Dummy Business
We would like to set up a dummy property management business. We would like our tenants to mail their monthly rents to this Dummy business address and not directly to us. Keeping our investment business separate from the dummy management business. If we call this the xyz company, is this legal and ethical ? Must we file a fictious name request or can we call this dummy company anything we want ? Has anyone did this or something similar to this ?
Jerry
There are certainly advantages to representing yuorself as a PM instead of an owner.
To make it easier yuo could have them continue to mail their payments into your company but create business cards with the words "Property mgr" on them to give out to tenants.
[addsig]
Any suggestions???
I hold onto a copy of a check so that I will have all their bank account information if there is an eviction, the court can "attach" their bank account and get the money owed that way.
The court will actually do that? I am unaware of that in FL. Maybe it is a PA thing. Whenever court costs and other fees are awarded to me it gets recorded, but I have not heard of funds coming out of an account without prior written permission, even if it is by a judge.
How about a lease provision stating that tenants are not to remove or install window AC units, and they are liable for any damage incurred by their use???
Or something to that effect. Then I can at least leave them in the unit. Not sure. Any other suggestions?
How about a lease provision stating that tenants are not to remove or install window AC units, and they are liable for any damage incurred by their use???
Or something to that effect. Then I can at least leave them in the unit. Not sure. Any other suggestions?
Hi NewKidinTown2,
I found out from the CA Dept. of RE that a power of attorney is sufficient to manage property for others. Thanks for the feedback.
Tracy
Tim,
I have primarily been involved with Rental Properties in the downtown area. I purchased a parcel in August that I plan on developing into Condos in a few years, as soon as K2 finishes theirs across the street! I am actually a software consultant with too much time on my hands!
I have not developed any commercial properties, as I am still trying to grasp the business and keep my day job. I have joined an LLC of four other investors and we are going to develop large parcels near the Havana and Lake Talquin area.
Keep in mind to also find out how your investment is protected. Does the buy-in get you shares in an LLC or just a handshake? Is the property deeded to the LLC, Land Trust, or to one person?
WEs
Have you come across anything new Tim?
Hello Wes and all!
I spoke with the city folks on yesterday, took me awhile to get intouch with everyone. The city sounds excited to hear that someone is interested in building condos on the site. I was suppose to speak to the leader of the group today, but was unable to reach him, spoke very briefly on yesterday. I want to ask him if he would mind holding the paper on the land for a couple of years or so, you know work something out creative. Appreciate all ideas and questions. Thanks, Tim
Oh yeah, Wes do u invest in single family homes in the area?