All Forum Posts by: Ryan Miller

idk if this has been addressed or not, bc most of the replies are novels. 

Say I'm the buyer and the seller is owner financing the property. We do all the legal docs to cover not only the buyer but the seller. What happens if the "seller" defaults the existing loan? Or what if they file bankruptcy, what stops the seller from wrapping up this property?  

I don't have 40 rentals right now i was just using that as an example. I also saw a video as a suggestion to have

One main business account

An account for each property and have them set up to transfer to the main account. Pay each properties out of those accounts that is assigned to. However if it's a withdrawal or something to do with the company as a whole use the main account. 

So in reality I can have a lot of bank accounts when you have a large amount of properties. Then mint app the accounts for consolidating purpose. Is that what you do Buddy?

so if I have 40 rentals, I should have 40 bank accounts?? 

I currently have one rental property so obviously it's been easy to manage the financials. I only have one account. However I came across some money and I'm about to really grow my portfolio. My lender doesn't escrow taxes or insurance. I want to keep this lender bc they have a good term. I was thinking about setting up accounts for:

Bank acct for mortgages

Bank acct for insurance

Bank acct for taxes

Bank acct for expense budget

Anyone got any better ideas?