information. I only have 1 rental, but my father-in-law has about a dozen.

Does anyone own an RV park? I've been considering starting one.

[Codie]

Formal contract, but do not run a credit scores or run background checks as all of
My renters have come recommended by people
I trust.

[rferg84]

oh nice yeah then why not. Keep the money in 1 llc put all the rentals in their own. Most they could go after was the house value.

Fedex does this. Every fedex truck is it's own LLC. I'm sure plenty do it that way. Just seems like a major hassle to me haha

Yeah it would be if I was doing it lmao.

He handles that side, I handle the sales/marketing side. It's a beautiful marriage.