All Forum Posts by: Abe B.

re: sec deposits: whoa - you don't collect sec. deposits at all?! tell me more.......

 Thanks so much!

All of my LLCs have their own bank accounts, books, expenses, etc.

But what else do i need to separate? Is it ok if i keep one email address to communicate with all tenants, etc? Or do i need a second email address for all of it? Open to advice.

Hi there,

I'm about to close on my first property (6 doors) and am realizing that I don't know how to collect rent in a convenient fashion for the tenants. I have been told to use Baselane so that they can ACH transfer for free, and that baselane also gives me 4.5% APR for my money saved there (i.e. security deposits, etc.)

However, I don't like Baselane's withdrawal limits, and also how long it would take for baselane to transfer money to my primary checking accounts, at JP Morgan. I am considering opening a business account at JP Morgan for all income + expenses, and simply use baselane for rent collection + higher APR on security deposits, etc. (I am not required to pay tenants the interest on security deposits).

Any concerns with this? Am I thinking about it properly?

Thanks!

Interesting at to look at it, especially regarding negative yield. I need to wrap my head around that a bit 

Hi, I'm just starting out and looking at a property in the 2 mil range with 10 units. 

It is a historic building in a Class A+ neighborhood. 

The property can pay the mortgage and opex, but doesn't provide any return on top of that. How do I determine if it is worth it? I"ve been making offers for 2+ years and am yet to win an offer with my calculation, which takes into account light value-adds and raw cap rate of above 4-5%. 

I'm getting a bit desperate for a property.

Thanks!

Hi, I am considering a two-unit that is zoned r2 and is being used as a three-unit. (There is no basement unit).

how does this work in Providence? Is there a process for making this legal, or am I SOL and would have to evict the illegal unit?

To be clear, I'm looking for specific info to Providence, RI - and not general advice. I'd like to do my homework before approaching the zoning board.

thanks!

 Thank you so much, Jason!

I'd like to make an offer on a property that has 4 studios (residential) and 1 commercial space.

what kind of loan and terms would I need to apply for, and how do the interest rates compare? What kind of lender should I approach?

Thanks everyone - i was just looking for self-reports of Units / Cost / type of property. I finally bought my first prop but am looking to expand, and was curious ot see what people are paying so i can evaluate properties properly. thank you!