All Forum Posts by: Zachary N.

Hello, I'm looking for reliable property management in San Diego and North County for 2-3 residential units. I've had mixed results with PM in the past and I'm hoping that I can find a better fit with someone that is familiar and comfortable leveraging both short and medium-term rental strategies. Please reach out to me if you personal know of or have used PM groups in the SD area. I'm happy to hear about groups to explore and groups to avoid.

Thank you so much, and I look forward to hearing from you!

All the best,

Zack

Hi @Tim J. - for now, we only have one LLC. We will create a second LLC in 2025 for an additional home in CA. I am working in the STR/MTR space, so Airbnb, FF, and direct bookings are my typical sites of payment, unlike the traditional LTR rent check approach. Maybe I should post this question on the MTR forum since it is such a different transactional workflow?

For me, checks are rare as a method of collecting rent, but I have used them around 25-40% of the time with my contractors. Most established contractors have an online payment option, where I can likely just use my business bank information. But there are smaller contractors that still prefer physical checks. Maybe I can just shift all of my contractors to an online option and cover any absolutely necessary charges by a personal check and reimburse myself with business funds.

Sorry for thinking through this as I draft this post. I'm just hoping to learn the available options, pro-cons, and boundaries of working within and LLC to ensure my personal assets are as protected as possible moving forward, given the needs and circumstances of my rental operation. Feel free to share any additional thoughts, or connect with me directly by message. Thanks!

@Lucas Miles thanks for responding to my inquiry. This bank is not for financing the home. We have owned and operated for over 2 years. We are moving the home into an LLC and we will need a business bank account to transfer the transactional activity from our personal accounts to the business account.

Do you, or any others here, have experience in using Baselane as your business bank for an LLC housing a rental property? In the past two years, physical checks have been pretty important for paying contractors and other business related activity. Therefore, since Baselane doesn't provide physical checks, I'm concerned this will impede my ability to funnel all expenses through the business and leverage the asset protection of the LLC. If that is the case, I would consider a more traditional option, like Bank of America or Chase, that would be appropriate for a smaller residential rental business

Thank you for all of your feedback and suggestions!

All the best,

Zachary Nora

Hello,

I am establishing an LLC to house my first rental property and I need to open a business account for housing all the rental related transactions. I operate on Airbnb, FF, and through a direct booking site, so I additionally accept payments in the form of checks, Venmo, Zelle, and PayPal. Which bank would you recommend for a rental portfolio of 3-5 buildings? I was intrigued by Baselane, since they have rental specific software and offer over 4% checking interest, but they don't have physical checks or a physical branch location. Otherwise, Bank of America and Chase seem to be reasonable options.

Please let me know if you have experience with this banks for your rental LLC. Also, please share any advice for streaming rental payments through the business to remove my personal name and presence from the transaction history. For example, should I setup a new business account for all of the apps that I use to process payments? If so, do I need a separate business phone number?

Thank you for all of your feedback and suggestions!

All the best,

Zachary Nora

Hi Tom, I've been checking out a few of your events recently, they look like useful sessions for where I'm at in my REI career. Will your group be hosting anything formal or informal on Nov 17-19? If not, do you know of any RE meetings happening in the area on those days, preferably Nov 17th? Thank you so much! Looking forward to hearing back.

All the best!

@Katie Balatbat I just sent you a request to connect and a message with more of my information about our financial situation. Please let me know if you have any questions, and I look forward to connecting!

Hi everyone, 

I live in San Diego and I'm not satisfied with my current tax professional. I got this person through work and I trust generally them, but they are rigid in their approach to taxes and it's unclear how experienced they are with real estate related issues. I just bought a second home, my first home will eventually be converted to a full rental property, and I am investing in solar/battery storage for the second home this year. I recently purchase Amanda Hans book on RE tax saving strategies, as she has been featured on the BP podcast a few times. But I'm looking for recommendations for RE-savvy tax professionals in San Diego, who may be certified to practice nationally, as we may move/expand in the coming years.

Thank you so much for the suggestions on who to talk to or where to look!

All the best,

Zachary Nora

@Twana Rasoul thank you for sharing your experience with HOA communities. It's great to know that this path is possible - you mostly hear horror stories, which is why I didn't even look at a home if it had an HOA.

If you have time, it would be great to connect by phone to discuss some high-level considerations and/or learned values/strategies for managing a single-family home in a HOA. Please let me know if that might be possible sometime this week - my schedule is pretty flexible tomorrow and Tuesday. The listing agent for this home will be selecting an offer tomorrow evening, so we should know shortly about getting into escrow.

Thank you so much for your time, and I look forward to connecting!

Good morning BP community, I am trying to weigh the pros and cons of buying an HOA home in California, which may be converted to a rental in a few years. There were recent changes to the CA law which allow for 31-day stays (also see this blog post) and alters the rental cap in an HOA community. However, I was wondering if anyone here might be more familiar with the boundaries of renting in an CA HOA community (e.g., landlord occupied STR, restrictions renting full home vs detached structure) and/or strategies for being successful in doing so.

Honestly, I've stayed away from HOAs in the past, but I'm interested to learn more, so I can make an informed decision about the homes likely performance and associated issues. Thank you so much, I really appreciate your feedback!

Thank you so much for the insight. I guess doing room-to-room is less common that I thought. Assuming that I abandon that model for a whole home rental instead, does anyone have experience with AU Gold (Kraft Lake) and/or Proper Insurance? Those are the two place I will be getting quotes from for a new insurance policy in Southern California.