All Forum Posts by: Jaren Woeppel

Hello Bigger Pockets, I have a great tenant that has been in my rental for going on four years now. It is an out of state rental, but I recently fired my property manager and decided to manage it myself for the time being, because I was doing all the work anyways. As I said, my tenant is wonderful but I have a repair issue I need bigger pockets advice on. My tenant called me about the back sliding door not locking correctly and the screen door (the one that goes with the sliding door) not creating a tight enough seal to keep all bugs out. So I promptly sent a maintenance worker over there and he fixed the lock and purchased a screen door to replace. In a few days, I received another call about the lock not working again and the new screen door did not fit. So the maintenance worked went back again, put a new locking mechanism and handle on the door. The door is working properly for now, but the tenant really wants a new sliding door installed. I want to keep the tenant happy, but is that a CAPEX that is not necessary at this point? I'm torn because I want to keep the tenant happy, but the door is without a doubt in working condition right now. What should I do? Thank you Jaren

@Mike Makkarand @Percy N.

Yes, I was referring more to the banking side and not the lending side, but it's easy to make that assumption because 99% of the banking talk on here is about lending. Thus my question!

So it's ok to keep all the rents in one account and the deposits in another? What if I hold my properties in a series LLC? Does this commingling of rents and deposits break the corporate vail somehow? I only have one property at the moment, but I am in the process of getting another, and I'm going to own them through series LLCs. Do you know if each separate entity in the LLC needs a separate bank account, or can they all be used under the parent LLC?

@Brian CallanThank you. I was more referring to taking the equity out in cash with the refinance, not opening a HELOC. However, if I do not plan on using the entire equity position I created, it may not be a bad idea to use a HELOC instead. I guess it is all relative and depend on my credit score and the debit to equity ratio I will have.

Brian Callan thank you for the thoughtful advice. I have been planning on using one of Brandon's techniques to buy using a 203k and fixing the house up and add equity. Then a year later refinance out of the FHA and use the equity for another house purchase. Do you think doing this strategy will impact my credit score a lot?

Hello Bigger Pockets, I was wondering what people think is the best bank out there for landlords/property managers. For instance, what bank makes it easiest to manage every renters separate deposit and have separate accounts for each property as to not commingle the rent? Also, online banking is very important to me, so what bank has a great and easy online interface for all the mentioned above? Thank you Jaren

I am also interested. Would really like to hear what you all find out.

Welcome! I plan to be investing in the OKC market very soon.

How much liability insurance should we require of the tenant?

@Leo Kingston I ma having a hard time finding 203k qualified general contractors in OKC. Will you please provide me with Mark Gardner's contact information so we can start a conversation?

Welcome to BP! I am going to be investing to the OKC area in the next year or so once I relocate there.