All Forum Posts by: Harish C

Howdy @Darien Gipson

Welcome to BP. I am from Houston and new to the site too. This is a great site to be a part of and to learn and grow in REI.

Hello coach, if you have an LLC you should be able to put the LLC down as the buyer. One of the primary purposes to have an LLC is to detact the asset from you personal name and have it under the business entity. I am no expert in this matter but this is my understanding. Good Luck!

I plan on using Dwolla for my first rental property. These are the Pros and Cons I see:

Pros:

• Save time, no need to drive to the PO Box and then to the Bank every month
• Save paper and Stamp
• Can set up Recurring payments request (Landlord), and recurring payment (Tenant)
• Dont have to give your tenant bank account information. (Not a biggie)

Cons:

• Takes a few business days for the money to transfer to bank.
• Service Fee

Also, I am NOT getting paid by Dwolla, in fact November will be the first time I will get a payment through Dwolla.

https://www.dwolla.com/landlords for more info. Personally I wanted to use Iniuit but it looks like you cant use it without a EIN. Thoughts?

@Ellis San Jose Thanks for the reference I will check it out. I believe DOS clause is very scary to most people including myself becuase we don't fully understand it.

@Ali Boone That is a great thread, I got so much information from it. At this point I am convinced I should be okay with a Umbrella policy. But as my asset grows I will surely consider the Series LLC option.

Hopefully, through better Tenant screening and maintaining the property in good condition I can mitigate the risk of a lawsuit.

Congrats on your first deal and the best of luck to you.

@Christian M. I will be sure to post anything I find regarding this matter on BP. I am sure there is a way, perhaps Trusts are the way to approach it. I surely need to research it. I wonder what percentage of people just take a gamble and play Russian roulette with the DOS clause.

@Ellis San Jose I am hearing a lot more people say and Umbrella policy is good period irrespective of the business structure. My questions is in the future do I really need that many levels of protections. Meaning does it make sense to have a Series LLC (Though I currently cant have it) and an Umbrella policy. Is the cost to protection really worth it? I will try to analyze that shortly. As soon as I am done unpacking in the new house.

Hello @Julie Lytle Welcome to BP. This website have been one of the best resources for me in learning about REI. You have certainly come to a great location to learn and grow in Real Estate. Look forward to seeing your success stories on BP soon. If you already haven't, Check out the Ultimate Beginner's guide, podcast 11 talks about the guide too.

Howdy @Joshua Dorkin and @Mehran Kamari thank you very much for the welcome. Looking forward to interacting with the BP Community. Already connecting with local BP members, Great Stuff!

From one newbie to another, welcome to BP. I hear Texas is a great market to invest and a lot of potential to grow. I leased our first home within 1 week and used the help of a Realtor, it was easy to find the tenant. The hard part was to figure out if the numbers made sense, and to use it did. This handbook is a great for the landlord/tenant law in Texas.

http://www.tyla.org/tyla/assets/File/Tenant'sRightsPamphlet2012.pdf

Hope this helps, let me know if you have any questions.

Hello @Brandon Turner thanks for the welcome sir. I will be setting up the Keywords shortly. So much to learn and do.

@Cuong Le, great suggestions I will look into them ASAP. Thanks sir.