All Forum Posts by: Earl McFarland

@Karen Margrave

I've recently started using QB 2015 (MAC).    Previously was using Quicken, both personal & business combined (bad idea!) and then using the @bturner method of inputting into Excel.    It does work but requires a lot of time.   QB is certainly more business professional, no doubt will make my accountant happier, and provides really available financial reporting whenever needed.    In my prior life we often said "if you can't quantify and measure it", then how will you know if you are failing or succeeding? 

@Rene R.

Perhaps the question(s) is why do you consider they are "bad tenants", failure to pay rent on time, multiple request(s) for services, high maintenance tenants, or something else?

If you offer a new lease at $1500, does this make NOW make them a good tenant in your eyes?   Just easier to tolerate now that you are getting better cash flow?   Agree, don't be concerned if $2K is above market, most states don't stipulate what you can ask for in rent, other than rental control jurisdictions.

If you aren't totally familiar with NH or unsure as what your options for renewing a  lease, I would recommend seeking an attorney in NH and not on 'websites', no matter how helpful they may seem.   Legal advice is not the place to 'cut corners'. 

@Dan Mackin

I would strongly agree with your comments. FTC is also more 'regulated' than other Northern Colorado communities, i.e., max. number of occupants, certain properties may also have rent control. You will need consider purchasing a 'Landlord Policy' when you no longer occupy the property. Add additional insured for the LLC on both the property policy and request from original title insurance company. Recommend speaking with your accountant, insurance agent, and consider a good RE attorney for lease and rental app.

@Dana Dunford

Thanks for the update and look forward to hearing your experience(s). I've recently placed each of my rental properties in LLC' and monthly rent to the respective LLC. I"ve started with a local community bank (Loveland CO) but at a cost, $15/mo., for ACH and/or credit card payments. Always looking for lower cost alternatives.

Dana Hoffmann Who do you use for on-line payments with an LLC? No doubt requires a business checking account. I've recently looked at a merchant acct. but cost is a consideration as we only have 6. Appreciate any recommendations and help.

Generally a 'Landlord Policy' is the better option and lower cost. If you have a policy issued in your personal name most ins co. will endorse the LLC as an 'Additional Named Insured'. You can use the same method with a personal UMB Policy. As with any ins. policy it will be both company and State specific.

First , thanks for your service to our great country. Freedom is not free! You can try VA, FHA and other government Loan programs. I would look for a good mortgage broker to explain what options are available for someone like yourself. Have you considered 'Turn Key' RE investments? Generally lower initial costs and lower required down payment.

In life you can 'have it all' just not at all of it at the same time.

There are good insurance brokers but like any industry you need to do some homework. Remember they are insuring nearly 100% of your RE investment portfolio. Buy and pay for the right coverage. A good insurance broker should be part of your team, I.e., attorney, CPA, RE broker, banker, Comtractor, any other member of your team of trusted advisors.

You can add "Berthoud" to your list!   I'm also planning to attend.   It's great to see northern Colorado having it's own meeting and agenda.