All Forum Posts by: Michael Glaser

@Jessica Zolotorofe Everything else will be paid for out of my business account. My systems are in place for XYZ. 

Collecting rent is a giant time suck. There's no reason why tenants, as I've done before as a tenant, can't deposit the rent themselves. 

@Jessica Zolotorofe @Mark S. @Russell Brazil One of those questions I already knew the answer too, but asked anyways. Ha!

Thank you for the responses I'll open up a business account at BofA and give "the big bank" more of my money.

Situation: I have 4 properties under a commercial loan at a local bank in KC. I'm unable to have myself or anyone collect rent as I work abroad. I'm going to be instructing my tenants they'll need to deposit the rent into my account themselves each month. The commercial bank doesn't have branches near my 4 rentals. There's a BofA branch 5min away from these rentals for which I have a personal savings and checking account.

I could always open up a business account at BofA, but they probably charge fees, minimum balance requirement, etc, etc.

I'm wondering what the tax implications would be if I had my tenants deposit into my personal BofA checking account and then I'd wire the money to my business account at the other bank? Do they need to make the check out to my business or my name since I'm the managing member of the LLC?

 I was. Guess I'll list with Zillow then...?

Closing on a house tomorrow that's vacant. It's rent ready, but I'm wondering what sites in Kansas City work best. Sites I'm going to list are:

- Craigslist

- Zillow

- HotPads

Any others that get traction in KC?

Is Postlets worth it?

Issue is that the contract says one date, 12/30 and the payment and closing will be after that date. Not kosher for the title company. The title company can't hold onto the funds. All sorted now though. 

Bank hasn't released any monies. 

I'm also not using an attorney. There's already enough middlemen/women... ;-)

 So... my bank has to transfer the funds to the title company. The title company isn't allowed to hold the money for more than a day. 

I had to redo the sales contract. 

Oh well.

 Excellent. We'll have the deed and the fund date be January 1st. 

Thank you Jessica!

 Sales contract. We signed one for December 30th that we currently have executed. He's asked to amend or resubmit a new contract, so he can get out of paying capital gains so soon, etc, etc. 

I'd still like to sign the contract and have the sale go into effect January 1st...