All Forum Posts by: Sarah Downey

Zillow Rental Manager has a good tool---https://www.zillow.com/rental-manager/price-my-rental/; you can try rentometer--https://www.rentometer.com/, too! 

Those can give you a good starting point. 

@John Otradovec do you have any KC recommendations you can share?

@Travis Timmons , the house we bought in Memphis was our first rental and was out of state. We bought it through Mid-South Homebuyers. They bought it, renovated it, rented it, and now manage it for us. It was a great first rental, and even though we weren't fully involved in the BRRRR method it allowed us to tap into a better market. We now have acquired more local rentals that we self-manage. A turn-key provider that can help with the BRRRR process in a better market may be a good option for new investors. There are a few like mid-south in the other top markets now as well.

Hi @Elly Manuel,

From what I have seen lately, some hot markets are Indianapolis, Philadelphia, Milwaukee, Charlotte, and Columbus, Ohio.

I also own one of my rentals in Memphis, TN, and I like that market too.  The cost to purchase that property was lower than the other markets I work in so it may be a great place to start as a new investor. 

Hi Jake,

I love working with Obie. They specialize in rental policies for investment properties and are very affordable. 

You can get quotes quickly from them online- https://www.obieinsurance.com/

@Stephen Lee if you need financing on these rental properties, you should go ahead and file the foreign registration in Ohio. Most lenders want the entity registered in the property state if the LLC was originally formed in another state. The Ohio SOS website is really easy to use. They can usually get the filing to you quickly. It looks like it only costs you $100.

Here is the link: https://www.ohiosos.gov/businesses/filing-forms--fee-schedul...

You will want to select "File Foreign For-Profit Corporation Application for License Online at Ohio Business Central- Form # 530A.

Make sure you have all of your New York entity documents ready when you click the link because you usually have to upload them (Articles of Organization and Certificate of Good Standing).

I hope this helps! 

Hi Michael,

Most of our properties are local. We have one property in Memphis that we bought through Midsouth homebuyers in 2017. They still manage it for us. 

Hi Sandy, 

I would check out OBIE or Steadily. They specialize in landlord policies and should be able to assist! We love working with them. 

Hi TJ,

I recommend setting up an LLC since you plan to do it anyway. It is pretty easy to set one up, and the loan process should not be more restrictive by using one if you plan to work with a private lender. DSCR loans require a lot less paperwork than conventional loans. Usually, for an LLC, you need the articles of organization, an operating agreement, an EIN letter, and a certificate of good standing.

Many of our borrowers use Bizfiling, or you can set the entity up yourself directly with the Secretary of State of South Carolina. To create your operating agreement there are a lot of templates online or there is a website called Legal Nature that I really love. For your EIN letter, you can get an that directly from the IRS with this link https://www.irs.gov/businesses/small-businesses-self-employe...

I hope this helps! 

Hi Katie,

I would reach out to OBIE or Steadily. They specialize in landlord policies and can give you feedback on an umbrella policy.