All Forum Posts by: Tiamo Wright

Hey- Tiamo from the BiggerPockets product team here. The Pro membership is ideally for investors, giving them the tools they need on their journey like calculators, landlord forms and discounts. We just launched a new subscription called Business where you can highlight your services. That way it is easier for investors to know who does what. Some folks have both Pro and Business if they want both tools, but just wanted to throw that out there as a way to show what you do in the community. https://www.biggerpockets.com/business

Outside of that I have gone to several local real estate meetups in Charlotte and Denver and feel like some great conversations often lead to future relationships.

Welcome!! Also in Charlotte. The education part is my tip. Every state and city has different rules for landlords so knowing those and keeping updated as things evolve. 

I was on the board of my HOA and the property manager did some of those things on the list but also primarily forwarded us emails and issues to solve. It felt like another job that I had. We did discuss as a board having a more hands on property management company but looking around the fees were quite high and the community liked keeping their HOA dues low. So I think it just depends on what the board and community members are willing to take on vs the property management company but they certainly come in all shapes and sizes.

You are absolutely in the right place! In regards to your question about renters insurance I always require tenants to have it and maintain it.

As far as your other questions some people go for an LLC to protect their assets (but more work to do tax time to do it right) where others keep it in their name and get landlord insurance and/or umbrella insurance. There is no right way, it is just what is right for you.

Similar to what others have said a Property Manager might be your best bet. Some states have limits on fees for applications, or pet rent or deposits. For example in Colorado certain cities had laws against more than 3 non-related individuals being in the same property as it might be considered a brothel. There are so many laws and regulations to know and understand so you don't accidentally step in it so having someone that knows those and keeps you updated as they change could help. We have a ton of great property managers in the community but you can also use the new Property Manager Finder to be matched with a few and to interview. https://www.biggerpockets.com/business/finder/property-manag...

As stated above check out our new Property Manager Finder https://www.biggerpockets.com/business/finder/property-manag... You can chat with various PMs in your market to see what company might be the best fit for your needs.

We also just launched a Property Manager finder tool https://www.biggerpockets.com/business/finder/property-manag... The most important thing is to interview each person and do your due diligence on what matters to you. Every investor and the way they want their property managed is going to be different. As others have said above the thing that I think they will be most helpful in is keeping you updated with the changing laws and local ordinances. 

I have not personally used them yet, but Steadily has sponsored some of our podcasts and their website has some good information about various types that might be helpful to read through https://www.steadily.com/faq/landlord-insurance-guide 

I am sure we also have some insurance agents in the community as well that might chime in.

Amy thanks for bringing this up, we absolutely want to ensure you can read the articles you are interested in. I am on the product team here and have not heard complaints of this and I can't recreate myself so we might need to dig in a bit more. Feel free to send me a time that works for you and I am happy to schedule a quick screen share to see if I can help. My email [email protected] or if you want to work with our customer support team on this or any future issues always feel free to reach out to [email protected]

@Andrew Sladek on the duplex that you are living in are you renting out the rooms too? Might be worth creating a CoLiving/roommate situation for a year to really stack some cash for the next opportunity. 

Ooooh small multifamily, yes!!! Loved the other two as well, but excited for a new one to get to learn from.