All Forum Posts by: Account Closed

Account Closed has started 3 posts and replied 290 times.

Originally posted by @Ankush Ratwani:

@Cory S.

Would you recommend a separate account for each property?

No, I don't recommend that, just keep it simple, unless of course you want to track each individual property separately with a separate account.

I have four properties and just one business account.

All my PMs have this business account set up for a direct deposit of all rent collected. All my lenders as well have this same business account set up to auto draft their monthly payments.

So, I simply have money coming in and going out of this account completely on auto pilot and separate from my checking or savings accounts.

Makes it easier for me to track transactions, accumulate funds for more properties, and to have funds for maintenance emergencies.

Also, having it in a business account makes me treat it like a business and to not touch the funds it possesses, unless it pertaining to the business.

Another advantage for me is having this account ready to show to lenders when it comes time to finance another property.

I recommend also to set up a spread sheet on excel to track your business and to keep track of all the important information on each property such as account numbers, passwords, date of purchase, loan numbers, etc. anything you can think of that you might need for quick reference if needed on a seconds notice and keep it all on that file.

Set up a special folder on your computer with all your lender websites and PMs ready to go.

Organization reduces stress and headaches.

1 Vote

Originally posted by @Kawika Shea Mitchell:

@Cory S. Want bank do you use for this ? And does the property have to be in an LLC to have a business account?

Just a regular business account from Chase Bank with the direct deposit set up through your property management team, if that is what you use. Non of my properties are LLC.

Doesn’t have to be a business account, just a separate account away from your other personal accounts to keep it in order and to track it better.

2 Votes

35215 Birmingham, AL (Pinson AL.)

44128 Cleveland, OH. (Warrensville Heights OH.)

30157 Atlanta, GA. (Dallas, GA.)

30344 Atlanta, GA. (East Point GA.)

0 Votes

Have a separate business account that's only for your income properties and have it set up to receive direct deposit for your rent collections and auto draft out your mortgage payments.

Never touch the funds in this account and let it accumulate (unless of course you are good at moving money and reinvesting it in other ventures) to cover emergencies and to buy more properties.

13 Votes

Yes, sometimes the grass is greener on the other side.

0 Votes

Go for it!

All my properties are out of state, never seen a one of them in person.

3 Votes

Seeing that income direct deposited into my business account during the month and watching it increase.

2 Votes

Originally posted by @David W.:

Hopefully, the Long distance Real estate investing book will have some insight. I just started it but so far it is saying you don't need to walk by the property, you don't even need to see the property in real life. All the information is from crime demographics, walkability, school ratings, population, jobs etc but I just started it so I don't know how to apply it all yet.

This is true, I have 4 properties in 3 different states that I've never seen in person, one is in a state I've never even been to.

This is 2018, and with today's technology and on demand economy it is possible.

11 Votes

Loan Payment

Property Tax

Insurance

Management Fee 8% of rent on Bama house; 9% on both Georgia houses, and 10% on the Ohio house

Tenant is responsible for utilities and lawn care

All properties have a $1,000 maintenance reserve.

All rent collected is direct deposited into a business account that I do not touch and it grows.

2 Votes

Pinson, Alabama (Birmingham Market)

Bought 1,200 sq ft 3 bed 2 bath house for $70k

Rehab - $9k

Now Worth - $94,000

Rent - $905

Cash Flow - $401

Property Tax for 2017 $697 down from $762 in 2016. Has hovered around $700 since 2012.

Warrensville Heights, Ohio (Cleveland Market)

Bought 1,568 sq ft 4 bed, 1.5 bath house for $60K

Rehab - $9k

Now Worth - $82,000

Rent - $935

Cash Flow - $409

Property Tax for 2017 $2,043

Dallas, Georgia (Atlanta Market)

Bought 1,448 sq ft house for $107k

Rehab $7k

Now Worth - $133,000

Rent - $1,015

Cash Flow - $252

Property Tax for 2017 $1,307 up from $810 in 2016

East Point, Georgia (Atlanta Market)

Bought 1,812 sq ft house for $150k

Rehab - new construction

Worth - $170,000

Rent - $1,425

Cash Flow - $500

Property Tax - $1,762

30 Votes

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All Forum Posts by: Account Closed

Account Closed has started 3 posts and replied 290 times.

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