All Forum Posts by: Varun Kalyan

@Deanna Trujillo Thanks - I've used Zillow for my other properties, but I was there to show the prospective tenants the properties. I was more wondering how you show prospective tenants the property before they even apply to see if they are interested in the place if you're not local. Do you contract out with someone to physically show the property to prospective tenants? Thanks so much.

We have shown the properties ourselves but have used a punch key lock for subs to come in and do work. I'm thinking I may try this with potential renters to allow them to see the property on their own and maybe just face timing as they walk through. Sometimes it's challenging to find a time that works for everyone around busy schedules. In the past we have been held up by a few days until the 4 or 5 people we chose could have a walk through.

Thanks so much. This is the one reason I am struggling with self management out of state. Being able to show the property to prospective tenants seems difficult. I appreciate your input!

I'm doing it with a property mgmt company, out of state. My primary question is how to handle the flow of money and liability protection.

My current line of execution is likely, to run the property through my Maryland LLC, a business bank account that collects rent and pays the mortgage, the loan is in my personal name. Have liability insurance and an umbrella policy to protect personal assets, and have a property mgmt run the on-ground operations to keep your tenant happy.

0 Votes

Germantown, Maryland

Thanks, @Bailey Coleman I would like to discuss this over a connect. Do you have time this week to connect maybe on Zoom or phone?

To one of your questions, yes I do have a PM team in place for all the in-ground operations.

2 Votes

Germantown, Maryland

Quote from @Deanna Trujillo:

Hello,

We have an accountant and set up a QuickBooks account. We track spending and send rent requests this way. I live 20 minutes from Parma and own 3 rentals. My husband and I currently manage our own properties, from Reno to renting them out. Let me know if there is something we can do to help! Best wishes and congratulations!

Thanks Deanna! Your comment is very helpful. Sent you a connection, maybe a call will help address my questions.

0 Votes

Germantown, Maryland

Quote from @Bob Stevens:

Quote from @Varun Kalyan:

I am closing a property in Cleveland Ohio, Live in Maryland. I had opened an LLC & business bank account for in instate deal, I didn't go through it but now found a better option in Cleveland.

What is my next best step to collect rent payments, payments to property mgmt, track expenses, and pay taxes correctly? Do I use the Maryland LLC and bank account or open up an Ohio LLC, tie it to another business account, and run it that way? Or is there another way ?

Hire a PM co, DO NOT try and self-manage it will not end well. Who is your team there, who said you got a great deal and the area is where you want to be ? I have extensive experience there more than happy to help/ guide

Thanks, Bob for your response. I am working with Azzam Group in the Cleveland area, When I said a good deal, it was lower ($$ wise to suit my price point) compared to Maryland where I was getting priced out. This is in the Parma area outside of Cleveland.

0 Votes

Germantown, Maryland

I am closing a property in Cleveland Ohio, Live in Maryland. I had opened an LLC & business bank account for in instate deal, I didn't go through it but now found a better option in Cleveland.

3 Votes

Germantown, Maryland

All Forum Posts by: Varun Kalyan

Varun Kalyan has started 1 posts and replied 5 times.

Post: Property in OH, best way to set up llc/bank to keep track of expenses/taxes?

Post: Property in OH, best way to set up llc/bank to keep track of expenses/taxes?

Post: Property in OH, best way to set up llc/bank to keep track of expenses/taxes?

Post: Property in OH, best way to set up llc/bank to keep track of expenses/taxes?

Post: Property in OH, best way to set up llc/bank to keep track of expenses/taxes?