All Forum Posts by: Tomas Calvino

After reading all of the other responses and really thinking about it, I personally would not rent to this person. Being the CEO of your own company is not as prestigious as it sounds, especially if the company was started in April. And the fact that the company will be paying the rent means nothing if he is the one that signs them. I would wait until a truly qualified applicant comes around and set yourself up for no hassles in the future. Dont set yourself up to post a tenant horror story in a couple of months by choosing this guy. 

A good way to think about it is to think about what you would want your property manager to do if someone was managing the property for you. If you knew there was a dog in one of your units, you'd be mad if your property manager didn't do anything about it. So definitely follow some of the advice on this thread. Good Luck!

No problem, I'm not an expert, but I'm glad to help any way I can. Most lenders won't lend to an LLC so you would have to quit claim the deed to the LLC after the purchase. However, that can trigger the due on sale clause although it is highly unlikely. Just know the possibility is there though so it depends on how much risk you're willing to take.

I would look at what has the greatest possibility of converting into a client. So calling every single person in the phone book could work, but your conversion rate would be pretty terrible. Start by calling people that you know want to buy or sell a house. So FSBO obviously want to sell their house. You just need to convince them to let you do it for them. Expired listings are also good targets because they are sellers that were not able to sell their house and they worked with someone else. So again, you know they want to sell, you just need to convince them to let you sell it. If someone else in your office has listings, I'm sure they'll let you do an open house there. So do that and try to convert the people that come to the open house, into your clients. Those are a few ways and they're free. No need to spend money on sending any mail. Winter months are the slowest so just know it's going to be tough. Just stay with it, you'll see your hard work pay off down the road.

You could always ask a Realtor to send you rental listings similar to what your unit is. So if you have a 2 bedroom 2 bathroom duplex, you can ask them to send you all rental listings around that area with 2 bedrooms and 2 bathrooms. Active and Closed so you can see what they actually rented for and what people are asking now. Any Realtor should be able to email you that pretty quickly and also set up automatic email updates when something that matches the initial search comes on the market or gets rented. That way you'll be updated on the latest market rents. Property managers are also able to do this for you. If they won't, move on to another one. 

I currently have one property but it is under an LLC. So I opened a bank account with the LLC. I have one account for holding security deposits and one account for collecting rent and paying vendors and expenses for that property. As I grow with properties, I will have to figure out how to split everything up in order to protect myself from liability. But that is how I am doing it for now. If this is your first property, I would suggest doing that. Definitely start thinking about asset protection from the beginning though. I have the same mentality as you. I want to set up things right from the beginning so I'm not playing catch up later.

 I guess I better start changing them twice a year then. Thanks for the heads up! lol

In my lease, the tenant is responsible for the AC filter. However, I really don't expect the tenant to even remember when the filters need to be replaced. Ultimately, I went in there and replaced the filter with the 4" thick one that actually lasts a year. So I only have to do it once a year and I can make sure that my AC is going to be taken care of. Ultimately, the property is mine so I don't want to risk components breaking down and costing a lot more later because I expect the tenant to take care of it. No one will take better care of your property than you. 

Good answers, I feel like its probably the best way to go. It might not be the best for the ego, but as business men and women, we need to do what is best for the business. Either way, if a future landlord calls for references, you can tell them you basically had to evict them.

 Thanks Michael. Do you know what aspectacular of real estate he specializes in?