All Forum Posts by: Elliot Grochal

I'm using Small Business Bank as it came from a nerdwallet recommendation as one of the best online business bank solutions for your LLC. A few months in, I'm satisfied but definitely not amazed by SBB. It seems to be pretty old school still, however you can do online check deposits which was a big benefit to me. It would be great if there was a local bank I could use but the online component was very important to me. Check them out and see if you like their offer. I'd love to hear from others as to what bank they use for their rental properties... I'm sure it's been discussed in the forums somewhere!

I have the exact same situation/question @Benjamin Mahan. For now I am keeping all money related to the property (rents, repairs, maintenance, etc.) in my LLC's separate bank account. I'm not sure how this will affect my tax returns for the better/worse though. Only advice I can give is to ask around to other local investors and see if they have an investor friendly CPA that can guide you in the right direction. That's my next step too.

Got one more to add, as I am reading it now and it is great! I like this one because it shows that developers can have very good intentions not only for their profits but the public too. Also great to see how they deal not just with pro formas but with all the other entities of the business from architects to marketing teams.  How Real Estate Developers Think: Design, Profits, and Community

Whoops, I just saw there was a second page of this thread. Looks like you guys worked it out.  Nevermind!

Hey @Dante Nava, I just signed up for AgentPro247 and saw the same hurdle with the RE license.  I tried using the Partner ID "CFGRSH" a second time and it worked!  Then on a following page where you are asked to enter in additional information, the RE license line no longer has a mandatory *.  Hope the same trick works for you. Thanks @Seth Williams for the tip and the very informative website!  

What prevents the buyer from waiting until your option period is over, and buying directly from the seller?

Thanks @Darren Sager , I'll be there!

Targeting Philadelphia right now, but based in NYC with no car so thats why I wanted to know about doing it from a distance. I can bus it there in 2 hours, so I would have to do it on weekends.

@Jeremy Tillotson Awesome info!  Thanks! Seems like to do this long distance one would have to establish a relationship face to face for the first deal, then following deals could be handled from a distance.

@Jeremy Tillotson Yes, pre-purchase inspections. I know there are licensed inspectors, but I guess what I wanted to know was how that process works: Are they private, or goverment run? Can I have an inspector go to the property on my behalf, and what would that cost?  How do I deal with the inspector getting access to the property pre-purchase (I suppose I would have to clear that with the owner)? And finally, in the event of an auction or sheriff sale, are pre-purchase inspections allowed?