All Forum Posts by: Murali Jesudoss

@Greg Scott I am thinking on the same line as well just to have a checking account per LLC that carries the SD alone and no other money. Was just worried about that the FL required the tenants to be beneficiary which made this more confusing. But as long as having a separate account alone for each LLC would not cause troubles, then I think that wont be too bad and I can make it work. Thanks for your suggestions and quick response.

Hello BPers,

2021 has been an amazing learning year for me. Started out in Jan got my first property in Mar and end of the year, I have close to 20 properties under 4 different LLCs :-) I moved to FL recently and it allowed me to do PM for my own rentals in Ocala which are about 14+. Was able to rent them faster but hearing mixed answers on maintaining the security deposit from the tenants. 

I understand that it has to be in separate account but can this just be one business account for LLC that has SD of all the tenant for the LLC or do we need special kind of SD escrow account that has tenant as beneficiaries? Went to chase and they had no idea. BoA recommends LLC business checking account without tenant as beneficiaries.

Hopefully someone like me on the same boat and like to hear on how do you handle this and thanks in advance. 

@Mora Clark Sure. Let's connect and discuss and Ill give some pointers.

@Mora Clark I love the Silver Spring Shores in Ocala (34472). I had 7 rentals listed and gone in 2 weeks. The market has gone crazy there in the last 6-9 months but still good deals to be had..

@Vanessa Li Sure. 34482. I have them in 34472 as well. I am getting like 10+ there too but I seems to have run through all the nightmares already in the area. I had a break in in one of my newly constructed home when it was listed for rent. It had some issues and waiting on the market for 2 months to rent and somebody broke in and this one is right across the street from the above. My first ever deal in Ocala was listed for sale and got a good price but had a squatter there until yesterday and had to call in sheriff to get rid of him. Not fun but I dint expect to see these issues so sooner.

@Scott Vantre Great. I did use Michelle as PM eventually and she found a tenant with 2-3 days and immediate move in. No issues so far. I have one more under the contract now there which closes in oct first week too. Market is no longer crazy which is good but still inflated and hard to find good deals.

@Brent Reynolds Sure. I am closing 2 new construction homes in Ocala in first week of July. I will keep you posted. I am also doing a rehab in Blue Springs MO and hoping to finish by 1st week of July too. Closely working with my friends on LLCs and partnership deals where we may close 20 or so deals by end of this year. Amazing journey..

Thanks all for your help. Have better understanding now!!

@Jonathan Stevens I have used IncAuthority for filing 2 of my LLCs recently. One of them is for me single member and other is multi-member with friends. I paid $0 for them and only paid the state fees and they provide 1 year of free agent service. It is also formed in 2-3 days. It is very true that you can do it your own for single member LLCs but I liked the free 1 year agent option which I can renew if required. They try to sell you a lot but you can opt out :-)

@Michael S. Thanks for the explanation. Interesting to know. I am not clear, if the owner rented or stayed prior to my purchase  and he is already paying higher. The deal was from a wholesaler and I thought he bought it from a owner. Not sure. I will check with my realtor about homestead exception as well. I heard South Carolina charges triple tax for rents and low taxes for owners. I did not realize similar rule exists in Huntsville.  I should explore more on this as that was one of key reasons, I focused on this marker :-) Happy long weekend!