All Forum Posts by: Steve G.

That is the idea.

Have the previous tenants start making checks out to the new LLC but the property deed, mortgage and insurance are still in my personal name. I believe it should be ok since I am a single member LLC.

Hey All,

I am in the process of aquiring my next rental property and decided to finally put this one under an LLC. We have a dedicated bank account, insurance policy and the property will be held by the company.

Now my question is, can I collect rent from my other rentals under this LLC? I have previously just collected the payments directly to my personal name since that is what the deed is under as is the insurance policy. Just want to make sure I am not creating a tax nightmare by switching it up.

I will stick to paper checks then. There is no way in my knowledge to reverse a check payment after it has cleared. Allowing a tenant to reverse a credit card transaction a month after they leave is just asking for trouble. 

Hey Guys,

I am in the process of picking up my second rental property and am looking to streamline the rent collection process. Currently I collect a check from my sole rental but would like to offer electronic payments as well.

The main issue I have is trying to find a system or practice that does not allow a customer (tenant) to reverse a fund after payment is made. I have had personal experiences with paypal where they took the buyers word without any evidence and screwed me out of a nice chunk of change. 

I lie the idea of cashing a check because once its cashed, it's done. Do ACH or credit card payments offer this type of security? Whats to stop a tenant from paying the last month's rent on a lease, move out then put a claim in when they get their statement?

I am a Chase customer and have looked into quickpay but heard rumors it's just like paypal as in its reversible.

Thanks for the help

Steve

In my experience, every wholesaler just adds their "fee" on top of the price and sends it down the line. I personally have seen the same house listed by 3 different wholesalers all at different prices. 

Best to take the time and source your own deal imo

Hey Guys,

I am looking to purchase my 1st rental property locally here in Austin, TX. I have been putting offers in on lower priced/newer SFH's and am finally under contract after about 20 offers.

House is 170k and I am putting 20% down. Comps in the area are renting for 1300-1400 so I would be about $350 positive cash flow per month (including taxes/insurance but not not other expenses)

My only concern is if I am I utilizing my down payment to the best of it's ability? I know a lot of you rehab but I do not have the time for such a project with a full time job. I know I can get a better deal (or maybe 2-3 cheaper ones) farther out am also a little nervous about buying my 1st property far from home.

I am fortunate enough to have a decent job and can probably secure a similar down payment in a year from now but just want to make sure I start on the right path.

Thanks for your help