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All Forum Posts by: Derek Jones

Derek Jones has started 2 posts and replied 7 times.

I am about to close on my 10th property and in advance of that I have used Anderson advisers to get my entity structure set up for asset protection and anonymity which includes having each property in a land trust and a separate LLC for each property. Each property is worth at least 150 K. So now I am finishing this work and need to create a bank account for each entity, however, I bank with Fidelity investments currently and I have loved using them for the consumer side but their business banking lacks the ability to pay bills, cut checks, and I have to make a phone call to wire money. It's not that big of a deal with just a few properties but even creating a account for each property I have to print paperwork out and fax it in or mail it in which is really not scalable. So I'm reaching out to the community to find out who you use for business banking that has all of the features that you expect but also is easy to create Multiple accounts within one login so you can transfer money easily.

I would really like to use a local credit union but their technology is mostly antiquated and cumbersome to create multiple accounts and access all of that data on a mobile device.

Criteria I’d like:

1. Ability to add multiple accounts easily within the one login

2. Ability to move money between accounts online (web and mobile)

3. Bill pay, check cutting, wire transfers

4. Mobile app for standard purposes including depositing checks

5. Low / no fees for minimum balances or max transactions

Any references or insights are appre

Follow Anderson Advisors on YouTube.

I have 10 total properties with two as non warrantable condos with 30 year terms in the 7.25-7.5% rate range in Alpharetta, GA. Seeking to refi. HOA is in great shape, units were rehabbed, rented with tenants current, both have 30% or more equity. Any leads or lenders would be appreciated.

Originally posted by @Otis Sanders:

I received about a full year also. Signed docs 2 days ago. Still waiting on funding . 

How long was it between getting the email to create your account and confirm the basic loan terms  to getting assigned a loan officer and signing the docs?

I just had my credit report pulled by “US SM BUS ADMIN ODA” on 4-17. Assuming this was part of the process, why would they pull credit if funds have run out? Anyone else get credit pulled?

Originally posted by @Rudy Bello:

I’m having a call with an SBA associate in 20 minutes regarding my application. I will try to ask some of mine and your questions.

Rudy, how did they initially reach out to schedule the meeting , phone or email?

I have a mix of long term and short term properties. All these YouTube channels have bragged about rental arbitrage making 3-4x standard rent roll and now they can’t pay the mortgage or rent? Get over yourselves. I lost 90% of reservations but have rebooked with medium term guests at 50% my normal rate which is still 1.5x standard rent and Airbnb is going to give me back 25% of cancellations under the extenuating circumstances policy due to COVID-19 - deal. I listened to the CEO and he sounded genuine. They made the right call. Hosts that would have forced guests to travel would have caused the virus to spread faster, put their cleaners at risk and caused a deeper damage to to economy and therefore the short term business and would have collapsed guest confidence in the host network. Yes, I made a lot less but filed for relief via the disaster loan program but so did nearly every business in the globe. Hosts, if you would have not voluntarily given guests their booking fee back because their event or work travel was cancelled...shame.