All Forum Posts by: Chris Balestriere

@Matt K. We are not looking for a different bank for EACH property, we are looking for one good bank that we can do business with that doesn't charge fees and makes it easy to have multiple accounts under one user name and passcode. We use BOA right now and they charge fees for their small business accounts and make it a hassle to do menial tasks. We are just wondering if there is a better bank out there specifically for rental property or one that is better for multiple small business accounts. 

As far as LLCs go, all of our properties are under LLCs. We were wondering what others who put their properties under LLCs do after they pulled out a mortgage under an individuals name. Can you pay the mortgage directly from the LLC or does the mortgage holder always have to pay directly from their account?

Thank you for any advice or opinions!

Hello Investors!

For those buying multiple investment properties, how do you manage multiple bank accounts? What systems or programs do you use to efficiently and effectively keep all accounting under control while keeping each property separate? What bank(s) do you use? If you have financing on a property, how do you pay the mortgage from an LLC bank account when the bank expects the money to come from the mortgagee?

@Pat McCandless In my town, I went into the city Clerk's office and asked if they had lists of tax leins. The girl gladly directed me to a row of computers IN the office that I could sit at and access any public information my city and others have to offer (she gave me a short tutorial, but it is pretty easy to understand). I plan to go back tomorrow and just sit down at one of the computers and make a list (after I say hi to all the ladies that work there and give them some doughnuts). Not sure what your city has to offer, but it is worth taking a drive down there and asking. 

@Andrew Michael That is great information to have in this business! Thank you for the company suggestions, I WILL be using them in the future! If I am ever in Maryland, I would definitely love to grab a drink and pick your brain! Until then, happy investing!

@Rick H. I read a lot of BP threads and you always seem to have great advice and tell it how it is. My partner and I have spoke about building lists separately and then comparing them side-by-side to do exactly what you are suggesting, we just haven't gotten there yet, but we will! Any suggestions on how to grab the "low hanging fruit" you speak of? How do you get there first? That has been a huge topic of discussion between my partner and I. My conclusion was networking, knowing the right people; which takes time in the business. That is actually what prompted me to start this discussion on BP. For now, if we do not have a good way to grab those easy deals, we want to at least be hitting the best lists possible. The question again is, what is the best or most efficient way to get those lists? If it isn't efficient and takes some time, but is worth the effort, I am TOTALLY open to suggestions. But for now, going to city hall and building lists and acquiring off the MLS will be our main list acquisition methods. If I am ever in California (I am way over due for a visit) and I am in your neck of the woods, I would literally go out of my way to meet you. Seems like you would be an interesting person to learn from! Thanks!

@Pat McCandless I went to City hall in the afternoon yesterday and after going to the probate court section (and getting turned down, cold), then going to the tax assessors, getting redirected to the tax collectors and finally getting redirected to the city clerk's office; I felt like I struck gold! (In my city hall at least) They have computers with all the public information you could ever want. Some cities have this system online, so you can access it from your home. You have to go through everything manually though. I'm going to give it a shot and make a list from this to see if it works, hopefully it wont be a waste of time, but at least it will be educational! I hope this helps, best of luck!

@Andrew Michael Excellent! Thank you! We definitely are working on different methods of marketing including: calling expired listings, social media, blogging (building multiple sites for our business), craigslist, putting up ads in the paper, bandit signs, networking always. Right now, we know that direct mail is important, so we want to master that and do it as efficiently and cost effectively as possible. How do you go about skip tracing? That is a new one I've never heard of (but looked it up when you mentioned it).

@Pat McCandless I am trying to figure out the same thing, I'll try and let you know when I find out. I assume you go to the probate court or department and ask if they have a probate list that you could look at it. It should be public information. Same with the foreclosure list, not sure yet what part of city hall to go for that yet, again, I have to just do it and see what comes of it.

@Andrew Michael I've mailed to the same list twice and the second time is when we got the most response. We received about 5 calls from the second mailing of that list and immediately followed up. We plan to hit all lists multiple times before creating new versions of the list.  I am not saying my list is in any way bad or that I don't plan to mail to them anymore; I am just here to see if others are doing something similar or if there is any experienced advice on the topic. As far as following up, that hasn't been a problem, we are keeping in close contact and visiting all the leads if they are willing, and they have seemed hopeful until they weren't anymore. They are too long of stories to tell right now, but long story short, we have definitely followed up and definitely have gotten as far as we know how. We did exactly what you are saying, the leads were just too far along in the pre-foreclosure process or hadn't gone through probate yet. This leads me to wonder if these lists are hitting the wrong type of people. What are your list creating or list sourcing methods? You haven't mentioned anything about it, that's what information that I would most like to hear about. 

Thanks for the response, gentlemen!

Chris

Hello BPers,

I've built many lists (pre-foreclosure, absentee, probate) and am in the beginning stages of send out mailings to them; testing out the waters to see if these hand made lists work. I have found some success (leads that we have and are still perusing), but no deals. I know it is still early in the game and I don't EXPECT it to work out so soon (First mailing was to about 500 in May, so we haven't been at it too long, have done only 2 other mailings since), but I want to make sure my lists are on the right track. My question is: how are people out there (specifically in Connecticut, but anywhere will help) either creating and coming up with lists that find success and bankable leads? Or are most buying lists(from list source or anywhere else)? I've obviously heard of list source, which everyone uses (but I'm not really interested in recycled lists that others are mailing to already). I've also heard of people going to the source at city hall or the probate court and asking nicely ( I plan to make my first trip today), but are there any other people out there making their own lists and finding success. If so, how? What techniques are you using? Any creative ideas are welcomed and I am happy to share my experiences with other curious list makers.

Sincerely,

Curious Marketer

Hello @Jeff B., 

So you're say it is possible to create an LLC in Connecticut for this property, as long as I fill out the proper paperwork in NY state?

Hi BPers!

My brother and I recently purchased a rental property in Albany, NY. Talking to our Lawyer over there, he says it will cost around $1,400-$1,700 to set up an LLC for the property there, which is fine; but I also hear NY LLC protection isn't nearly as effective as other states. For that price, I want to be sure I am protected. We found out that we can set up an LLC for ourselves online in our home state (Connecticut) for under $300. My question is: Is it legal and will the LLC hold precedence if we set it up for our New York property in Connecticut? I've read other threads about paying taxes in a different state, but in this case, we are already paying Connecticut taxes, so the difference is if it is feasible or not. Please, any words of wisdom would be greatly appreciated.

Best,

Chris

Thank you @Justin Silverio, That makes a lot of sense. It sounds like you are going very strong on direct mail and have a great deal of experience in sending it out. I hope to get to that point as soon as I can. I believe we are going to start with sending out 500 pieces a month and go from there. Obviously not quite as many as you, but we all have to start somewhere! AND you have a direct mail company as well? That is quite the undertaking, but smart if you send out that much mail. Thanks again and good luck to you!