All Forum Posts by: Patrick Connell

Originally posted by @Nate Falconer:

@Patrick Connell How long have you been using the Serial LLC structure? Are those 4 accounts that you are using in your personal name?

I've been using the Serial LLC's for almost two years.....all accounts are in the name of my LLC, not personally.

This will be good for the industry....

Originally posted by @John Haveman:

Originally posted by @Patrick Connell:

In Texas, we have Serial LLC's.

My rentals are held in a Serial LLC, with each property having its own Series. Essentially, all it takes for me to create another LLC is to fill out a one page piece of paper and give it to the bank and title company.

So, each property is in its own Serial LLC and insulated from all the others for liability sake.

I also utilize just one set of accounts, one accounts receivable checking, one repair account, one tax/insurance account, one advertising account, and one vacancy account. All rents go in and get distributed as necessary.

I can't imagine having 5 accounts for each property, that would be insane.

Hi Patrick

May I ask which bank you use for your Texas Serial LLC's?

I'm banging my head against Wells Fargo and Chase.

Thanks

John

 I use a local bank that I have a relationship with, Frontier Bank of Texas.

Shanna Bechtel can you provide a citation for this violating the Equal Credit Opportunity Act? I don't believe this situation is covered by that, because his denial has nothing to do with what this Act is trying to prevent.

The easiest answer to this is, "you gotta pay to play...."

Ned Carey based on the information available at the time of the post, I don't see anything to indicate there's anything unethical going on in the slightest. And this practical seems practical and ethical, I'm not sure which part of the practice could be considered unethical; with the exception of saying one thing and then doing another.

P.S. The title of this thread in incredibly misleading because there's nothing unethical going on here.

When you use OPM, you play by whatever rules are thrown at you.... They don't need anything from you, but you need everything from them; mainly a commitment by Wed. Missed opportunity to go in, sit down, and have a nice face to face with the President of a bank who could loan you lots of money in the future.

Central Texas, less than $1,000/mo, $50 initial late fee and $15/day thereafter. $1,000+/mo, $75 initial late fee and $25/day thereafter. File on the 15th, although in Texas, you can have someone out in less than 6 weeks.

Originally posted by @Joe Kim:

Originally posted by @Patrick Connell:

Joe Kim to answer some of your questions, yes, you will spend more money marketing and finding tenants for a high-end lease than a lower-end one.

 Really?  Name 3 reasons why you will spend more money marketing and finding tenants for high-end lease than a lower-end one.

If you are saying it costs 3X more to rent a $3000/month versus $1000/month rental, I would like to know.   

thanks

 Professional pictures, additional marketing to higher-end clientele, most higher-end tenants use agents which means there is a compensation on the other side of the transaction that has to be paid, and higher-end tenants usually have attorneys on hand that they like to use to review contract and such, which means more of my time dealing with the attorney and explaining to them the in's and out's of our leases (because they often don't understand).

Lower-end properties have a plethora of applicants waiting to get in, post in on MLS, Facebook, and Craigslist and tenants will line up out the door from pics you took with your iPhone. They also often times come unrepresented, which means no commission on the other side.

Anything else?