All Forum Posts by: Andy Levin

Hey Folks,

Curious to know how those of you with LLCs manage your bank account(s). Do you have a business checking account where rent gets deposited and a separate savings account where you hold the security deposit? Where do you keep your reserve / emergency money? How and where do you withdraw your profits from? Is transferring money from this business account into your personal account considering 'piercing the corporate veil?'

I know that is a lot and you may not be able to offer 'legal advice,' so just curious to know how those of you out there approach this.

@Michael King yep, nothing yet.

What are your thoughts on using Tenant Cloud as a property management tool? The popular softwares (Buildium, AppFolio) do not seem realistic for people with a small number of rentals due to their cost.

Anyone out there using Tenant Cloud? Any stark contrasts to Buildium and AppFolio?

@Steve Rozenberg great advice! That’s similar to the boat I’m in. I’m still new to this game, so my reserves might not be a large as I’d like yet. Nothing wrong with saving for a few more years, but I’m just so eager to get started!

@Ben Baye that’s a good tip - setting out a specific timeline and sticking to it. I like it. Thanks!

Hi,

I’m considering making my first offer on a rental property that is out of state in a college town. Cash flow would be about $200-400 per month. The house is in great condition and has nice upgrades.

I’m struggling with the fear of not renting the house and having to eat the mortgage, taxes, insurance, and property management fees. Any advice as to how I can overcome this mental hurdle?

@Cassi Justiz thanks! That is really helpful. I see you’re based in Edmond, and I was considering investing there! What do you think of the market?

In Texas, option periods are the norm in real estate contracts. These option periods allow for buyers to back out of the purchase for ANY reason at all - even if the buyer just decides “no, nevermind.”

I am curious to know if these option periods exist in Oklahoma, where I am looking to invest. For what reasons can buyers back out of contracts in Oklahoma?

@Caleb Jordan thanks! Appreciate your help

Hey everyone,

I am looking for lenders who offer FHA 203(k) loans in the Dallas metroplex, but when searching the HUD website, it says there aren't any in the area? Is this possible? Any idea on how to find lenders who have the 203(k) option?