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5 May 2024 | 15 replies
@Remington Lyman any suggestions on Property Management Company in Cleveland?
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6 May 2024 | 12 replies
Reason for the LLC is I have 180k of equity in this home, additional 150k in retirement savings and another 60-80k in cash in my bank account and I want to make sure im protected if I rent it out and the renters sue me (im told that is a thing) - the nw home would become my new homestead2) Put a heloc on the home (im told I should be able to get about 100k on top of about 60-80k cash I have), keep it as my primary and use the money as a downpayment for flips and either payoff upon completion or put a tenant in and refinance out3) Refinance out 90-100k from my current home, mortgage payment would go up $300 per month ($3600 a year) and just use that money for flips/buy and holds or even just stick in the S&P at an average of 7-8% return so I am making 3-4% more on my money then it being in the houseI am super new to all of this, have been saving my pennies up for awhile and need to get going.
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6 May 2024 | 6 replies
100% have your tenant go through their renter's insurance as well as I would make sure the insurance company is notified that the repairs are already underway, they have received a rent discount, and you covered a placement for a hotel.
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5 May 2024 | 2 replies
Your mortgage company dictates your insurance requirements.
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5 May 2024 | 17 replies
You want an accountant who can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.Good luck in your search.
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4 May 2024 | 5 replies
Worse case you can furnish it and put the property on Airbnb or peer space as a venue space or STR in between long term tenants.Using an agent or property management company to at least get it rented could really set you up properly.
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6 May 2024 | 8 replies
That is a lot units to manage on your own though so if you want an all-in-one, you just have to set the expectations, but most property management companies will not live up to it in the Northeast.
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2 May 2024 | 3 replies
Recently I heard an online property insurance company advertising on one of the BP podcasts, but I can't remember what the name of the company is.
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5 May 2024 | 3 replies
I haven't worked with any of the two companies but that's because I've always had from developer financing and partners so I never needed it.