All Forum Posts by: Neil Aggarwal

You seem to be trying to merge two competing objectives.  They have different criteria.  Either buy a rental or buy a residence, don't try to do both with the same property.

Your posting is very general.  I think it would help if you can give some specific examples of pitfalls to look out for.  That might help us get a better understanding of your concerns.

Have you considered selling it on owner finance?  That will give you a monthly payment and you will no longer have to maintain the property, pay the taxes and insurance, etc.

Personally, I will always do owner finance instead of landlording.

I prefer to do owner finance instead of landlording. Monthly income with a lot less hassle.

I am curious, why are you investing in Arlington if you are living in California?

I agree the local banks are much easier to work with, but the problem is I need branches for my customers to be able to make their payments directly to my account.  I know they can use Zelle or other payment systems, but they are not ready to make that leap -- its too much voodoo for them.  They feel more comfortable going into a branch.  Local banks just don't have the breadth like a Chase or Bank of America do.

 Depends on the lender.  They all have different rules.

Buying properties at a good price takes some work, but DFW is still a great rental market.

I am concerned that a hacker can crack my password and gain access to my account.  Then, they can transfer funds to anywhere.

From what I am reading on the Internet and Chase's online agreements, the bank is not going to replace my money in such a scenario.

I friend of mine told me that if someone hacks my business bank account and transfers the money out of it, the bank will not cover the losses.  I just checked Chase Bank's online service agreement and the language for business checking accounts does not say they will cover losses due to unauthorized transactions. This is in contrast to the section which talks about consumer checking accounts.

Does anyone know of any major bank that will cover a loss due to unauthorized transactions on business checking accounts?