All Forum Posts by: Dick Stevens

If you’re unsure based on your states requirements then just leave the rental agreement in your name.  Under maintenance, include a statement that says for maintenance issues contact (wife’s name and number).

Lol 🙄

Guaranteed rent is a myth.  If anyone tells you that, disregard everything else they have to say as well.

That’s pretty interesting.  It’s alarming that they would run a move in special without the owners approval.  Bottom line though is that no one cares about your property more than you.  With that said, why trust someone else with the management?  Buy local and keep your eyes on your investment.

With only a property or two you will never get proper representation when you have a vacancy.  The management company will bring prospective tenants to all their big customers first, as they are more important to please than you.  So you will loose a lot of money on vacancy.  

You significantly lowered your options for a refinance with the most favorable residential loan terms by using an LLC. The majority of people that use an LLC don't even understand them.

Shame on you for continuing to do business with a property manager that treated you this way for such a long time.  You get what you allow.

You wasted a lot of time looking at properties if you only have 3.5% down.  You need 20% minimum.  Unless you’re an owner occupant, but it didn’t sound that way from your post.

Marc - Good Question.  Regardless of purchase price the lender will only lend on the lower of the purchase price or appraisal.  In your case the purchase price would be lower, so they would loan on that amount.  Do you own any other property?  If not, and given that it’s just your parents living there, Personally I’d go for an owner occupied loan (say you will live there).  This way you get a better rate and lower down payment.  You would still have to come to the table with a down payment, but for owner occupied you can use gift money for down payment — you could play around with the purchase price to make this work if you don’t have any cash.

You’re over complicating things.  Just have a business checking account and pay your expenses from that account.  You could setup a separate savings account to save for future large repairs.