All Forum Posts by: Account Closed

@Jason Hirko

@Wade Sikkink

Thank you. My understanding is as follows: I have no assets besides this rental property. It's not clear what protections would be in place with a LLC vs a DBA with that considered.

The bigger 'issue' is: I plan to cash-out refi from this property next year [its paid off] and use that as a downpayment to buy another [which will be mortgaged]. This is where it all gets iffy, as I cannot get a clear answer if moving the property to a LLC affects my abilities to do this. I read that LLC's will have no credit history and higher APR. I'm not really sure.

What I do know that we close the end of the money and will be rented almost immediately. I need to get my ducks in order but none of this is simple.

Originally posted by @Kyle J.:

@Account Closed  

When you say that you're going to "use the street address and form two DBAs", what street address are you talking about?  The address for the properties?  If so, I wouldn't do that because you may end up having mail sent there and you don't want your tenants to get it.  I use one main PO Box and have everything sent there, which works out pretty well.

Thank you! By address naming I mean:

DBA1 = 209 Apple St Property

DBA2 = 113 Pear St Property 

Basically two DBA's to collect checks from. Which seems redundant.  As for the DBA name, people say it can be anything but I try to look from the tenants perspective. What types of names do they typically write checks to?  I currently write mine to a Realty Management Company. While I dont want to pretend to be one, I want to seem professional and treat tenants as such. Make sense? 

Hi RE folks,

I plan on renting and managing two properties this year. One of the homes is alreay paid off, and I plan on cashing out refi into the second home.

It's now time to separate finances. I've decided to go with the DBA approach until I gain more properties. I dont have any other assets.

Based on some research, I'll be structuring the accounts like this:

--Money Market for Deposits req by law.

--Property 1 Checking for Expenses

--Property 2 Checking for Expenses

Now, I need to decide on a DBA name and like most of you at first i'm stuck.

I was considering just my 2 letters from my name + some kind of RE term. [EG: LO Properties.

However im worried about posts stating never to use keywords such as "properties" or "holdings" [not sure why]. Are these RE keywords generally OK to use? Or should I just pick a completely random word or two?

I was also going to use the street address and form two DBAs but not quite sure how that would work. Ultimately i'd like to accept checks to the 'company'. General advice would be appreciated. Thank you

Hi RE, 

I plan on renting and managing two properties this year. One of the homes is alreay paid off, and I plan on cashing out refi into the second home.

It's now time to separate finances. I've decided to go with the DBA approach until I gain more properties. I dont have any other assets.

Based on some research, I'll be structuring the  accounts like this: 

--Money Market for Deposits req by law.

--Property 1 Checking for Expenses

--Property 2 Checking for Expenses

Now, I need to decide on a DBA name and like most of you at first i'm stuck.

I was considering just my 2 letters from my name + some kind of RE term. [EG: LO Properties. 

However im worried about posts stating never to use keywords such as "properties" or "holdings" [not sure why].  Are these RE keywords generally OK to use? Or should I just pick a completely random word or two?

I was also going to use the street address and form two DBAs but not quite sure how that would work.  Ultimately i'd like to accept checks to the 'company'. General advice would be appreciated. Thank you