All Forum Posts by: Nick Ferguson

Huntington Bank will do a HELOC up to 75% LTV but only if the property is in your personal name. They will not do the loan into an entity and will not do it if the deed of the property is in an entity. Overall, Huntington is a great bank to work with and wont give you a bunch of junk fees.

Hello All, 

I have a newly formed LLC that I'm going to use to manage my one current rental property and all future rentals that I hope to begin acquiring in 2017. I just formed the LLC and opened up banking accounts to run the business from. I do not plan to actually begin operating out of the LLC until Jan 1 2017 because I figure it will simply be easier to begin fresh with the Calendar year. I have several checking and savings accounts because I plan to operate from using the profit first framework. The savings accounts require an initial deposit and keeping a balance so I want to transfer some money from my "personal" account that I have been using to keep the house money seperate from my "job" money. I have two questions.

1) Is it dumb to wait, should I just start using it now that it is set up.

2) More importantly, can I just take money out of my personal account and go and deposit it into the new business account?  These are at 2 different banks and my personal bank is still in the 20th century so I can't just transfer it to create a nice paper trail.

...And just as an FYI, I do plan on seeing a CPA before Jan. 2017. I just opened all the accounts before doing so because I didn't think about how I'm supposed to do the initial deposit and figured I had time before seeing a CPA. 

I am looking for good CPA's near Parma Ohio. I need general information on how to properly run an LLC, tax deduction maximization, tax preparation, etc.

@Joseph Jones Welcome to BP.  I'm sure that if you're active on here many people will refer to you for GC questions.  I know I probably will at some point...

@Nina Davenport  @Peter TverdovThank you all for the advice,  As I don't have many doors right now, I think I'm going to go with Venmo since I'm familiar with it as are most college kids (which my tenants are) but I'm definitely going to check out the CASH app as well as a future option.  

Thanks guys.

Has anyone used Venmo to collect rent?  If so, what was your experience?

I'm currently using a bank that has a branch both where I live and where my property is (about 4 hours drive).  I am thinking about switching all of my business banking to a local credit union to try to build a relationship locally and open opportunities for better future financing.  If so, there obviously won't be a branch near my tenants so I'm considering options.  I don't want to deal with mail and checks/cash and I don't want to pay extra for a service that should be free. 

Thanks everyone. 

Welcome.  That sounds like a worthwhile project that you took on.  Congratulations and good luck!

James, 

I have personally never done direct mailing but from what I have heard from others on this site and outside of it, it is very unlikely to get much of a response from your first round of mail.  While there is no magic number, you need to stay in front of people to be thought of when they are ready to sell.  Just keep plugging away and after the 3rd time or the 5th time or the 7th time, you may get your deal.  Perhaps a member more experienced with this can give you some more specific or different advice?

@Barry Wittine Welcome to the site. 

@Valerie Couch  I would be interested in learning about this as well.  Would you be able to PM me.  I have one rental currently (not in the Cleveland area) but I live in Parma, work in Akron and would like to start looking for opportunities in the near future.