All Forum Posts by: Erin Glosson

Hi Rey, welcome to real estate investing! I'm going to weigh in on waiving inspections. My real estate agent (also a real estate investor...thanks, Marcus Auerbach!) shared his perspective with me when I was purchasing my first two properties in this market. (And I did wave inspections on both.) As you look at the condition of the property, break items down into cost categories: potential cost 10-15K (roof, plumbing, electrical, etc.), potential cost 5-10K (furnace, air conditioner, water heater, etc.), and cost less than 5K to repair/replace. This way you can determine what kind of risk you're taking if you wave the inspection, and can estimate possible out-of-pocket costs. Assigning numerical values like this  made waiving the inspections less scary for me. Wishing you the best on your first deal!

I appreciate the input, Lynnette. Thanks! I hadn't considered elderly parents in that way.

That's helpful! Thank you, Julie.

Thank you, Lauren. 

Getting ready to close on my first house-hack and will be inheriting tenants. Very excited!  

Here's my question. I was just looking over the lease for these tenants and it only lists the adults as occupants. I know that there is at least one child living there too. Should children be listed as occupants on the lease? (I know that I can't ask for their ages or anything else that might be considered discriminatory. But they are occupants and would count towards any limit to the number of occupants allowed in the unit, correct?)

Thanks!

I am getting ready to close on my first duplex in which our family will occupy one of the units. The rent from the tenant will not cover all of PITI, so we will need to pay a portion ourselves. My question relates to bookkeeping. I am setting up a bank account for the property to keep the finances separate from our personal finances. When it comes to paying PITI, should I transfer personal funds into the property's account so that I can pay the entire sum from the there? Or is it better to somehow pay a portion from the property's account and the remainder from our personal account? Thanks!

Thank you!

Hi there, I'm brand-new to all of this! I have what will be my first house under contract, set to close in a few weeks! I've been reading Heather and Brandon Turner's The Book on Managing Rental Property. In the book they say that starting an LLC is not really necessary, but then go on to say that it's best to open up a business bank account for your property. I'm confused. Is it possible to get a business account without an LLC? I don't really want an LLC if I don't need one. What is the benefit to having a business account versus a separate personal account for the property? Thanks!