All Forum Posts by: Jacob P.

Thanks all for the advice! Will be digging deeper into these options. Basecamp in particular looks like they are exactly what I was looking for. Relay looks it has potential too 💪

Hi all,

Question pretty much as in the title.

We have 3 rental properties. Looking to balance Keeping It Simple and being on top of things.

For years, we used Ally. What I loved about them was that each property could have it's own checking account. All expenses would go on each account and it made year end accounting very easy.

Ally alerted us that they are closing our accounts due to our failure to "properly secure" our accounts. I have no idea why (never had a single fraud issue), but after spending several hours going down the rabbithole of figuring why this happened, we just want a solution.

Some of the other banks we are with seem to make it overly complicated to have more than a single account.

Any recos? Or other solutions we should consider?

Love getting the push towards an umbrella policy... It's been on my radar but never pursued. I think maybe our family has reached the tipping point where it's wortwhile.

J

Hi all, we have 2x  2 family properties in Brooklyn. Both worth over $1Million

We've always been insured for $1M in liability.

Our broker presented an option for insurance for one property that would be $500K.

Do you think we'd be at risk with this level of coverage? When someone goes after a landlord, is there a certain range that settlements typically fall within?

Hi all, 

Can anyone recommend a team for putting rental properties into an LLC? (CPA/Attorney).

The properties are in NYC, for what it's worth, so extra points for vendors who have particular knowledge of that area.

Very happy to here any recos or referals 🙏🙏🙏

@Buu Lam thanks for posting. Trying to find David's post that you were referencing. Can you share a link?

This sounds like a great strategy @Jenni Utz.. Brilliant really.

Do you specify a service for them to use? Or are they free to get a test with any service? 

If the former, is that a service your HVAC company can do, or is it more of a specialized thing?

I also really like the HVAC maintenance fee. Is it just to cover the cost of the filters? Or does it cover other elements as well?

Thanks for your thoughts, definitely some good points, @David M.

To put it bluntly: A big part of my interest is the cash flow/net worth thing.

He never gets too much into specifics of his own portfolio, but if he was doing the kind of deals and at the kind of volume that the book suggests, I'd expect his cash flow and net worth to be quite substantial....

The implied question for me is: If I can master this and do the kind of deals and volume that David Greene is in the book, will I be in a place of financial independence in a decade? Or will I still be working a "day job"? 

I've been investing for 8+ years now. Just read David Greene's BRRRR book. It really has me sold on a shift in mindset (to date I have been saving up, putting down 25% to buy properties at retail. It's been a slow process, and the book really opened my eyes to how I can speed things up).

In fact, the book has me sold SO much on the process, that I'm curious why David's not doing it anymore. Maybe I'm missing something, but listening to most of the recent podcast episodes and looking at his profile, it seems his focus has really shifted to being an agent + his mortgage company + Bigger Pockets.

Not trying to troll here, but I guess you could say I've drank the koolaid and am true believer in how wonderful BRRRRing could be, and I wonder why the guy who literally wrote the book on it is focussing in other areas. Or maybe he has it so systematized that it's running for him in the background and there's not much for him to think about/mention on his profile and the podcast?

I can't seem to tag @davidgreen, but I'm sure he'd have some great thoughts on this. And of course, also curious what others think as well!

All these great ideas. Lots more resources to explore all around, and very open if anyone else wants to chime in. Thanks guys!