All Forum Posts by: Adriana Welborn

Congrats! We are under contract with our first STR as well and closing next week.
The STR insurance is going to cost more than regular home insurance because it covers more things. We will be going with Foremost for our first one. I've heard Proper is the best, but their quote was more than twice as much from Foremost, their coverage was a bit higher though but not twice as much :) 

Read Short Term Rentals, Long Term Wealth, it's in the Bookstore section here or you can buy on Amazon as well.

This is how we're financing our first STR, no issues. My husband and I both have w-2 income and would be able to pay the HELOC out of pocket if need be, so that made me feel somewhat better. It seems like a lot of other people have done this to get started on either STR or LTR. Our plan is to pay it off in a couple of years and re-use it to finance another one and so on...

@Dan Hazen Did you find out more information about doing a cost segregation on a single condo? We are also looking at one, and I haven't been able to find much information on whether this can be done on a single condo. 

We are in need of someone to fix a fence and do some yard work (plant bushes, add mulch) in Woodstock, GA. This is not for a rental, but for my mother in law's house, just figured someone here may be able to give us a referral. 
Let us know if you know of a handy man and/or a small landscaper company. Both jobs are small (not a whole fence) and she's had a hard time getting someone to give her a quote.

Thanks!!

Adding here how we got around this.... We had originally created an LLC in the state with the word "investments" at the end. Then our CPA recommended we do not use Investments, so we did an addendum and changed to Properties. When we tried to get the EIN we used Welborn Properties, which didn't work and we had all the issues. So I ended up creating an EIN with our original name with "Investments" in the name, then added Doing Business As: and typed Welborn Properties. We got the EIN right away, and both names are listed... which both names are associated with our LLC, one being our original name, then a change to the DBA name.

Quote from @Eddie L.:

@Adriana Welborn

Maybe try searching the state website where the LLC was formed. For example https://ecorp.sos.ga.gov/Busin... Just to be sure there's no duplicate name.

Thanks, there wasn't a duplicate name in our state, but I'm guessing it's possible it was there before or I did find a similar name with a 1 at the end so that may be why. We ended up switching the name and adding DBA and our name. That worked.

Quote from @Matthew Crivelli:

LLC's are so easy to open up you might as well just try a different name if you are in a rush. Better than trying to fight with the state, that can be time consuming lol.

Thanks, this is probably what we're going to have to do.

We have tried applying for an EIN online but I get error 101, which after some research it seems like it may be because the name is too common or there is already another business with the same name. 

We were told to fax the EIN application, which we have done twice and an EIN still has not been assigned. We are being told that per their guidelines we should apply once again. Another rep said that they are so backed up I should not expect a response any time soon. 

I’m considering, either applying with a different name online to see if it works, and then changing the name of the LL if needed, to something that includes a number or similar that would be easily available. Has anyone done this?

We are closing on a property in two weeks with a flip and fix loan, the company requires an LLC and business bank account, which I haven't been able to open due to the EIN requirement from bank.

Quote from @Wesley Thompson:

@Adriana Welborn you'll want to reach out to Adrienne Green with the Auburndale group. She can definitely get you started!

 Thanks Wesley! We're actually working with her team. It's been hard to find something in this market but we're looking and Adrianne and her team have been great!