All Forum Posts by: Kellen King

@Doug McVinua I have heard some good things about Comerica being a "business friendly" bank. My Airbnb services will not be tied to Rattler Realty at all. (to answer your question, I'm not the broker, I'm an agent). My new LLC is owned by myself. So, me being a realtor and me being involved with Airbnb are two separate entities. I didn't foresee any Arizona Department of Real Estate issues with being an Airbnb property manager as any individual can post property there.

I am starting my new LLC in which I run Airbnb properties in a variety of ways:

• Owning property/placing on Airbnb 
• Managing other peoples properties on Airbnb for a %
• Renting property/placing on Airbnb

My LLC has been created and now I'm ready to set up a business checking account. I'm considering other instruments as well, such as business credit card, line of credit, etc... (I assume I could attempt a personal line of credit as I am aware a business line of credit requires profits for a specific time in the past)

I have banked with Wells Fargo for years and had planned to meet with them to discuss all of this, but I would love to get recommendations for other banks, big or small, even credit unions....specifically ones that are in the Phoenix, Arizona area. Let me know if you have had any experience with business accounts with banks in the area. Thanks!

Good to know @Matt Shields, thanks for the info!

@Matt Shields I don't know, but you're right about the trustee sales. We used to purchase a number of our flips from the trustee sales, but lately the prices are completely out of control. It seemed to be flippers were buying most of those properties years ago and I'm wondering if flippers are truly paying that much or if the end buyer is just changing....maybe buy and hold, rentals? 

@Hunter Sauls Great suggestion! 

@Sam C. Very nice! I'm aware of the down payment programs, but haven't participated. They typically involve a requirement of a specific minimum credit score, maximum income, maximum purchase price, maximum debt to income ratio, and a requirement to take homebuyer class. 

@Brandon Knudtson Stick with it, just takes the right person to link up with. What would your payout structure be for partners? I have a few buyers that are looking at multi-family, I don't know if they are really looking for a partner at the moment, but it's something I could mention to them. I would just need to know details on what you expect. 

I do agree with @Aaron K. that you would likely somehow need to distinguish yourself from the standard professional property manager in some way. Either taking a lower percentage or offering additional services. 

Welcome @Sam C.

Great job with the rentals. What are your plans after you get rid of the flip?

@David M. Sorry, I just realized you had asked me a question. I have always been in intrigued by wholesaling, but have never personally done it. We buy about half of our flip properties from wholesalers though. Being a realtor I'd love to learn ways to get into wholesaling. 

I agree with Eric.