All Forum Posts by: Vasudev Kirs
Vasudev Kirs has started 27 posts and replied 87 times.
Post: Help with apartments.com
- Posts 87
- Votes 24
Hello:
Does anyone know how I can reach out to a prospective tenant from the portal directly or indirectly? I am using apartments.com for listing and do not want to use it for screening. yesterday I received an application request from the portal but I want to use mysmartmove for screening. I don't know how to contact the prospective applicant.
Any ideas?
Thanks.
Post: LLC for rental property - do I need an EIN/TIN - what is the best way?
- Posts 87
- Votes 24
Quote from @Ayyoub Feza:
Quote from @Vasudev Kirs:
Hello,
We recently purchased a rental property and created a domestic limited liability LLC (two members - my spouse and I). Title company is asking the EIN/TIN of the entity. Is it better to create a new EIN or is it better to create a TIN or just use my personal SSN?
We would like to keep the operating revenue and expenses separate from our personal stuff but want to file them along with our personal tax returns. What is the best way? Also, do you suggest we create a new bank account to manage property? Could you please provide suggestions?
Thank you!
Hi, do you have a mortgage for this property or bought it by cash? If you have lender, is your lender ok with putting the rental property in llc?
Post: LLC for rental property - do I need an EIN/TIN - what is the best way?
- Posts 87
- Votes 24
Is it FREE to apply for an EIN?
Post: How to weed out spammers - Zillow Rental Manager
- Posts 87
- Votes 24
Thank you. I tried hard but couldn't find a way to hide phone number. Would you please be able to guide me on the steps once on Zillow Rental Manager?
Post: How to weed out spammers - Zillow Rental Manager
- Posts 87
- Votes 24
I published a listing on zillow rental manager and I got a text inquiry within a minute which seemed odd to me. Text message had bad grammar and white spaces - typical red flags of a spam.
1. Is it possible to hide phone number from the listing? If yes, is it wise to hide it?
2. I am a property owner and dont want to be woken up by phone calls. Does Zillow require a phone number?
Post: What do I need from the tenant to do a proper screening?
- Posts 87
- Votes 24
Quote from @Olivia Grabka:
@Timothy Eaton
1. Credit report
2. Background check
3. Last 2 pay stubs
3a. Look at their year to date earnings
3b. Look at how much they make per pay period
4. Most recent bank statement
4a. Overdraft fees
4b. Cash flow (how much gets deposited, how do they spend)
Zillow's platform is excellent, their product comes with an application feature that will get you applications with credit reports and background checks. The other items you should request manually and review yourself.
do you include all these requirements in the rental ad for transparency or do you communicate them verbally? if verbally, at what point do you communicate them?
Quote from @John Morgan:
LLCs are very easy for any attorney to pierce and show you're behind it. Get extra liability and call it good. Get your first 10 properties in your personal name for lower interest rates, then get an LLC to buy the rest with DSCR or commercial loans. I learned the hard way. I bought several in my personal name then deeded them over to my LLC with mortgages on them. Don't do that. lol. I've talked to several attorneys who invest in RE and this is what they tell me. They put them in their personal names and get extra liability. They say a million in liability is enough.
Folks are talking about umbrella policy and extra liability. What would be an example and insurers who provide the coverage?
Post: Question about cash flow calculation
- Posts 87
- Votes 24
Post: What is the hardest part of DIY management?
- Posts 87
- Votes 24
Quote from @Sam Yin:
@Nathan Gesner
Set parameters early on. Create a rough list of what you will respond to right away, and what can wait. Response time should be reasonable, but not immediate. Train the tenants to understand that you have a life as well, or else you be taking on another job.
The biggest one... Limit the DIY. find a way to transition it to contractors/handyman. You can still self manage, but repairs should be hired out if possible. I did a lot of work myself earlier on... I mean just about EVERYTHING, minus brazing in new copper lines. It was not worth my time. DIY, but don't DE(verything)Y.
I made many mistakes early on. I got to know tenants and was way to accommodating. I responded to things that I could have made them wait until it was convenient for me. I did not have standards to hold them to. These are all lessons learned early on.
Create standard templates early so you save time when similar issues repeat themselves. Rehearse your approach and conversation so you know when to guide the conversation to a predictable outcome.
Great suggestions! I am interested more about:
1. Setting parameters (i.e., what will be responded immediately, what can wait.) Do you have any examples? Did you include them in your lease?
2. Standard templates. Could you please elaborate?
I will be closing my very first property next week so looking forward to all the suggestions and pointers I can get!
Post: Question about cash flow calculation
- Posts 87
- Votes 24
Hello:
I am not sure what interest rate to use while calculating cash flow. Is there a standard formula that takes into account the fluctuations of interest rates?
Here are the details at a high level:
Purchase price: 174,000
Closing costs: 2,000
Down payment: 20%
Rental income: 1525
Monthly expenses: 487 (insurance + tax)
Maintenance: 128 (1% of purchase price)
10% vacancy: 150
Self-managing
I am not sure what interest rate to use to get the monthly mortgage amount. I have excellent credit score (above 770 and no other mortgages). Can someone please help me?
Thanks!