All Forum Posts by: Jay Jones

Final update: Everything went relatively smoothly with Total Quality Lending and our loan.  Definitely recommend Chris Paliska.  He was very helpful and responsive through the entire process.  He went above and beyond things a lender typically does.

To follow up here…I did form my LLC through another entity. I was forming in another state and needed a registered agent in order to have an LLC in that state. The registered agent service was offering a special to form the LLC with a free year of registered agent services and it only cost me about $40 more than the registered agent services alone would have cost me. Also had peace of mind knowing that they set it up correctly, and I was not the organizer. I may have been tempted to do it myself and save the money of paying an attorney or someone else to set it up, but this way I feel like I got the best of both worlds.

I haven’t heard of it before.  Looks completely free to landlords?  The convenience fee to tenants is for recurring payments/direct deposits?  Are there any other fees besides application/screening fees?  Thanks !

I’m new to landlording and have just closed on my first multifamily property (a quadplex) and plan on managing the property myself at least initially.  Looking for advice on what kind of payment options I should allow/require tenants to use when paying rents each month.  Would really like for them to be identified when payment comes in so I don’t have to figure out who has or hasn’t paid.  I also really don’t want to add to their expenses or mine whatever I do.  Also, should I try to require them all to use the same payment form?  Any advice would be appreciated!  Thanks!

Has anyone ever heard of or worked with Backflip.com?

 South Carolina…I live in North Carolina

I have a HELOC on my primary residence but was told by the bank I have it with that they can't give me a HELOC on my Quadplex because it's a multi family rental (they could pass a single family rental off as a a vacation home. Are there any reputable lenders that offer a HELOC on multi family rentals?

I want to do the LLC to protect my personal assets in case of a lawsuit from a tenant. It is my understanding that I could form the LLC in my state and apply for a certificate to operate in the state where the rental is. However, I have contacted the Secretary of State office and it states on their website that there it is a one time filing/fee to form an LLC there.