Archive for category Investing In Rental Property

LLC’s – PART 1: Why You Should Consider Using Them To Hold Your Rental Property

Oct 28

Posted by Tristan R. Pettit, Esq. in AASEW, Investing In Rental Property, LLC's | 3 Comments

 
The AASEW‘s October monthly membership meeting focused on the issue of LLC’s and why you should consider using this business entity to hold your rental properties.   Attorney Lydia Chartre of Petrie and Stocking S.C. spoke to the membership about several issues related to LLC’s including:
 
-  Why create an LLC?
 
-  Steps to create an LLC
 
-  Information that an attorney will need to assist you in creating an LLC
 
This meeting had the largest turnout of any AASEW membership meeting in the last 2 years — we had more than 70 people.  Both prior to the meeting and afterwords I received several telephone calls from people that wanted to attend the meeting but were unable to do so.  Because of this I have decided to post Atty. Chartre’s outline that was distributed to everyone in attendance at the meeting.  While you missed a great presentation from my law partner, Lydia, at least you will have the “nuts and bolts” of her presentation.
 
 
In the near future I will provide you with a copy of the outline that I distributed to the attendees at the October AASEW meeting on the topic of what formalities your LLC must follow in order to avoid having the “corporate veil” of the LLC pierced and possibly becoming personally liable for the debts or actions of the LLC.
 

“Landlords Feel The Loathing” – Accurate Article On Landlords’ Plight Published in Milwaukee Journal-Sentinel Today

Sep 17

Posted by Tristan R. Pettit, Esq. in CCAP, DNS, Investing In Rental Property, Legislation, Rep. Marlin Schneider, Residential Rental Inspection (RRI) Program / Mandatory Rental Inspections / Landlord Licensing, Screening Tenants | 2 Comments

Several weeks ago I received a telephone call from Journal Sentinel reporter Patrick McIlheran.  Mr. McIlheran told me that someone had referred him to my blog and after reading some of the posts that he wanted to speak with me as he was in the process of putting together a piece about how the state and the city seem to make the business of landlording more and more difficult.  I was more than happy to assist Mr. McIlheran as this topic comes up regularly during my interactions with clients, and at the the Apartment Association of Southeastern Wisconsin meeting.  Truth be told, most business – not just rental property owners – wonder why the city makes doing business here so difficult and unappealing.

After speaking with Mr. McIlheran, I referred him to a colleague of mine, Tim Ballering, owner of Affordable Rental Associates, LLC and past president of the AASEW.  Tim owns and manages hundreds of units in Milwaukee and has been a landlord almost as long as I have been alive (just kidding Tim ; ).  It goes without saying that Tim could give Mr. McIlheran some necessary background and perspective that I could not.

Mr. McIlheran’s piece entitled “Landlords Feel The Loating” was published in today’s paper.  You can also read it online at JSOnline.

It is a very good article. Please be sure to take the time to read the article and to email or call Mr. McIlheran and thank him for taking the time to present an accurate story on landlord’s present plight.  In light of the soon to be proposed Milwaukee ordinance that will require landlords to submit to mandatory inspections of the interior of their rental units, Ms. McIlheran’s article could not be more timely.

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AASEW MEETING ON HOW TO BUY FORECLOSED PROPERTIES – MAY 18th

May 11

Posted by Tristan R. Pettit, Esq. in Foreclosures, Investing In Rental Property | No Comments

Anyone interested in purchasing foreclosed properties will not want to miss the Apartment Association of Southeastern Wisconsin’s upcoming monthly meeting on Monday, May 18, 2009 at 7 pm at the Best Western Midway Hotel located at 1005 S. Moorland Rd. in Brookfield.

Attorney James Mulligan, an expert in the area of foreclosures, will be the key note speaker and will discuss how to purchase foreclosed properties as well as provide us with some common pitfalls to avoid. Also on hand will be Jason Fernhaber and Brian Meidam, rental property investors and current AASEW members. Both Jason and Brian have obtained many of their rental properties through the foreclosure process and will be there to answer any nuts and bolts questions that you may have on the process.

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