All Forum Posts by: Loren Souers

Hi All,

I am looking a way to keep track of details of my property like notes, upgrades to the property, and other details about each property. I already have RentRedi for managing the property. Do others simply use Word, Excel, Trello, or another to keep the details of each property? 

TIA

@jaycee I appreciate your input! Thank you!

@Jaycee Greene Nice!  Thanks for doing that.  So are you saying the Mortgage One deal would be the way to go? 

Yes, that’s another credit union only asking for 10% down with no pmi. We are not too strapped for cash, but it always seems better to have more in the bank than less. But we also like the idea of having the highest cash flow possible. That’s kind of what we’re trying to decide. As for the 5 year annualized, that’s a number we get from the bigger pockets rental analyzer. Not sure how important that is, but we put it into our spreadsheet… trying to learn and figure out our best move! Thanks for your replies!

Yes, Kalamazoo. 2 bedroom is rented for the next year. $1300/month, tenant pays all utilities.

4 bedroom one is vacant. Doesn’t need anything to rent out again. Interior is in pretty good shape. Thinking of changing landlord carpeting to some type of lvp before renting it out. At minimum I am going to get $1500/month but ideally more if possible. Possible student rental, but not ideal time to rent to students. Very close to two college campuses and downtown. Tenant pays all utilities. Thanks for looking at it!

Any opinions welcome and appreciated! They are two separate sales agreements. We are buying two houses right next to each other. These are our first two rental property purchases. These are the options we are trying to decide between… thank you in advance!

@Aristotle Kumpis Good info. Thanks for your comments. 

Why should the property be put into an LLC before into the trust? Please elaborate.

@Lorraine Hadden Thanks for the info. A bit more information. The trust has already been set up for estate planning and we are beginning to fund the trust. So the setup isn't and issue. The trust preparer suggested we put our rental properties into the trust as they are currently owned personally. 

I have considered the LLC and will likely put the properties into the LLC once I own a few more properties. At this point, I guess I wonder if its better to put it in the trust for the time being or leave it out for now. Are there problems with removing a property from a trust when that time comes?

Thanks for your input. 

My wife and I have created a revocable trust, and I am wondering if I should be putting our rental property into this along with the rest of our assets. It's a duplex and the first of our rental properties. I am unlikely to put it into a LLC at this current time. I am also renovating a triplex right now and it would probably need to go in the trust as well. Any help is appreciated.

@Drew Sygit. I have heard that before on the podcasts but kind of forgot about that tip. Thanks for the reminder.