All Forum Posts by: Brian Spink

For my first rental property, I'm trying to decide which will be longer lasting flooring....laminate flooring or vinyl flooring.....both of which are the click and snap installation that I can do myself.  Any advice?  Thanks.

Thank you for the response.  To clarify though, add 1/3 of the average utility cost to the apartment and make the house pay 2/3?

I'm looking at a house that has a one bedroom apartment attached to the back. Utilities are not separated between the two. The cost to have separate meters, etc. is not something I want to pay for at this time (over $3000 just for water hookup).  My next option is to pay for utilities myself and pass it on to tenants (more work and likely issues on my end) but how does one split the bill?  The house is a 3-1. The apartment is a 1-1. Ideas?  Solutions?  Or even better.....experiences. Thank you. 

Thanks for the info.

Brandon, thanks for the week trial.  I'll likely upgrade at the end because the calculator appears to be so worth the membership cost.

Thanks again,

Brian

I used the house flipping calculator for one of my 5 free tries.  Am I able to go back and look at that report later or does it disappear when I leave the site?  Can anyone tell me where to go?  Thanks.

The forums seem to be pretty split about asset protection in terms of getting rental properties in an LLC or under an umbrella policy. I'm looking to buy a my first single family home to rent. I'm hoping for people to share what they did on their first rental. Would you do it the same? Do you still do it the same? Has anyone been sued and the LLC protected personal assets? Been sued and just an umbrella policy protected your personal assets? What is my safest/easiest path to make this happen for me? Thanks.

I'm curious to hear how many of you bought a single family residence as your first investment property in your own name and continued to manage it outside of an LLC. At what point did you move it to an LLC? If ever? How many properties do you have in your own name? Do/did you feel comfortable with just an umbrella policy as personal asset protection?

Looking for others experience to help guide me.  Thanks.

Podcast 109 co-hosted by a real estate attorney stated an umbrella policy is not enough personal asset protection and that an LLC is needed. However, I have read that on BP a popular theory is that one should form an LLC for business reasons and one should get insurance for protection. Thoughts and personal experiences? Especially for one just starting out?

"Busines bank account" meaning separate account from personal accounts since the home is not in an LLC? Thanks.

For those of you who have a single family home in your name, use an umbrella insurance policy, and have no LLC, I assume you have the tenant write the check to you directly? Do you have a separate bank account just for your rental for tax purposes? Do you manage the property yourself?