All Forum Posts by: Victor Andrade

Hi Nicole! I ended up using BlueVine bank. I like them a lot, you 2% interest on your checking accounts too, so that’s a nice perk!

Hi all,

What is the best way to estimate property tax other than calling the tax assessor's office directly? Some of the tax assessors web page are not very descriptive, because they don't show exemptions / homesteads, so you don't know what to use. And calling them sometimes is hard, because they don't answer or get back to you. Or specially if you are analyzing properties at night or on the weekends.

Have come across a tool that you recommend?

I found smart asset property tax, I am not sure how accurate it is tho. 

Thanks!

Victor

Hi everyone,

I am in the middle of a dilemma, and cannot find anything online or anyone that has gone through the same situation.

I have three properties, all in the same state (not the same state I live), I have conventional loans in these properties, the loans are in my name. I want to group up these properties into a LLC, for asset protection. I was going to take the route of the lender doesn't need to know... but when I called my insurance to update the insurance to the new name of my business, the insurance said "no problem, we'll update, can you confirm your loan number and lender, we need to notify your lender that we are updating your insurance".

Well now the lender will be notified, and I have the risk of them pulling the "Due on Sale Clause" on me.  

I am curious, if people ran into this issue before, and how do you navigate through this? I would really like to put these properties in a LLC for peace of mind, but it seems to me I have no way to do without triggering this "due on sale clause".

Any insight would be greatly appreciated.

Thanks,

Victor

@Jon Kelly I’m not at your level yet, I have 3 single family homes rentals… but I use Rentastic for book keeping! I use chase for business, and had not a good experience. 

Interested in hearing peoples opinion. I hear great things about Novo business checking. Wonder if anyone here has used it?!

Hi all,

What’s your recommendation for a 100% online business checking account? Something that you can separate profits with the other expense buckets we have as real estate investors AND not have to create different accounts and have minimum amounts on those accounts etc…

I’m looking to move away from the traditional old / big banks. I use Chase and Wells Fargo and am not pleased right now.

I’ve heard commercials on Novo, anyone have used them yet?

Thanks for your time and recommendation!

Victor

Hi all!

I want to start a self directed IRA primarily to invest in tax liens (tax lien certificates). Does anyone recommend a good provider/company to go with??

Thank you for your time in advance! 

Victor

Hi all, 

I know I already asked a similar question, so please bare with me. I’m having a little analysis paralysis here. I know most of you are not attorneys or CPAs, but just provide your opinion and please explain why.

Here is my situation. I currently live in Ohio, however I plan to relocate to Nebraska in the next year. I currently own two rental properties in Mississippi. I plan to acquire more properties in the future, they could be anywhere in country. My question to the forum is:

1. Do I create one LLC per property or place both of them in one LLC?

2. Do I create an LLC in the state of Nebraska or in the state of Mississippi?

I have asked this question to both my attorney and CPA and both tell me different answers lol. That’s why I’m asking here. 

Thank you for your time and response!

Victor 

Hi all,

Hope you had a wonderful holiday season with your family and friends! I have a quick question regarding LLC. I recently acquired my first out of state property. I will eventually put it in a LLC. The question I have is: do I need to create the LLC where the property is located (Mississippi) or it doesn't matter?

Thanks,

Victor

That was a good a idea, I checked listings and called the utility companies and it looks like you are all correct. Tenants take care of all utilities for SFH in my area. However, for small multifamily typically the landlord pays for water and sewer. That will make a difference in analyzing deals now, thank you!

Makes sense - thank you!