All Forum Posts by: Stephanie Hardy
Stephanie Hardy has started 12 posts and replied 122 times.
Post: how should the tenant pay you?
- Las Vegas, NV
- Posts 123
- Votes 34
@Patrick Ryan Thanks for the response. I was under the impression that only I had to have the WF account to receive the money and they signed up just with the program, regardless of who they bank with...I guess I'll need to look more into that.
Post: Good idea to create direct deposit account for rent payments?
- Las Vegas, NV
- Posts 123
- Votes 34
Originally posted by @Aly W.:
I've been using www.erentpayments.com for years, as have others on this site. Very safe, it's a double blind system that debits the tenant's account and deposits it into my business account. $3 per transaction, no contracts, no monthly minimums or set up fees.
I have 2 tenants that deposit their rent directly into my business account at the bank. Not through an ACH - they physically go to the bank and make a deposit. The business account is a deposit-only account. The tenant gets a receipt for the deposit but it does not show the balance in the account, only what they put in. No withdrawals. Been working perfectly fine for 6 years.
I know you sent this reply 3 years ago, but I was curious as to how to know which tenant is depositing the money when they physically go to the bank and make the deposit. Is it simply that the rent amounts are different? What if they paid a late fee or something one month, so the normal amount is different. What if there was ever a question as to if they made the payment or not? You aren't really able to prove who made what deposits, so it seems confusing to me to know for sure who did what.
Post: how should the tenant pay you?
- Las Vegas, NV
- Posts 123
- Votes 34
@Patrick Ryan I'm trying to figure out an ACH system right now for our first rental. Is the tenant able to set up automatic payments via the Wells Fargo SurePay? Is it difficult for them to get set up paying that way? Have you had any tenants not want to use that system? Thanks!
Post: two properties I've made offers on in las vegas
- Las Vegas, NV
- Posts 123
- Votes 34
I don't know if it really matters for the numbers you are looking for, but you have the purchase price for one of them to be $128.
As far as the cash flow goes, one thing I did see as an expense is for management. If you are planning on hiring a property manager (or if you think you will ever have one for the property, even if you don't have one now), they usually will charge around 1 months of rent for just placing a tenant.
Even though they are a condo and townhome, that is a tiny amount of cash flow each month. If something were to happen, even if it were a year in, you could find yourself breaking even or maybe even losing money.
I haven't really looked into condos/townhomes and how they cash flow different from SFH since they all seem to be in parts of town I don't care to be in, but personally, I would try shooting for at least a minimum of $100-$150/month cash flow.
Post: Interesting Anti-Landlord Ordinance Approved in Seattle
- Las Vegas, NV
- Posts 123
- Votes 34
Isn't having a felony on your record considered a "disability" in some states now so you can't be prejudiced against that?
Post: what's a good name for an LLC?
- Las Vegas, NV
- Posts 123
- Votes 34
Originally posted by @Tim Johnson:
You can get a personal loan on the property then a few months later transfer it into a LAND trust. Most states allow this and the note cannot be called by the bank. You are listed as the beneficiary of the LAND trust and you then transfer that interest into an LLC. I hold each property in a separate LAND trust with two LLC's each holding different properties. If someone were to sue a LAND trust you would have enough time to transfer all but that single property into the other LLC and would only be risking that single property within the law suit.
This works also because most lawyers only look for a quick turn on their time and do not want to take a case on contingency if they don't see a lot of money that is easy to get to. The first thing they do is pull an O & E on the property and when they see a LAND trust and a mortgage they know it will take a lot of work and no sure payout and they will only go after you if they are sure of a big win.
LAND trust are very easy and once you have the first you can just type up the info and change the name of the LAND trust for the next property and add it to an LLC
If one of your land trusts was being sued, wouldn't it look suspicious to a judge to then have all your properties transferred out of that llc? Additionally, if by the time you find out you are being sued, aren't all your other land trusts compromised already?
Post: what's a good name for an LLC?
- Las Vegas, NV
- Posts 123
- Votes 34
Originally posted by @Diane Stinebaugh:
I thought people used LLCs to buy and hold property!
Financing is difficult to get, especially for brand new llcs. You could always buy the house in your name, then transfer the house to the llc after closing. To give your business even more anonymity, put the llc in a trust. That will make it even more difficult for someone to come after you.
Post: Two conflicting CPAs
- Las Vegas, NV
- Posts 123
- Votes 34
@Josh C. There is actually a company that does legal, business, & tax advising: Anderson Advisors. They are based out of Las Vegas, but they have clients all over the US. I met with a rep and he seemed pretty knowledgeable in what he thought we should do with our taxes and business set up. Maybe you would want to check them out.
Post: Las vegas / Henderson Realtor
- Las Vegas, NV
- Posts 123
- Votes 34
My husband is also an agent and can help you out if Martha doesn't work out. Let me know if you need his info.
Post: BRRR strategy and cash Investment more than trippled in value!
- Las Vegas, NV
- Posts 123
- Votes 34
That's amazing! Congrats and keep trucking forward!