All Forum Posts by: Kirsten Wright

@William Lynam Thank you so much!

@Gregory Schwartz.  What if I am an out of state investor and have some "feet on the ground" as far as giving me names of contractors and such, but not to do more than that.  Do you think it is wiser to self manage a Tennessee rental while I live in Ca? Paying 1st month's rent and 10% each month tallies up to $385/month when you average it out.  That is a lot of money.

Thanks! I spoke to my CPA earlier and he suggested I just do an umbrella policy, especially since CA is money hungry and wants their portion of LLC fees. :-/ Working on my quotes now. I am thinking of the PM situation too. Yes, easier for sure...but 10% is a good chunk of change to give away each month. Besides the 1st month's rent. That averages out to $348/month when you combine all of that. ...I do know there are advantages though. Thinking it may be the wiser choice until I get some solid contractors in place when things are needing fixing.

Hi everyone. I am in the process of closing on my first out of state (Tennessee) rental property. (Sept 8 is expected closing date) I have a few questions. I am doing my research on setting up an LLC and one thing I read about is choosing a registered agent to deal with the paperwork once it is set up. I also read that it is not necessary. 1. What is your view on being my own registered agent? 2. Should I set up a bank account in the state I have my investment property? Does it matter? 3. Is it wiser to pay a lawyer to set up my LLC or is something like Rocketlawyer.com sufficient? 4. I have people I know in Knoxville but I know they are busy with their own lives. I was listening to a BP video learning about the Rentredi app that is included with the Pro membership. (which I have) I am debating managing this myself but want to ensure I don't fall "victim" to any huge monetary mistakes of a newbie. :-) I am already compiling a list of handyman, HVAC, etc with the help of my friends that own properties in the area. I am trying to figure out if I should suck it up and just pay a property manager for now or handle myself. What has been your experience as an out of state landlord? I appreciate any and all feedback. Thank you!