All Forum Posts by: Edgar Perez

Thanks everyone for the responses; I did believe it to be common practice but my insurance agent didn't seem to be too familiar, 

@Robert Biggerstaff when you say spray for bugs is this inside or outside the unit? How do tenants feel about the spraying?

Found a couple posts from a few years ago but wanted compare to see if responses have changed.

I'm in the process of hiring a property management company for the first time. They require that I add them as additionally insured on my Insurance policy. Is this pretty standard practice or something I should be concerned with?

When I brought this up my insurance agent started to question as to why PM would require this and I didn’t have an answer.

@Franklin Curry Jr thanks I will check that out

@Rebecca Knox what a great idea, were you suggesting post to their FB page or is there another place to post for reference check.

Hey BP,

I am looking for property management in my area and have interviewed a few different companies/agencies.  I have a couple that I am looking to follow up with and they provided me with a some references.  I am wondering what might be some good questions to ask the provided references about their experience working with these managers.  Thank you.

Tags: Wisconsin Kenosha Racine Milwaukee rentals duplex fourplex quads 

@Rumi Tever Thank you do you have a contact person I could reach out to at MPI?

Hello BP,

I will keep it short and simple.  I have a 4 unit property in Kenosha, Wisconsin that I am looking to get under property management.  I have already reached out to some local agencies but they are not interested for one reason or another.  If anyone has and recommendations or advice that would be much appreciated.  Thank you all in advance, feel free to ask any questions you may have.

Tags: South East Wisconisin Racine Milwaukee Waukegan Zion Illinois North Chicago land 

@Dick Stevens I purchased the property before I had an LLC, I created the LLC to separate business and personal finances and to eventually purchase property and manage under the business name. I have not gotten to the point of moving the property to the ownership of the business as of yet.

@Joe Hines thanks for the information, I had a feeling as long as I can prove that the home is being used for business purposes there shouldn't be an issue paying out of the business account but I didn't want to make unsafe assumptions

@Paul Martinez I currently have 2 business credit cards for that exact purposes and to take advantage of reward points.

@Joe Hines how does this factor when the utilities are in my personal name because the property is still in my personal name?

Hello BP community,

I recently created an LLC to manage my rental property and separate business and personal expenses. I have questions about how to use my business checking account to pay for expenses for the rental property.

Background info: the rental property and mortgage are both currently in my personal name, the property is a 4-unit building where I have to pay the heating and hallway lighting bill, tenants pay electric. I have tenants making rent checks out to the LLC to separate personal and business income. I currently have the LLC make a check to my personal name which I use to pay the heat and mortgage. I do not live in the property. Location: Kenosha Wisconsin

Now because the rental property is being used for business purposes, am I able to make direct payments from the business checking account directly to the bank that holds the mortgage as well as paying directly to the utility company?  

This is my first LLC and because the rental property is in my personal name I am not trying to run in to any legal issues.

I appreciate any related info.

Tags: LLC taxes mortgage investment cpa law property management