All Forum Posts by: Alexandra Sales

Hi all I have a few questions regarding properties under LLC vs personal for buy and hold / BRRRR strategies...

Can a rental property be under our personal names (mortgage title/deed), but the bank account for rental income be under an LLC account? Are there any risks/ benefits from this? OR does the ownership of the property and bank account have to be under the same (either both personal or LLC)?

Are we able to refinance under an LLC just the same as a personal?

Is it hard to change a property ownership from personal to LLC? Risks/Benefits?

I am asking because I have read refinancing under an LLC is more difficult with banks. But we wanted the rental income to be in a separate account than our personal accounts. Are we able to have the mortgage under our personal name but have the bank account under an LLC?

Thanks for all of your help! 

Is it typical for an appraisal to come back almost exactly what you're purchasing the property for? 

@Lee Ripma @Alex Olson Thanks for the advice! Most of the negative reviews are about slow maintenance and fees charged when they moved out due to 'damage that was not there...' according to the tenant. They are very long, terrible reviews... But, the reviews from the owners of the properties were actually good. Is it okay to ask the management company for references of property owners they work with?

So far Premiere PM, Ad Astra, and Home Rental Services were aligned with our needs. 

Awesome work!! Congrats!

Hi BP! 

Currently about to close on a rental property and searching for a property manager in KC (we are long-distance investors). I have searched through previous BP posts on highly recommended property management companies. Of those recommended, I interviewed multiple on the phone and feel good about a few of them; however, when I searched their company online the reviews are not great. The company I felt very confident about from the phone interview actually has more bad reviews on yelp and google than good. Any advice or suggestions? This will be our FIRST rental property, so we're hoping to find a great PM (as everyone is), so we aren't scared to invest more long-distance.

Thanks for your input!   

@Jonathan Greene Yes, we had a sewer scope and the inspector said he did not see a crack in the piping BUT he was unable to finish the last 20-30 feet because of the tree root debris. Unfortunately they are selling as-is and we cannot get that cleaned to check before purchasing. It'll be a risk we have to take. 

@Aaron K. Yeah we are thinking of how to go about this because have a certain budget for rehab (especially since it's our first one) but after the inspection there were a lot of repairs that need to be completed. 

@Aaron K. In the market can rent for $1000-1100 without the rehab and $1200-$1250 with the rehab. The cosmetic rehab is mostly the kitchen cabinets and countertops. They are in decent condition right now (white cabinets). The floors will be completed no matter what. 

Hi All! Hoping to get your insight and advice on an old property (1930). I'm new to REI and so I'll take all the advice I can get.

Purchase: $115,500 including closing costs

ARV comps recently sold (2020): $170-$190K
Rent:$1100-1200

Cosmetic Rehab: $18,000

Repairs: $12-15K 

Because this is sold as-is and is an old property, there are repairs that need to be done such as foundation bracing, sewer clean out (inspector couldn’t get passed tree root build up), load bearing beam replacements in basement, electric panel replacement, gutter/fascia replacement, And a new water heater. 

The floors and paint need to be done but other cosmetic stuff can also wait. It is still rentable without upgrading all cabinets/backsplash etc. The Rehab price above includes full upgrade. 

I am really new with real estate and home repairs in general, so Figuring out if this is a good deal to step into is what I’m concerned about. Mostly the repairs not cosmetic rehab part. Any advice or insight would help! Thanks I appreciate it!! 

Hi all! Just had a contractor quote $5500 to replace a wooden load bearing beam in the basement that had previous termite damage (no active termites present/seen). However, the structural engineer did not account for this. Is that a typical cost for the job? Also, should the structural engineer have accounted for this? Thanks in advance!

@Alex Olson @Lee Ripma @Account Closed Thank you for all your advice and input! I really appreciate it!