All Forum Posts by: Aaron Rushton

@Mike Mosee thanks for the info mike! I forgot to pick your brain first on this. Thanks for the great advice as always. 

@Colleen F. Thanks for the feedback. I appreciate the real life experience as well. 

@Drew Sygit thanks for the insight but I'll take my advice from someone who's business gets better than a one star review. 

Hello all,

I just bought my first rental property out of state in Memphis, TN. Since this is my first property, I feel I should hire a property manager to avoid the stress of managing it from afar. However, all I’m finding are large property management companies that charge high fees for tenant placement and costly fees for handling most issues.

Does anyone have recommendations for smaller property managers in the area? Alternatively, does anyone have advice on how I can effectively manage the property from another state?

@Randall Alan Thanks for your input. I'd love to know more how you manage your properties? Are you managing them local or out of state? I'm currently out of state and don't know how I would find potential renters and managing from this distance. 

Thanks for your input. I'd love to know more how you manage your properties? Are you managing them local or out of state? I'm currently out of state and don't know how I would find potential renters and managing from this distance. 

Hello everyone,

I'm in the process of acquiring my first investment property and am currently setting up a property manager. While I haven't established an LLC for this house yet, I plan to do so in the future. To keep my finances organized and separate for banking purposes, would it be advisable to open another bank account or create a separate entity altogether? How would everyone set up for this?

Thank you for your insights!

@Logan Lambert we used a conventional loan for our first house. 

Hello everyone! I'm excited to share that I've finally taken the plunge into real estate after a long search! I'm closing on my first single-family home in the Memphis area, which I plan to turn into a long-term rental. My goal is to place tenants soon and then move on to my next investment.

While it sounds straightforward to rinse and repeat, now that I have this property, I'm wondering what my next steps should be. I want to minimize my out-of-pocket expenses and am considering using a HELOC on my home or leveraging the equity from my first rental down the line. What suggestions do you all have?

Great feedback! I agree that this would be making a struggle for creating profit with something like this. We do have the capital but we’re hoping to use something else besides our savings. Any suggestions?