All Forum Posts by: Kyle Nigro

@Laura York

I keep a separate spreadsheet for each property. My properties in NY I deposit in a separate account from my properties in STL. I try to make it easy as possible for my accountant.

@Jake Wiley that makes sense. Appreciate your response. Thanks!

Hi everyone,

This year I purchased my 2nd and 3rd rental properties in the STL area. I had a SFH in the area already, which is under an LLC. I have not created an LLC for the other two properties.

I have been collecting the rent from all my properties and putting it in the LLC account. Is this ok? Should I make a 2nd and 3rd LLC? Or should I put all the properties under the same LLC?

Not sure if there are any disadvantages or concerns I should have about doing this.

Thanks,

Kyle

@Brandon Plombon I didn’t think of that. Great point! Thanks

@Benjamin Tarantur I currently have 3 homes (1 single and 2 duplex) under this property manager. Maybe now is a good time to ask?

General property management fee question. I never look to undercut anyone and their business. Just asking if it is common for the management fee to decrease when you start adding properties into your portfolio under the same PM. How many properties are appropriate to ask for a 1% decrease (ex. From 10% to 9%)

@Mike Trzaska I am going through the same thing here. I’m trying to close on my 3rd property in 18 months. Credit over the last year has dropped almost 70 points. I think after you continue to make payments on your mortgages and your debt-to-income ratio is positive, your credit score will eventually rise.

@Dan Giusti appreciate everyone’s response. Yeah, I think I’m going go with the year lease, have the parents co-sign and have them pay monthly. I’ve heard of landlords charging full payments for a semester in the 3500-4000 range. The only reason I brought it up.

Thanks everyone,

Kyle

Hi everyone,

I recently purchased a SFH close to a major university in the Long Island, NY area. My question is how I should have my tenants pay? Should I charge students month to month, or full for the semester (4- month lease)? My concern is if there is an issue with month to month payments it will be impossible to evict them. My thinking is usually the students parents are taking care of the rent and education. Suggestions?

Thanks for any feedback.

-Kyle

Depends on how much money you are looking for.  Does that house need work?