All Forum Posts by: Chris H.

Hello!

I currently own 2 SFH's in my own name and all funds flow through my own personal checking account.

Moving forward, I plan to put all new properties into their own LLC (single member) with their own business checking account.

My question is this - If I open these new business checking accounts at the same bank as my personal account, can I make direct transfers from the business checking account into my personal account and vice versa? Or is this a big no no in terms of commingling funds?

If so, what is the recommended process for withdrawing excess profits from business checking accounts and putting them into my personal account for using towards future purchases?

I'm considering moving to a bigger city where I plan to sell my car and use public transit as my main source of transportation. I have 1 house in Michigan with an umbrella policy over my rental property and my car. I don't believe my current State Farm umbrella insurance will cover me anymore without an auto policy. Are there any umbrella insurance policies that don't require an auto policy at all?

Hi everyone!

I've always been interested in real estate, and after doing a lot of research and reading a lot of books over the last few months, I've decided to finally take the plunge! Just closed on my first investment property (single family home) and I could not be more excited. I'm planning on using a property management company to do the land-lording, as I work as a full-time project manager and that takes up the majority of my time. I did purchase the property in my own name, rather than using an LLC or a corporation, and I paid 20% down with a mortgage from the bank. My next big decision is whether to pay off the mortgage aggressively and move the house into an LLC or corp for financial protection, or if I will go with an umbrella insurance policy and continue to invest in new properties. Any advice is welcomed!

- Chris