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Old 09-18-2010, 04:24 AM
 
95 posts, read 252,893 times
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If have a house in Gwinnett that will eventually become a rental. Are there landlords out there who can give advice on forming the LLC, choosing the property manager, accountant etc? Any info would be great.
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Old 09-18-2010, 11:16 AM
 
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Property manager is the most important thing, especially if you are not going to be living in the area. The property manager for our North GA house (now rented out) is an independent agent (not part of the big names). She has lived in the area for a long time, and seems to have good contacts.

I would also suggest not being fixated with the rent $$. Since rent $$ is not a permanent amount, you can always increase it down the line. More important to get a good quality tenant.

Read all agreements you make with the property manager.
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Old 09-18-2010, 12:07 PM
 
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moving the property to an LLC I don't think is beneficial for just one property and I believe being done after you already own it is less effective and the courts may strike it down. Do some research on this.

Sounds like you are going the property mgr route - check with the local landlord assoc for a recommendation. Most will cause you more grief then doing it yourself but a good one you will want to keep forever. Reality is no one would do as good a job as you would.

For 1 property any tax software will do the job, not complicated.

And if you are hiring a mgr you may not need to spend the time knowing the landlord tenant laws, screening, marketing etc. If you do a great reference book is Landlording by Leigh Robinson. Getting good people through screening will eliminate 95% of your problems and you'll find landlording is worth it instead of getting out of the biz after a year or two.
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Old 09-19-2010, 07:59 AM
 
Location: Marietta, GA
857 posts, read 4,870,445 times
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Forming an LLC and quitclaiming the property deed to the company is the best way to go (in my opinion) because if someone gets hurt at the property they would have to sue the company that owns the property, not you personally. It is the best way to protect your personal assets.
Also, you should keep as high a mortgage on the property so that there is very little equity in it.

If you are going to live out of the area its a good idea to have a manager, but if you are staying local it is not a big deal to manage it yourself. Sometimes it is a pain, but most of the time its a piece of cake.
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