All Forum Posts by: Kristoffer Bergen

Any solid recos for property managers in Madison, TN? Seems like there are plenty but hard to tell which ones are reputable. Any suggestions welcomed. The biggerpocket tool spit out some recommendations but I like to see actual user reviews and some are too new. Thanks!

Around Nashville - where do most landlords post their houses for rent? Zillow, hotpads ..??

Hey all, how long is reasonable for the property management company to transition after termination? I sent them an email terminating them to which they didn't respond and has been over a week and nothing.  I asked if we could wrap this up in 2 weeks total and this is the response I got. I dont know what I don't know and looking for your advice. 


Email from Property Management - 

------ < email >>

There are several factors here you must consider:

1. You cannot set the terms of a termination. We have to follow our own policy as well as legal guidelines according to TN laws, federal law, and our attorneys recommendations. An owner cannot just decide how/when a unit is turned over.
2. We require a 30 days written notice through the end of the final month and the two weeks begins once that notice is up. This is standard with most PM companies because we understand what the client typically does not about legal notices, proper transition, billing, latent invoices, etc. and on top of those things you have THDA payments & attorneys fees we must make sure are all allocated appropriately before a change.
3. We will have to give notice to tenants as well as their legal rights as to their funds.Do you understand the TN laws around this? Do you have all the appropriate bank accounts and notices set up? The moment we release any funds to you, you are beholden to these just like a company is since you are not having us transfer directly to another management professional.
4. There will likely be balances on your account. Yes, there may be credits as well, but there is also a termination fee with our office for any property on which the management agreement hasn't expired since you are not waiting until the end of those for turnover.
So please rest assured we are not delaying on our end. Our goal is to turn these over to you as soon as possible and we will gladly do so, but you need to understand this isn't a simple situation where an owner makes a request and it happens by the deadline they give. There is much more to this than that and we typically have about 45 days to do so. We will let you know the moment we are finished so you can settle any final invoices (after any credits if applicable), sign the termination agreement, and we will alert you how to receive keys & any releasable documents.

------ < end email >

Any advice would be excellent. Thanks, Kris.

 We are in the process although today we sent a mail ending our relationship with them. I do appreicate the comment from @Peter Tverdov regarding, "if not a fit move on" and taking action today. Thanks. So in the meantime we will self manage but when we make a call I will let you know. 

Thank you to everyone! QQ: Is it a bad idea to schedule a time to do a walkthrough of our properties when there are tenants living there? Our current PM is discouraging against us doing that which I feel is a bit off. The reason we want to go into the homes is to see the condition and validate some recent repairs they are claiming are completed but when a new plumber went in he said the house is in rough shape. PM claims it is a liability for us to go in. Thoughts?

Thank you all greatly. If anyone has any recommendations for PM in Nashville please let me know.

Hey all.

I live in WA state and have several properties in surrounding Nashville, Tennessee that are managed by a very small property management company. After some recent not sitting well scenarios we want to go with another company OR manage the properties ourselves.

1) Recommendations for management companies that you have had direct experience with?

2) Managing remote when we live in Seattle, good/bad idea?

3) Regardless of 1 + 2 how and what are the steps to transition away from management company?

Thanks, any all advice welcome.

I am about 1 year into investing remotely  ... I looked through some posts but  looking for some advice. Here is my situation...

I live in WA state and have a home, my primary. Seattle has exploded since I purchased  and that home has increased in value an incredible amount. I also have another weekender small home in Wa state. Both of these properties are financed from bank and all is good there.

I have 3 properties in Nashville that are all rental investments and 1 of which is financed.

My biggest concern is to protect my primary home so I went down the path of setting up an LLC. The effective date of the LLC was Jan 11, 2018 but it took me a while to get everything set up in Nashville so just recently the two financed investments there I transferred the titles into the LLC in Oct. I technically didn't get it set up in Nashville until that time.

I set up a bank account for the LLC and deposited $1000 into it but no other transactions have been made so far. Aka since it took me a while an waiting for paperwork to go through.

Finally to my question.... I am rethinking the idea of the LLC and just relying on insurance covering me if anything does happen. The costs of the LLC seem to be increasing at each step and the accountant wants $1500 to do my first return. Regardless of the amount I am reconsidering the LLC and seeking advice on either strategy. If anyone has a referral to someone that could help it would be amazing.

1- Should I dissolve the LLC and eat the money to set that up?

2- I do want to buy more non- local rentals and currently seeking / researching. 

3- if the amount of my primary gain is significant enough how can I protect against someone coming after it?

4- Since I "did" set this LLC up if I do not have any "business" with it what is the lowest cost form of accounting?

5- Can I put an LLC on hold until I decide without costs?

6- I appreciate any and all advice :) 

Thank you in advance.

Kris 

Hi all. I would like to know if I can file my LLC business tax return myself? Here are my details, which to me seem as simple as possible so wondering what my options are.

Set up LLC in Jan 11, 2018 - WA is home address with 2 homes in TN.
Purchased 2 homes (cash) -- June
Set up bank account for LLC
1 home rented, 1 vacant
Transferred titles for 2 homes into LLC (Sept)
** LLC has 2 operators, myself and my wife, no additional employees
** To date I have not set up any actual transactions. Aka all rent is coming into my personal account.

I am a noob here but after 2 estimates cost to file is around $1500-$1700. Because I don't have many properties this feels very expensive and eats into my cash flow. Anyway I can do this myself OR is this something too complex for a non-expert?

I live in WA state and have a deal in TN I put an offer in on. All cash offer - the only way I could obtain the property and the plan is to rent it out . 

1) Should I start an LLC and in which state? WA or TN?

2) Can I convert the all cash deal to the LLC at closing?

3) Can I convert the all cash deal to a financed deal post closing?

Any help would be appreciated.

Kris