We currently accept rent from tenants using a variety of 3rd party apps-Cashapp, Venmo, Zelle but are moving away from accepting payments in our individual names and want to start accepting payments directly to the LLC/business accounts, but LLC accounts do not accept Zelle and there is a fee for using business accounts on Venmo.

We have done it both ways where we fund purchase and they cover rehab but if the individual is less experienced we do not do it that way, we have them put more money into the deal from the start and fund the draws, reason why is we also had a deal where the person said they would do this and never did anything and property sat and loan matured and it was a pain.Just recognize you will still not get 100% financing for the purchase, so you are putting money in up front. 

This is a fine needle to thread because at this size, you very quickly start competing with high net worth individuals who are seeking summer homes. 

I'm currently building up capital for future ventures and properties that I find on market, as well as attempting to find the best brokerage where I can work under an individual who is already more established.

Additionally, add in the ambiguity/risk of the due on sale clause or ramifications on the conventional loan of transferring the property from your individual name to an LLC - the economics don't make sense, and the headache isn't worth it even if it did, in my opinion!

Neighborhood revitalization projects, major corporate investments, and an influx of small businesses were all happening at a pace that made it clear the city is on an upward trajectory.From an investor’s perspective, Detroit offers a unique combination of affordability and opportunity.

Hi BiggerPockets community,excited to connect with like-minded individuals who are passionate about real estate investing.

I’m passionate about real estate and am working towards building my investment portfolio, with a goal of acquiring five rental properties over the next five years.I’m here to connect with like-minded individuals, learn from experienced investors, and share knowledge along the way.

Most on the other hand are not responsible individuals, are not educated, do not work  which means they are going to be spending most of their time home causing additional wear and tear.

I’m not convinced it makes a real difference unless a person has a unique setting.