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All Forum Posts by: Terence Mcneil

Terence Mcneil has started 2 posts and replied 2 times.

Post: Collecting rent. Personal checking account vs Buisness account

Terence McneilPosted
  • Rental Property Investor
  • Austin, TX
  • Posts 3
  • Votes 1

Hello BP, My business partner and I recently closed on a deal and are in the final stages of getting it rented. We purchased this property as "individuals" and not apart of an LLC. We do have an LLC set up that we want to put the property into eventually but we are currently not at that point yet. Looking to find out if it would be problematic to open up a business checking account under the LLC and run the real estate transactions through that account (rent, expenses), even through the property wont be listed under the LLC for at least a few months. Trying to avoid tax issues down the line. Has anyone gone through this before?

Post: Purchasing a house in a 100y flood zone

Terence McneilPosted
  • Rental Property Investor
  • Austin, TX
  • Posts 3
  • Votes 1
Hey BP, I recently had a offer accepted on a house in Austin TX, the backyard backs up to a creek that is in a 100y flood zone. The house however sits on the 500y flood zone. I'm familiar with what the zones are, however how much of a concern for reseal down the line should I have? I understand flood insurance will need to be purchased.