All Forum Posts by: Christopher Gee

@Greg Scott thanks for your opinion. We’re just starting out tbh, so lots of definition to be done still. How would you set yourself up?

Hi all, my partners and I are in an LLC together, and we're trying to set up a new business bank account. We'd love it if all of our names are on the account. We've run into a problem though:

• Most brick and mortar (Chase, Wells Fargo, etc.) require that all members of the LLC are present to open up the bank account. Of course, all of our members can show up at different branches and present our identity and it wouldn't be a problem, but ...
• My partners and I are all in different time zones and aren't even in the country. 

First question: Has anyone dealt with something like this before?

One solution we're considering is an online business banking option. However, it isn't really clear if online banks are set up for multi member LLCs - from collateral and help content, seems geared towards sole proprieter.

Second question: If you've done online banking for multi member LLC, who did you use?

So this is becoming less specific to the residential program and more of a newbie landlord question: 

• If I accepted this application at the same time as another renters application, and the other renter meets all of my requirements, can I simply state that someone else met my minimum requirements first?
• And at this point, I've done a lot of research and due diligence regarding the residential program app. While it certainly seems like an interesting opportunity, it's just a can of worms I'm not able to open (more fully) at the moment (like the possibility of zoning, insurance, etc). Enough of a reason to decline them?
• Lastly - if I decline them based on someone else meeting requirements first, am I going to need to refund their application fee?

Thanks all!

@Patrick M Nichols, @John Mocker, @Jay Hinrichs - thanks for all of your feedback. Some of the things you mentioned I was already running down, and some are new (zoning - eek!). Digging into all of it and will get back to y'all here.

As a first time landlord, I have another question. How does the timing of an applications figure in the scenario of "first renter that meets my rental criteria" to not discriminate? They were one of the first applicants, so I'm curious on how to handle this.

Hi all - I posted this question in an old thread but I don't think it's getting as much traction as a new post. Here's my situation:

I am a first time investor, about to rent out my current home (3BR/2bath) in a A-/B+ neighborhood of Gresham, a suburb east of Portland.

A company reached out to me about renting out our property. They run an Adult 24-Hour Residential Program for adults with disabilities. Tidbits of what we know:

• It sounds like 3 program participants would stay here (potentially alone without supervision, Worth mentioning I don't know the participants yet as they have not yet been selected).
• The participants have a highly structured day where they would leave early in the mornings. The business states that they're focused on keeping these participants very active and doing things, so they wouldn't be there much of the day.
• The business also said that the house is kept very clean, as the state can do a surprise inspection at any time. In fact, the company will have to do modifications to the house after being selected, so the house could be empty for a few months (potential improvements made to the house at no cost to me?).

My questions:

• Does insurance change for me in this situation? If so, what do you suggest I get?
• Would I end up dealing directly with the state or whomever is giving funding? Or do I just directly deal with the business?
• How do I handle application fees ($50 per person) based on only having the business apply, vs 3 residents (who probably wouldn't have much of a credit or rental history anyways)?
• Is it reasonable to increase the monthly rent based on leasing to a company instead of an individual? If so, what would you recommend?
• Advantages/disadvantages about a longer-term lease in this situation?

Thanks all - this was something I was not prepared for, so happy to have your insight.

Hi all - wanted to resurrect this thread because I'm in a similar situation. I am a first time investor, about to rent out my current home (3BR/2bath) as I move into a new one (so a tad nervous!).

The company that's interested runs an Adult 24-Hour Residential Program (OR state link here) for adults with disabilities. Tidbits of what we know:

• It sounds like 3 program participants would stay here (potentially alone without supervision, and plus we don't know the participants yet).
• The participants have a highly structured day where they would leave early in the mornings (the business states that they're focused on keeping these participants very active and doing things).
• The business also said that the house is kept very clean, as the state can do a surprise inspection at any time.

Perhaps my first question is to Jorge from the OP - did you end up renting to the company? If so, what's your experience been like?

For everyone else, other questions:

• Does insurance change for us in this situation?
• Do you end up dealing directly with the state or whomever is giving funding? or just directly with the business?
• How do we handle application fee's based on only having the business apply vs 3 residents. (One of our fees is a $50 fee per resident over 18yr)
• Is it reasonable to increase the monthly rent based on leasing to a company instead of an individual?
• Advantages/disadvantages about a longer-term lease in this situation?

Hey all! New here to Bigger Pockets and I'm super excited to be here. Been listening to the podcast for some time now, and am finishing Rich Dad, Poor Dad. Feeling really inspired to pursue financial freedom and I'm looking forward to getting engaged on the site!

A little more about me: I'm in the Portland OR area in my first house. I'm considering renting my current place out (once I crank out the numbers) and buying another property closer to downtown.

Thanks!