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14 January 2025 | 7 replies
@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.
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16 February 2025 | 4 replies
Second- these developments where the same person develops, builds, and then requires you to use them for management- they always suck.
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17 January 2025 | 3 replies
Just know that it is a "no days off" kind of business and very mechanical.I would suggest documenting your process via video so that eventually you can bring people on to replace the different hats you will be wearing.Keep in mind of these 5 components of any wholesale business.lead generation, deal sourcing, underwriting, marketing, transaction coordination.
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14 February 2025 | 22 replies
But you'll have to either manage it yourself and develop a really good skill set in that or get a smaller company that doesn't have too many properties to manage who has a high skill set management for you, but then you need to pay for that.
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13 February 2025 | 9 replies
im looking to buy rental properties in florida or texas with very good rental return using my sdira probably 2 properties and also pm to manage it.
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17 February 2025 | 3 replies
would love some commentary from peer cities in the midwest especially property managers or STR managers.
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16 February 2025 | 7 replies
Your total project cost is only ~ $143k. 3c) Your interest rate is probably going to be in the low to mid 7s, at least4) All states/areas are different, but I usually see with my CFO clients that their property taxes are higher than their insurance, with taxes often 1.5x higher than insurance.5) Lastly, I saw PM fee of 8%, are you paying someone else to manage this?
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18 February 2025 | 12 replies
But I could sell partials in the future.Is there software that people use to manage their portfolios?
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18 February 2025 | 6 replies
Hi Ken,After managing hundreds of properties and working with investors (many from out of state) for over 20 years, I’ve seen Tampa, Orlando, Lakeland, and Miami all work—but each has its own flavor.
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14 February 2025 | 4 replies
A feature that our Pro Members love is the fact that they can manage of all their rental properties for free using RentRedi.