All Forum Posts by: LeeAnn Owens

I don’t have much to add to the suggestions you’ve gotten already, but just wanted to drop in to say good luck! Treat this as a lesson learned and move forward. There are plenty of great tenants out there that you can replace them with once you have them out of there. Rooting for you!

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Quote from @Aahil B.:

Hey Everyone!

Happy new year!

I was wondering if I were to purchase a property under my name at a conventional loan and maybe 6 months to a year from now I rent it out and were to purchase an umbrella policy, should I create an LLC to mainly deal with the operating side for collecting rent/ and creating lease agreements, etc or what should I do? Curious for someone if they only have 1-2 properties and how they go about it and if they slowly grow their portfolio?

Thank you in advanced!

Hi Aahil, great question!

I personally created an LLC when I bought my first (and only) multi family because I wanted to protect my personal assets. I also was able to get approved for a much better loan since I was applying as a business and not as an individual. This was in 2022, but at the time I was able to get a commercial loan for 20% down and at a 5% interest rate, but if I was applying for a residential loan it would have been 25% down and 6.5-7% interest rate.

I would recommend talking to your accountant and getting their opinion on what makes the most sense for you and your goals. You do not need an LLC to write off business/ rental expenses.

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Chicago, Illinois

Hi Beau! A couple of questions. Are there good tenants there? Long term? Is there something you would invest the money into that you would make from selling that property? If you don’t sell to them are they leaving?

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Long Island, New York

Quote from @Mike M.:

Quote from @Jasmin Silva:

Quote from @Mike M.:

Quote from @Jasmin Silva:

Quote from @LeeAnn Owens:

Rent Spree! And take a copy of their ID’s when they come to look at the property.

i have heard about it and personally have used it, works fine so far!

Jasmin, did it show you the tenants full social? Thank you!

it showed me what LeeAnn mentioned :)

I talked to RentSpree support and they don't offer this anymore, here was their response:

Hello Michael,

Thank you for taking the time to contact RentSpree! In regards to your request, at this time RentSpree does not document the SSN/ITIN on any applications or reports. However, on the application there is a section for the applicant to document the information of their Driver's License which is stored on the application. For more information as to why the SSN is not documented, click the following lin:

Does SSN/ITIN display on Application and Tenant Screening Reports

If you need further assistance, please don't hesitate to reply. You're also welcome to call us at 323-515-7757. Our team is available to assist Monday through Friday from 7:00am-5:00pm PST as well as Saturday from 8:00am-12:00pm PST.

Have a wonderful rest of your day!

Warm regards,

Nikhail (Nick) Martin

RentSpree Support

(323) 515-7757

www.rentspree.com

Hmm interesting.. I wonder if that’s new or just for your state. Last time I had to fill a unit (knock on wood) was April 2023 and I double checked, I still have the application on file, and it does have the full SSN for both applicants. Sorry for the misinformation nonetheless!

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Quote from @Benjamin Aaker:

Quote from @LeeAnn Owens:

Can you elaborate on how using a property as collateral for a loan would work? If he has $2 million in equity, how much could he get a loan for without putting anything down?

Quote from @Benjamin Aaker:

Here are a couple options:

1. Take out a line of credit on the properties and use that to build new ones. You wouldn't have to bring any extra money in.

2. Get a new loan using the current properties as collateral and decreasing your down-payment on the new loan. This might avoid you having to bring any money into the deal.

One reason the bank wants a down payment is so that the borrower has 'skin in the game'. The OP has equity spread over properties, which implies some current mortgages. He could speak with the lender on his current properties about a new loan on current property A and prospective property B. The equity he currently has in property A would then be used as the 'down payment' on the new mortgage such that it met the banks LTV (loan to value) requirement.

Thank you!

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Quote from @Leonard McIntosh:

Quote from @Jake Baker:

Hi @LeeAnn Owens

Two great ways to get access to wholesalers quickly.

1. Find an investor-friendly real estate agent. The often have connections to good wholesalers.

2. Go to local meetups. You can find wholesalers there and connect with them in person.

I'm a wholesaler and my business partner as well. I'm in Augusta Ga but maybe we can still work together.

Looking for someone who knows my local area well, thank you though!

1 Vote

Columbia, Maryland

Quote from @Morgan Gutierrez:

Hey LeeAnn,

In addition to what Jake Mentioned...

There are wholesalers on here. You can search by going to the Build Your Team section and put in wholesaler. Look for people who post and are active.

There are tons of facebook groups as well where you can find wholesalers.

I'm happy to answer any questions you may have and see if we could be a good fit :)

Thank you Morgan! If you do any deals in MD would love to chat

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Columbia, Maryland

Hi Karl! (I’m not at all familiar with the laws in your state.. but assuming it’s similar to mine) Personally I would let the tenant know that it’s their choice but you’ll start the eviction process as soon as they miss rent.

You should however call a property manager, realtor or lawyer in your area and ask how to handle that situation, I’m sure it’s not the first time it’s come up if it’s happening to you.

Good luck!

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Quote from @Mike M.:

Quote from @LeeAnn Owens:

Rent Spree! And take a copy of their ID’s when they come to look at the property.

Thanks LeeAnn! So the RentSpree rental application will show the landlord the tenants social security number in full? I want to make sure i have all of the relevant information in order to go after them, should it be necessary.

My realtor used it with the last 2 units they filled for me and the full SSN and DOB were available as well as full credit report and background check all in once place. That property is in NY so not sure if it is different in different states?

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All Forum Posts by: LeeAnn Owens

LeeAnn Owens has started 4 posts and replied 71 times.

Post: How to Run rental costs on new Construction (duplex)

Post: New landlord. Has been a complete nightmare.

Post: Question on operating LLC's?

Post: Sell or keep

Post: Best online rental application service that shows social

Post: Using equity to build multifamily apartments

Post: Finding a Wholesaler

Post: Finding a Wholesaler

Post: Rental dispute with the tenant

Post: Best online rental application service that shows social