All Forum Posts by: Neil Fernandes

 Are you planning to self-manage? If yes, then maybe consider a PM software like Hemlane, which will give you access to leases from different states and rocket lawyer. Also, the pro-BP membership gives you access to state-specific leases that you can edit to fit your terms. Lastly, you can use the PREVIOUS lease [if you like it and put an addendum that the original lease stands except for 1. landlord name and place where you pay money?]

I have heard Baselane is great. 

You can use one of the big companies like Chase, US bank and BofA. Ask for a business banker. 

I personally use US Bank [Big stable bank with Zelle capabilities], Relay [Checking and Savings 3%] and then Quickbooks [high interest rate 5%]. Try getting a business credit card as well so you can keep personal and business separate. 

Amex is good, since they do NOT run a hard enquiry on your credit report. 

Honestly, if you are going the fanny/freddie route, I think you have to close in 'your' name and then you can move it to an LLC. Most conventional loans do not let you close in the name of an LLC. Again, I am new to this and still getting started. So will see what others have to say. When you are transferring from your name to the LLC use WARRANTY deed and NOT quit claim deed.

There are different recommendation for LLC structuring-> Wyoming [holding] and State [rental] LLC. Anderson Advisors has an entire series on this.

I have used the following 

1. Kwikset Halo [was on discount in my local Costco]- Does a decent job and have so far not had issues. 

2. Eufy smartlock [amazon] - No issues here too. 

Both need a decent wifi connection to work and I can remotely change the codes. I just have a generic one for me and the cleaner and then change the codes based on the guest phone number. You can set notification's so that you know who is going in and out of the house but that just becomes information overload.

Not sure if you already found the map, but @Joshua Janus has a really nice neighborhood map that he shares. 

I just wanted to let you know that @Joshua Janus has a map of Cleveland, Columbus, and Akron suburbs that he could share with you. This map can help you quickly determine if a property is in a good or bad neighborhood. Best of luck on your journey!

I understand your point. I have attached quotes from two individuals for the same property. However, I am not entirely sure what criteria I should be looking for. I noticed that one individual is taking a higher replacement cost compared to the other. The property is under contract for approximately $155k, and the quotes are for a long-term rental duplex. My concern is that American Modern has a lot more terms compared to State Farm. So, does it mean that American Modern is better, or is it just smoke and mirrors? Thank you once again for any advice you can provide.

Who do you guys use for insurance for rental properties? I have reached out to state farm and they gave me a really good price but I am now worried I am not being protected 🤣 I had an insurance broker but having a hard time getting quotes now. In all fairness, I did ask for a lot of quotes but did not close on properties since they were not cash flowing.

1 Can some one let me know what should one be looking for in an insurance?
2 Is the landlord insurance the same as home owners insurance?

Thanks in advance. 

Lastly is there a post I can reference when getting insurance quotes?

I own a duplex, where one unit is being rented out as a long-term rental (LTR) and the other as a short-term rental (STR). My CPA advised me to split the generic costs such as property tax and water bills equally between both units, which seems reasonable. Additionally, while reporting these units, I should mention them as individual units, i.e., 123 Main St Upper [STR] and 123 Main St Lower [LTR].

My question is regarding the depreciation of the STR unit. Should it be depreciated over 27.5 years or 39 years? I initially thought it was 39 years, but my CPA believes it is 27.5 years. I do not want to argue with him, but I am not entirely sure about this and hence I am looking for advice.

 Thank you so much. Does this mean, I can get 5 hits in a 45 day period and it will be counted as one?