All Forum Posts by: Ben Sears

I run my rentals through Cozy. Automatic rent collection, late fee collection, and direct deposit to my business account. Additionally, I have my mortgage on auto pay as well so my rentals are running on auto pilot until maintenance/repairs are needed. 

First coat of paint is on. Gray exterior, red front door, with white window/door trim. We'll get on the shutters and meter base this week. Some touch ups left to do but it's a vast improvement from where it was! The next two weeks are heavy interior work including electrical/plumbing rough, starting some sheet rock work in the rooms that we didn't gut, starting the HVAC install. 

@Christophe D. good luck. Let me know if I can be of any assistance. 

@Christophe Decagny I scan the MLS daily looking for deals. I also have a private seller that is in the process of liquidating some properties so we're offering on several of those. Know you're numbers and be prepared to jump at the right deal.

Welcome to the forums @Gregory Cudzilo. Virginia here also, albeit far more South than you. Sounds like you're off to a good start. We recently restructured our company to lean more towards buy and hold after completing a number of flips in the area. I think you'll find a wealth of knowledge on here. If there's anything that I can do, don't hesitate to send me a PM and connect. Networking is the gold standard in this business for sure. 

A quick trip to the courthouse (or looking online if you're lucky enough to have a county working in the 21st century) should take care of this for you. You can either pay a title company to do all of this for you (time and money) or learn to pull all of the property records yourself. Sounds like you might be leaning towards doing this yourself for wholesale deals that need to be moved on. Good luck. 

There is no tax advantage since an LLC is a pass through organization. You'll be taking the profit/loss on your own tax filing regardless of whether it's under your name or the LLC. You didn't mention what you're doing with the property currently, but generally the LLC will provide some protection from liability on your personal assets if it's set up correctly. I have a property in the same situation and my plan will be to refinance into my LLC at some point (it's a long term hold though). I think for the time period you're talking about, I would continue to hold it in my personal name them purchase the new property under my LLC. Edit...Your tax advantage would come if you decide to 1031 exchange into your next property.

@Lynnette E. sending you a PM

Weekly update on our little rental. Pretty big "administrative" week:

- Powerwashing has been complete. Scheduling the painter for the exterior when we get a nice day

-Interior framing has been completed with our new floor plan. We identified some conflicts between the kitchen layout and the new walls so this changed our cabinet order slightly.

-Electrician has been in to plan the rough-in, service upgrade, and panel box location

-Visited the courthouse, still trying to locate septic field records (Huge pain in my a** thusfar) so that we can get power lines trenched in.

-Handyman is in to start patching drywall and trimming doors out in the parts of the house that aren't under heavy reno. He's slow over the holiday and needs the work so this puts us a little ahead of schedule!