All Forum Posts by: Lorien Rollins

Hey Carlo, no question is dumb.

I own and self manage one LTR, the mortgage is currently in my name (I'm considering refi into trust) but I currently have all things (banking/finances, lease, etc.) run through a single member LLC.

Hey Carlo, a seasoned PM or any PMC (should) come ready to manage your property with their own software (like RentRedi) but if you chose to provide said software, that would be up to you!

Hi all-

I own 1 LTR in Denver NC. I want to protect it but do not know how best to go about it. The mortgage is in my name as well as the title, but I do have an LLC open. I am running the lease and the banking through the LLC. Can I do a DSCR refi and change the name into the LLC? I appreciate any/all guidance!

@Kunal Mishra I've sent a connect request, if you'd like to chat market trends in Carolina/Kure beach!

@Robin Hopkins I have 1 LTR in Denver, NC and it was a wonderful decision. My fiance and I intend to purchase at couple more, we love NC! There are some great markets in SC too. Feel free to connect.

@Sam Dalton I hope to be a ray of sunshine here!

As a PM with 1 LTR in my portfolio I have used a few different property management software platforms and thus far my favorite is Rent Redi. If you join BP pro you get a ton of perks, a free membership to RentRedi being one of them! :)

I don't know how you've structured your investment property(ies) but mine is in an LLC and I have a bank account specifically for that property. Reserves remain in that account, rent is deposited into that account, etc. If you've got the reserve, that's great! Perhaps ensuring a direct line (by way of wire or Zelle) to the business account for the property will decrease the waiting period for funds to clear. I generally see the rent payment in the account by the 5th as long as my tenants pay on time.

Feel free to connect if you have any other questions, comments, concerns, or just want to chat!

Artfully,

Lorien

You could continue on the current path or you could add another meter, and bill them separately! In my experience, that's easiest for all involved.

It will only take you experiencing this once to make a change for the better next go round. I do not give my tenants the option to maintain the yard. I have a professional maintain it, and it is a charge (in the rent) not a line item so it's 'included' as my LTR is also in an HOA and I do not tolerate lazy/ non compliant tenants. If they damage the property, they're liable for it all. If they don't pay the balance it will follow them if you report it/ send it to collections and it will stay on their record until the settle it, no other landlord wants to see that, or an eviction! You can also hold the security deposit for those repairs (if you've stated those terms in your lease agreement).

The short of the long here is that they're in violation of the lease and you are able to take action. The consequences are on them. 

Feel free to connect - good luck!

Artfully,

Lorien

@Jeremy Anan that's tough, I'm sorry you're faced with this. However, here is my two cents :)

I have been in this exact situation (along with people fabricating their pay stubs, and even using a dead persons SSN)... I agree in that the easiest way to go about this is to sit him down and in your best manner state that there are inconsistencies and you'd like additional documentation as you do have an obligation to uphold (in keeping the current tenants safe and ensuring this person is who they say they are). I often find that when you come to them asking for help instead of accusing them you get a much better response. It will be very easy to tell if he is lying. If your gut is telling you something is up, trust it and try to get to the bottom of it. You could also hire a third party screening if you do not have one already. Happy to connect if you'd like! 

Artfully,

Lorien

Yes, you absolutely should charge the tenant back. Does your lease agreement include verbiage that holds them accountable for issues like that? I (personally) do not care if they have been tenants for three months or three years, the costs associated with repairs that were caused by the tenant, are the tenants responsibility.

I've upgraded to smart lock (pin code with key back up) for my LTR. It's been a breeze. Although I have had experience in the past with smart locks that strictly run off internet connection with a FOB/smart device, that can get messy, and annoying quickly for everyone involved. If you don't want to have to cut/rotate the keys (by using a rekey lock/tool) then I'd opt for the smart lock hands down. My lock notifies you by a light when it is time to change the batteries, so even in the event that the battery dies, you can still get in with a key.