All Forum Posts by: Alonzo Moreland

The biggest thing I learned as a first-time landlord is that I have to be willing to say, "no" and conduct thorough background checks before renting to anyone.  No visible means of adequate income, bad credit, evictions in their background should mean no renting from you. 

I just started using Turbotenant and it's basically free to low costs for landlords and easy to use.

Thanks Bill! 

Ben and Dave,

Thank you guys for your responses. I got sidetracked with some other business and am just now getting back on the forum. I appreciate the comments regarding searching for an independent insurance agent and started searching for one today. 

Hi everyone,

Does anyone have recommendations for a reliable and reasonably priced insurance company. I'm closing on a three unit rental property in the western part of Maryland, in about a month and looking for insurance for the property. I want to be able to cover the property, replacement costs and protection against any mishaps with the tenants.  I haven't started my search yet, but I want to have a policy in place within 14 days so 'm willing to look at as many companies as needed. Any suggestions?

Thanks!

Hi everyone,

I'm developing my RE investing business and as I'm looking for deals I'm also working on getting business credit for my RE investing and expenses. I've applied for my LLC, EIN and working to create a website and email all in working towards getting business credit. I've read that a virtual office and business phone are essential later when applying for business credit because banks want to see an address other than my home office. Does anyone have experience in applying for business loans and credit and is this consistent with what worked for you?

Thanks!

Hello Everyone,

Does anyone know of a free or low cost spreadsheet or template that allows you to list and track properties that you're interested in?  I'm interested in one that allows for address, price, units, rent info, and owner info.  I'm sure I can create a bare bones log and tracking sheet but why reinvent something when there are probably ones being used that's far better than anything that I could create.

Alonzo  

If I were working in Andrews I'd probably try to live in Hyattsville, Riverdale/University Park, Cheverly or Landover.  There are communities that are closer to the base, but I think these are good, stable areas where the prices are just a little less expensive than locations closer to the base.

Thank you guys for the advice. So if I'm going to buy and hold I should be setting up an LLC. My plan is to purchase more than one property so would a series LLC work for me in Maryland?

Thanks 

Hi Jonathon,

I'm also new to investing although I've been a BP member for several months. I'm really interested in what some of our seasoned investors think but here's my two cents: I'm checking on some business names and will complete my LLC application and open a business account within the next 2 days because as I'm analyzing potential deals I'm not going to want to complete a deal with an investment property assigned to my personal finances. All the advise that I've seen suggests it's a bad idea because of potential liability and lawsuits. It also seems that buyers, sellers and lenders take you more seriously when you have a company name and the look of an acceptable business.

Even though I don't have all the answers I don't want to remain stagnant so that's why I'm doing it now.  I hope this helps you, but like I said there are some great minds on these forums that can give you a more seasoned answer.

Good luck,

Alonzo