All Forum Posts by: Lindsey Mannix

Hi Nicole,

I have had insurance through both State Farm and Allstate for my STR properties and those could be worth a call. Your price quotes don't sound bad though!

~ Lindsey

Hi Jake,

I love the Louisville area & originally from there myself. Personally, I invest in SoIN (New Albany, Jeff, etc) and have done really well with my LTRs there. My aunt has several LTRs in Crestwood area and those do well. Overall, I don't think you can go wrong! Happy to connect you with an amazing, investor friendly agent if you're looking for one there :-)

~ Lindsey

There are CRMs like KVCore that can accomplish this and works best if you tie it into your website and texts so that they can easily go to a single place for completing it. If you'd like something free, you could create a Google form and text or email a link to your questionnaire for people to complete when you collect their contact info.

~ Lindsey

Personally, I find my deals on the MLS (in CO, IN & FL). They certainly are harder to find and I usually target the homes that need some work and have been sitting for longer with the target to get them below asking, sometimes substantially below asking.

~ Lindsey

Hi Nikky,

I handle stays over 28 days in any of my STR and MTR properties like I do my LTR properties - background and credit check required, minimum income requirements and they sign a lease.

~ Lindsey

Hi,

I would return the deposit fully assuming no damages and this would be required in most states as you weren't actually 'damaged' by the early termination. You can double check that though in case your state isn't one that requires it.

~ Lindsey

 I believe house hacking is great to start as you can purchase a property as your primary residence (little to no money down) and get the best possible interest rate by doing this too...so for those reasons, it's 'best' if cash to enter the market is low. If you have the cash and want to venture into buying a separate rental from your primary, I would do that over wholesaling personally. 

~ Lindsey

Hi Irie,

I'll start off by saying I am not an attorney or CPA but here's what I do - if my property is in an LLC, I have a separate bank account setup with it's own EIN and pay everything, including housekeepers out of that account. If the property isn't in an LLC, I pay everything from my personal/that property's bank account that may be in my own name. As for a W-9, that is required if you're reporting to the IRS that company/person's earnings and technically is required for anything paid over $600 (I believe) to a single person/entity in a given year so you can issue a 1099. A CPA would be best to confirm this requirement though :-)

~ Lindsey

Hi Michael,

BP has a find a lender now through the site that maybe able to assist you. I have used local banks to do more unusual/super tiny home lending. Depending on the location of the property, my fav lender (licensed in multiple states) is Missy Shields - 970-580-5567.

~ Lindsey

Hi Adam,

If you hold a license and have been through the purchase process before with other agents, I personally would be open to doing it myself (I am also an agent and have done this very thing). I've done this to save some money on the commission side of things by deducting the amount I would've gotten paid from commissions off of the purchase price of the property. If there aren't savings to be had though with using yourself as the buyers agent, I would not do it and enlist the help of an outside agent. They can always negotiate the same way, working to get the purchase price as low as possible. You could even try to negotiate with your agent that you'll do all of the leg work to find the properties, be at the inspection, etc for a lower commission to them.

~ Lindsey