All Forum Posts by: Kyle Mccaw

Definitely consult with an accountant.

However, in my situation, I have an EIN for each LLC. Each LLC has at least one bank account. It is always best practice to keep business and personal seperate.

You can find a great manager in each of those markets. Choose the market then find the manager.

Congrats on starting your investment career. It sounds like you're doing all the right things.

Hire a new property manager. They can handle it going forward. Don't expect them to go collect past money from your current manager. For legal questions I suggest locating a local attorney. The internet is the not the place to look to as a legal authority.

@Joe S. I had cashflow from other properties and business income to cover the shortage. I pushed rents up hard. What sucked was the capital gains tax I generated at each sale when I didn't get cash at closing. I did get to 1031 some of them at the end. I did end up making a great return. It just hurt like hell for a while.

@Nathan Frost
I once had a large portfolio loan covering 28 houses. I appreciated making a single payment, but it can become problematic when you sell a few properties. The terms often require that all proceeds go toward the principal. This can worsen your situation because, although your rental income decreases, your payment remains unchanged.

 ProCo Insurance

(817) 665-8828

 https://g.co/kgs/P3pLu8j

@Richard Redfern I am on the board of a couple HOA's. Both are in Texas. And both went up significantly due to claims or regional risk. Your board need to find an insurance broker. They will work hard to find the best quote. Not all brokers are the same or have access to every carrier. If your in Texas, I would say reach out to @Cameron Moore at ProCo Insurance. He had to get very creative to get legit insurance on a complex with an outstanding fire claim.

@Skyler Lehman every market will be different. Evrey type of property will be different. It is best to reach out to 3 or 4 managers in your aread.

@Sam Nichols Not a great feeling, I'm sure.

Easiest option is to find another property manager. Preferably one that answers your calls and emails. Hire him or her and send a notice to the current one of the change.