All Forum Posts by: Cody Jensen

Hi Everyone,

When purchasing a new property with multiple units, do you deposit your security deposits in a different account? Where you you allocate your rental income and security deposits from your actual personal accounts? 

Thank you

Hi Everyone,

I'm in the process of purchasing my first duplex, i have tenants in place and collecting rent. I have met them and such which both units are family related they seem like decent people. The house is in FAIR condition. Some small little repairs would need to be done but nothing serious... yet.

I

'm really nervous, this will be my first property which i've been looking for one for years now. It's located far away from me and im looking to find a person in the area to help manage repair requests. Is this something i should be nervous about? I really dont want calls for repairs.

No one in my family or friends have ever owned a rental property let alone one thats not even in the state  we live in. 

Were you nervous buying your first one? How did you get over not seeing the money you earned in your account? Is it something you regret doing?

Sorry, I'm just talking myself out of it now. In need of some cheering up rather.

Thank you

@DavidWoz This property us located in PA

Hi Everyone, 

I had called my insurance company to get a quote on how much it would cost to open a policy for a duplex i plan on purchasing. Turns out they will not provide coverage if it is in a LLC.

Do you have any recommendations to where i can get insurance for a duplex that will be in a LLC?

Thank you

Hi Everyone,

I plan on closing on a duplex soon that has tenants already in it. It will be my first rental property. I've met the tenants and they seem nice and such. 

My questions is, how often does your tenants call you for repairs? How do you manage them if you are far away? 

Any input would be great.

Thank you

@Theresa Harris Thank you for your input! I'm purchasing this property cash. Both units are currently rented and with year leases. I am still waiting for rent history and if there's any outstanding inspections etc. 

Hi everyone,

I just had an offer get accepted on a duplex! I'm super nervous and I'm trying to do everything right the first time. Here are my thoughts;

1.) Purchase duplex using my LLC

2) Get insurance

3) Open new bank account for collection of rents.

4) Home inspection?

4) .... I have no idea what's next.

I'm looking to start cash flowing with this deal around 3.5 years. 

What are your thoughts? 

Thank you ! 

CJ

What would you do in my

Hey everyone,

Just curious the ways you collect your rents from your properties? Do you use software? Does programs you use cost you a lot ? I'm trying to think of a way to collect without waiting for a check in the mail, etc.

Looking forward to your responses.

Thank You

@Michael J. Beasley That's crazy.

Whats going on with the market right now. Nearly all of the properties that were non-liveable now shot up 2x-3x in price. Same property, same condition now "Worth" $200K MORE then before? 

The North East has gotten completely out of hand. I don't see much potential here, do you ?