All Forum Posts by: Rheanna Lamph

So here is my current situation. I am not a landlord yet, but will be one within the year. I am trying to set up things ahead of time so we are prepared. At the moment, that means figuring out a property management software. I have the knowledge to create a property management system for myself (which is preferred). I will be doing this both online and as a desktop application. However I do not know much about payment gateways as I have not had to collect rent online before. I am looking for recommendations on how to SAFELY collect rent online WITHOUT paying for a property management suite. As of right now, it seems like I may go with paypal or stripe, but am not super excited about the idea of my tenants leaving the website to make a payment. Have any of you had any experience with certain payment gateways for online rent payments? Any recommendations/information is appreciated. 

Thanks everyone! 

To be more clear, I do have a real estate license that I plan on utilizing during this venture. However, I am NOT a broker, just an agent for now. Also, we were just trying to come up with some ideas for names and aren't planning on registering just yet. But we did planned on registering before purchasing the first property. You guys have given me something to thing about now :)

Thanks again.

I am brand-spankin' new to the investment business - so new in fact that I don't even own an investment property yet. However, my husband and I are working on a business structure/plan. We want to have everything in place that we can and have researched enough that we are comfortable getting into the business. We have a pretty fair idea of when we will start looking for our first property to invest in. 

Right now we are starting to think about LLC names. That brings me to my question. I know you can't use "Realtor" without special circumstances, but could I name my average-joe landlord business something like "ABC Realty, LLC"?? We have an idea for a name that really just rings with "Realty" behind it. Of course, I could go to a lawyer to figure these things out, but we're not quite there yet. Thanks for any input!!!

Flipping houses has been a dream of mine for some time now, but I have not taken any steps towards making it a reality. In the coming months I will be starting classes for my RE license and then from there will start diving into flipping. I am an avid lurker and have soaked up as much information as I can, but reading about a project and actually doing it are two different beasts. 

My question is this: It is very intimidating to run after something you've wanted for some time (to be fair, this was not my first "dream") - where do I start? 

I know I need to find a good deal - and I think I've come up with some good strategies to do so. 

I know I'll need financing - (is it worth it to take out a second mortgage on the first property if I don't have 20% down??) Can I even get a mortgage for RE investing if I have less-than-stellar credit? 

I feel like it may be best to hire a GC for my first flip at least to learn the ropes, but will that really eat into my profit? Should I have one chosen before I even purchase the house? 

If I do hire a GC (which I've never had experience with before) am I going to still need to be at the house for the majority of the repairs?

Is there any other advice you can give me about my first project that you've learned? I appreciate any advice you guys can shell out!!! Thank you so much! 

Amazing! I am in the "getting my license phase". I'm really excited to find my first flip. I can only hope it looks as good as yours does!