All Forum Posts by: Allen Chaney

Forming an LLC is fairly simple to do yourself, or there's several services that will help set it up for about $50. I'd recommend talking to a cpa first to see if an LLC is right for you. I only use mine for flipping.

Lots of resources here on the site to learn from. I'm new myself, and one thing I'd add is take care of your credit report. A good credit score can mean the difference between getting a bank loan and getting a deal or getting nothing. Starting out, private money is hard to get, hard money is expensive. If you can finance it, an FHA loan with 3.5% down on a 2-4plex is great for starting out. Live in one unit (owner occupied is required for 1 year on most FHA loans) and rent the rest out.

Hi, my name is Tom (Allen) Chaney. I'm originally from SE Missouri, now in Tuscumbia area with family. My dad (also Tom Chaney, which is why I go by Allen) got me interested in real estate. He was involved in several buy and holds pre-2008, but the area had a rent price collapse in the 08 crash and rent prices got too low to cover the expenses on the properties and he lost them. In the past couple of years he got back into it and decided that it's what he really wanted to do full time. I thought it was a great idea for both of us. I'm the numbers, networking and all around techy portion. Anyway, our goal is to do a couple flips a year, and get enough cashflow from buy and hold that I can quit my job and do real estate full time. I LOVE the BiggerPockets community and I'm so glad I found it. It has been so much of a help already and I look forward to meeting new people and hopefully helping who I can.

I use chase quickpay for personal use. It takes about a week for the first transaction to go through, but after that it usually takes 3 business days. I have a chase account myself, but I'm unsure if that's a requirement for the service. Each end of the transaction has their own login info and bank account info is never shared between parties. It's free for personal use, unsure about using it for rent, and I've only sent money with it, never received. I've also used venmo, which is similar and I hear that it's very popular for roommates who split the rent bill.