All Forum Posts by: Alexander Vest

Hello BP community!

I need some advice on how to structure/if i should form an LLC/series LLC/s-corp/etc. I am a new investor in Tennessee and purchased a duplex with a FHA 3.5% down loan, so there still is a mortgage on the property. I am finishing up the renovations which should boost the equity when it reappraises. I might want to use the equity for another property in the future. I have been house hacking the duplex to fill my obligation for me to be a resident at the duplex for one year. Now that a year has passed, when I finish the renovations I would like to rent out my side. Before I buy another property I was thinking that it might be a smart move to put the house into a LLC to create a large amount of asset protection, I already have a umbrella policy on the house as well. So should I move the house to a LLC? or some kind of business entity??? Also what will be the process with my lender for the mortgage, and do I have to transfer the mortgage to create a LLC?????

I'm interested to hear what methods everyone uses to collect rent. I'm finishing up my first duplex and I am currently looking how to rent collect and how to structure the bank account(s) that the rents and deposits will go into. I originally liked the idea of using cozy, but after reading some horror stories about tenants using their c.c. to make payments and then disputing the charges later and cozy charging back the landlords account months later I have since steered away from EFT collection. 1.) My thought process right now is that I can install locking drop boxes at each unit in the car port, which would allow me to come by and collect rents on my schedule and not have to schedule with tenants every month. I wanted to be able to come by, unlock boxes, collect checks and leave a receipt in the mailbox or taped to door/taped to drop box. I figured this would work well as I'm in Tennessee and we have a grace period in our rental codes. My rent for units is due on the 1st and the grace period runs till the 5th. If rent is not paid by the 5th, the next day on the 6th we add a 10% late fee (given the 5th is not a Sunday or holiday). this would allow me to come by on the evening of the 5th on my schedule (I work a full time job as well) and collect my checks, and if they are not in the box I can tape a notice informing of the fees as well. what are everyone's thoughts on this process. 2.) I'm looking at how to structure my bank accounts for my property, I know I need to set up a separate bank account for the deposits to go into (at least that is my understanding here in Tennessee, not sure if that is nation wide). I then wanted to have another account that the rent checks go into, instead of my personal account, just so I could follow how the money is building and help keep track of the profitability of the property, along with what expenses I put into the property. thought on what yall do and how you structure your accounts???

@Sandy Gabin thank you!

@Sandy Gabin thank you I will look into avail, do you happen to use any rent collection software?

Hello I'm a new landlord and this is my first post in on BP! I have been following and reading for about 3 years. I bought a duplex in March 2018 and have been house hacking while remodeling one side, while.i inherited one tenant one the other side. She has been a pain for almost a year, she is finally leaving. Im looking for honest reviews for different screening services and rent collection, I was looking at cozy but have read some horror stories. Any suggestions or even general advice for a new land lord. I have listened to alot of podcast and read posts, but I will appreciate any knowledge as this is my first screening  and tenant turnover.