All Forum Posts by: Mak K.

People do side business to become free of 9 to 5 job. When they get to a point of freedom they work 80hrs on their business to earn more and more. 

If I have a million, I would go to a residential house contractor and cut a deal to buy 6 houses for $150k each (Texas). That should give easy $1000+/- per house cash flow after taxes in rental income since house is paid. Thats a 6k income/month which is 72k/year. Hence every 2 years I can buy 150k house from rental income. Repeat this cycle. Once I get at 10k/month, I am retiring and travelling.

May be bump rent by $xx and say utilities included upto xyz KW usage. Anything above to be billed at 15c a

So I have a parent PXX LLC in WY and then child A1 LLC, A2 LLC, A3 LLC in Texas. Each child LLC has one property. All lease are signed under A1, A2, A3 llc with tenant.

Now for the rent collection, expenses paid etc, can I just deposit all transactions under Pxx LLC? Or do I have deposit checks for property A1 LLC under A1 LLC bank, and A2 LLC under A2 LLC Bank accounts?

I am trying to keep things simple. How are you guys setup?

So for my first property, I have a tenant moving in. Since I only had the property for less than 2 weeks, I did not had any utility connections for water, gas or trash services

So who is responsible for setting up the accounts? Currently there is no gas connections.  Do I tell tenants the phone contact details for utilities and they will get the connections? Am i responsible for gas connections or are they responsible for setting it up?

Also, if they setup in their name, how do I know if they missed a payment for gas or water?

Hi,

I will have my first rental tenant move in. Few questions:

1> How do I collect rent: By check mailed to PO box? Or can I request ACH deposits only. What software can I use to do ACH deposits to be setup?

2> Are there any free tenant management software I can consider using? I need basic functions of - Deposit rent, Open close tickets and communicate

Does anybody else uses this terms:

" Increase in rent clause (if your local law allows) saying something to the effect of: "Rent can be increased at any time for any reason at the discretion of management by written notice prior to the next due date."

Is the above common in the

Hi,

Does anybody know good competitive property management companies. I just closed my first deal and looking forward to PM companies. Would it be advisable to have them manage the tenant placing or should I go with agent doing the tenant placement? Is one month rent standard or are there companies charging flat fee tenant placement?

I need some direction and guidance please.  recommendatins and refferals are

Anybody from houston who can help me here with what’s property management like in houston Tx?

I am starting out and closed on my first property. It is 1hr drive ( I am from houston). My plan is to have property management company manage the property.

Regarding listing the house for rentals- do I go with a real estate agent or go with property management company.? 

does it make any different in terms of quality of prospects I get from agent vs property management company?

Is it standard to have 1month rent as fee. I am expecting $1800/mo rent.

Closing my first deal. I am going to buy cash. Here is the situation:

My closing is on Monday.

I am still waiting on the state to give me LLC formation paperwork. If I go with assumption that I get it on Thursday and I can open account on Friday, I will have to do a wire transfer from personal to LLC. And then on Saturday my plan is to do wire to title company.

My only fear is that on a new account, what if bank puts a hold on my funds? If that happens, I will not be able to do wire to title company? 

The seller is refusing to extend the closing even by one more day (really weird seller). On top of it, i have explained that I am not even able to get banker appointment as not all banks are allowing physical meetings due to COVID. Seller  or their agent not friendly at all.

Will I loose the deal and earnest money if my funds gets delayed or blocked by bank? What should I