All Forum Posts by: Brady Boyer

I'm considering installing the Kwickset smart key (master key) deadbolt on my rental. Link: https://www.kwikset.com/smartsecurity/key-control.aspx. Has anyone had experience with this? I called a local lock smith and he told me he wouldn't use them because hes had to drill 12 out in the last year. I've also seen mixed reviews online. 

I'm thinking I might put them on anyways because my apartments have two doors to every unit so even if one locks up they can still use the other door and i'll just change out the locked up dead bolt from the inside (replace it with a new one). I think it will still save money in the long run with not having to change the lock after a tenant leaves or eviction. 

Due to the lack of responses here, issues with Zillows website, and the feedback of other sites on BP I've actually decided to go with Cozy. 

Has anyone used the zillow rent manager to collect rent? I am considering using it, but was wondering if anyone had any feedback (pros or cons) about the service. 

I tried to set it up and wasn't able to get it to work so it doesn't appear to be the most user friendly platform. 

 https://www.zillow.com/marketing/rental-manager/collect-rent-online/

Let me know what you find out 

Not sure on that part

This is also the first I've heard of this but I actually think its a good idea.  It can help you to get a sense for why the tenant is moving out and if they have had a good experience (which is what you want!). Interested to hear others comments on this topic.  

You could always just open up another personal account and just use that solely for your rental.  Thats what I would do if I was in your shoes and then you don't even complicate the tax piece.  In my opinion the only advantage of opening an entity is for asset protection. 

I'd be interested to hear others responses to this. I recently went through this myself with State Farm and they told me it depends on the bank, but I believe State farm could only go as low as 75% of replacement value. 

What do you mean by "typical landlord" policy (100% of replacement value)? What insurer are you using that will let you insure it at the loan value? Has the bank signed off on this?

What benefit do you get from a business account that you don't get from a personal account? No I don't believe there will be any difference outside of filing form 1065. 

Unless I'm missing something I don't think the issue has anything to do with your entity structure. Even if the loan is in the name of your LLC the bank will still make you personally guarantee the loan.

I recently had issues finding financing at an 80% LTV (i.e. 20% down), most banks wanted to lend at 75% LTV (25% down), but I called numerous banks (probably around 10-15) till I found one who would give me 20% down. However, as I was going through the process they told me they wouldn't give me traditional financing on my property since it was investment property. It was a four unit property but since it was investment property they insisted it had to be commercial financing. However, I still got a pretty good deal 5.5% 30 year amortization with a 15 year loan term. I would have taken that financing over a traditional 30 year with 25% down, but ended up seller financing it.

How many units are you purchasing?