Starting Out Rental Property Business
Few questions for starting out:
1. Have LLC already set up, title will be in LLC's name, loan in personal, is there a better recommended option? Does this present any other issues? Getting a loan to LLC with no history seems difficult.
2. Is there a low fee or no fee online rent collection ACH out there that anyone can recommended?
3. Is there an online application service that anyone can recommended for screening renters?
4. What is recommended insurance coverage?
5. What is best marketing strategy to get renters in house immediately after closing. Currently have one house under contract set to close in 1 month.
Most Popular Reply
@Chuck Fiala To answer #2 and #3 - I used cozy.co, an free online property management site to screen and collect rents ACH from my tenants. When my tenants applied to rent, I sent them an email from cozy, which sent them instructions on how to submit their background and credit check (the tenants paid $40 to cozy for the screening). Then, I used the same site to set up my rent collection. The tenants were able to set up automatic monthly rent payments, sent by ACH, and there is no charge to me or the tenants. It does take about 5 business days for the ACH payment to get to me, but if you want to speed it up, I think you can pay a small fee to get your money quicker.