All Forum Posts by: Tamara R.

I am thinking of doing a seller finance, wrap loan, note, or ?? on some of my rentals as an investment strategy. Does anyone know of any videos or things to follow on this kind of strategy and pros, cons, things to look out for? Anyone else doing this as investment strategy? I have great rentals that I am making good rents but looking for more hands off and responsibilities while keeping cash flow.

I am also looking I only have 6 properties and use a mix of apratments.com, zillow, and QBO but QBO cost so much for the pro per month to have everything automated into it. I am looking for something mostly to replace QBO and havent found anything that covers everything yet. It ends up being around 1,200$ a year just for accounting only with QBO and thats way too much and it isnt really geared towards rentals. I mainly need accounting but would be nice to have all in one for everything.  Trying to decide on if I should change to Baselane, doorloop, or something else. I think I will try baselane since its free right now and at least check it out before I drop QBO.  I usually am out of the country so Hemlane is very appealing to me but it isnt strong on accounting or I would probably try them.

Can anyone help me with corporate lease and application forms?  I usually just do my applications and lease on Zillow.  All applications I have found ask for personal rental history, background checks and credit checks.  If it is a corporation or agency renting how does this work?  What is different and what should I be asking for on the lease to make sure if something goes wrong they are responsible and who even signs for it?  I have had companies set up for this and rented to them prior and they did all of that but I have a new company that has never done it before that wants to lease it for a traveler.  I just want to make sure I am not missing something and if anyone knows where I can get a specific corporate lease agreement that isnt geared towards someone personal?

Also would you ask for who will be living there to give rental references and carry renters insurance?  I have done both ways but not sure which is right.

Any help would be appreciated.

Thanks

That would be great thanks!

I do have a car there parked and won’t be using for years. Having liability only covers if you run into someone I was told. I won’t be doing any of that parked so it will cost much extra for car insurance that doesn’t really cover my car.  I also don’t really have an address there as all my houses are rented out and not planning on returning to the US any time soon.  Do you think it would be worth it to pay for insurance that won’t be doing anything for me car wise?  There has to be some other way?  I hope??

Is there any way to get my rentals an umbrella policy if I don’t have a primary home or car?  I just moved out of the country so my car is parked and all my houses are rented.  What would you do if there isn’t such a policy?

Thanks

Quote from @Jason Bott:

@Troy P. most personal lines insurance carriers can not do an Umbrella without going over your Auto policy as well.  You would need to go to a different insurance carrier to get an Umbrella that will only go over your rentals.    

We do this fairly often for our current clients and the cost can be $250-$400 for a $1M Umbrella to go over 1-10 rentals.  Price is driven by how tenant/landlord friendly a state is.

I am having a similar problem. I would like an umbrella policy for my rentals but have recently moved out of the country. My insurance won’t give me an umbrella without one of my houses being the primary home and my car having liability which is only good if I run into someone. I just have my car parked lol, so that would be hard to do. Any suggestions on who would do a policy for just the rentals?

Thanks  

True Terrell, you are right on that.  I was thinking more as to do it as a team we take turns in putting the next property in one of our names and one works a w2 while the other works on the properties...divide the work, concur and share the benefits of having two working on separate things they are better at than the other.  My husband is terrible at $$ he sees it in the bank and thinks he has to spend it although he has access to all the accounts he still has his own just for spending when he sees money in it he can lol.  I am terrible at remodeling the houses so we both bring to the table our strengths we dont have ourselves.  I do the $$ and the research and business work side and he does the building. We take turns on working w2s. I was thinking more along the lines of we both have our strengths and use them together to make a better team with the resources we have.  Good to have a trustworthy partner on these or be willing to give it all up.  I feel like I have both so not really worried.  I can see how this would be a problem in most relationships tho.  I am old and been married 20 plus years and I would say for us it has been great to keep at least our fun money seprate so we arent fighting over or upset one of us spent too much on whatever we think isnt necessary.  I dont care what he spend his money on that is his to use. My friends complain and fight over money constantly tho.  I think it depends on the relationship and how much you trust that person.

Can you tell me what is your structure for umbrella policy and where did you get it? 

Well I wish but i just ended up cobbling together one from a friend template on one and used zillow on the other.

I am trying to set up QBO for the first time for my 6 units. I want to do it right but am finding it more difficult than I thought. After listening to the last BPCON I heard someone talk about doing it on QBO to automate all of it but now having a hard time setting it up right. I watched the youtube and QB tutorials etc and many of them say dont connect your bank accts but that defeats the purpose if I have to put them in manually myself. It would be ok if I just collected rent and had a few expenses but I do a lot of BURRS so I have a ton of expenses for those and not just collecting rent so it gets more complicated and I just want to set it up so my accts funnel and can automate in QBO. I dont remember the lady from BPCON but I wish she could help me set up all my stuff lol. Anyone know of anything that can walk me through step by step or a book or person who could help with setup specific to REI?

Also would love to hear what ayone else is using to help with automation.  I already use apartments.com for my auto payments, zillow for my advert.  I spend most of my time renting on moving people in and application checks.  I have a couple mid term rentals that take a little more work doing that but worth it so far.