All Forum Posts by: Amanda H.

@Shawn Underwood thanks for your input. Much appreciated!

@Mike McCarthy Cozy is the app I couldn’t recall. I knew there was another one I had heard of that landlords use. Thanks much! I’ll check into it. 

I want to accept tenant electronic rent payments to my LLC. Anyone use Venmo for this? It's set up like a "friends" paying each other app. Not sure if it's professional enough. Anyone use it or use something similar that's still free?

Thanks for the info!

Just to clarify, I only have single families right now. I don’t do ACV right now simply because the cost difference is so minimal. 

Also, I’ve only ever used one carrier and was hoping to avoid the headache of shopping around if investors here generally have a great go-to company for their rentals. 

Who does everyone use for insurance on their rental properties? Most cost effective would be ideal. I just started an LLC and need to move my properties onto a commercial policy. FYI, I only operate in the state of Iowa. Thanks in advance!

1. You can do a quit claim deed from your personal name into your LLC any time. However, you'll probably have refi into a commercial loan. Can't keep conventional personal mortgage after changing to Business ownership.

2. If you change to LLC, you need to operate 100% via the LLC name or you risk personal responsibility which is exactly what you're trying to avoid by establishing an LLC. You'll need rents paid to the LLC, checks written from an LLC bank account, insurance policies in the LLC name...everything.

Just to note, there is no harm in keeping it under your personal name until you grow. If you do, I highly recommend taking out a personal liability umbrella policy for at least $1M should something happen. Most people only have $300k in personal liability on their homeowners insurance. 

Good luck!

I absolutely love the conversations and content this thread has created. You all have been so helpful. The concepts make so much sense. An extra thank you to @Shawn Coverdell for the picture you painted with your in depth, first-hand experiences. I can definitely see the opportunity here....as well as the risks. I’m really looking forward the listening to @Al Williamson on BP podcast #8. 

@James Wise, seeing that is some of what I would expect. I suppose the hope would be less of that kind of stuff vs. that being the norm. I do have thick skin and have seen plenty of similar things with my day job, so that wouldn’t phase me. I have to believe proper tenant screening will give a landlord a better chance.  Thanks for the reality check. 

As many of you may have noticed, I’m not only a “newish” investor but also brand new to Bigger Pockets. I’m trying to learn. I apologize if my post presented offensively.  

I sincerely appreciate everyone's perspective. It's tough having discussions about REI without sounding inexperienced when in fact I am. So, thank you all for your direction and input.

@Matt K. that makes sense. Sounds like I misunderstood your suggestion originally. Thanks again. 

@Bob Rubenking, I love that story! It’s true. Des Moines is not a scary town. And, if you’re an investor here, you know I am referring to none other than the Drake neighborhood. 

@Terre B., that is fantastic! Good for you! I’m with ya. I deal with all walks of people in my day job and certainly understand different people need to be treated differently in order to get on their level of communication and understanding. Everyone wants courtesy and respect, especially when they’re not used to not getting it. 

@Anthony Wick, thanks for the tip. I haven’t used crime mapping. 

@Matt K., I find it incredibly interesting when someone suggests staying within their experience. As in, don’t try something knew. If I lived my life with that attitude, I’d own zero rental properties.  Don’t get me wrong, I  certainly appreciate your input on this subject. 

Thanks again!