All Forum Posts by: Andy Lanyi

If you flip a house with in a year and incur a tax rate, "ordinary income"then does all of your other income from your rentals "long term income"get taxed at the same rate as ordinary income? Or do you have to have all other assets in a different LLC's to protect that?

@John O'Leary

Getting killed with the high cost of labor. Just need a handy man in Long Beach area and or San Gabriel Valley area. I have one or two now. Just need to have a couple of back up’s.

I have multiple sets of apartments and an I phone. I contact using group texting but it does not work with non I phone people. I know I can have everyone get WhatsApp or GroupMe , but that means I have to make sure everyone gets that specific app. Is there another way? And I don’t want to have to pay a monthly fee.

Small claims.  You don’t need an attorney, and you can go up to, depending on the state, $5500. 

@Yong Lai

I think you have two issues, the house inspector and the contractor. First communicate to each of them individually. Let them know what is wrong with the constitution and what they are going to do about it. Then keep good records of each response. If they don’t do anything you need to ask for legal help. Small clams, or civil court depending on how much it would be to fix all the problems. O’yea have a contractor give you an estimate on fixing all the items. .

@Josh Gibson

I agree with everyone else, if there are any safety issues fix them. It there is an issue where water is causing damage, fix it. With the rent, just tell her that all you are doing is going to cost a lot and you are going to have to rase her rent more that 50$ a month.

@Lisa Connor

For me, no evictions. Even know they have kept it good for 4 years or so, I have done it twice. They are the worst tenants. So no. Just my experience, the hard way.

@Chris Ortler

So many factors involved. Where can you make extra cash. If there is on street parking you can charge extra for the use of the garage. Do you know someone that wants to use the garage for extra $. Do you use the condo and maybe store a vehicle there? Just use your imagination. And what you are comfortable with.

@Jason Holtzinger

Hello Jason,

I am having the same problem

In Southern California. I look at how much $ I have to invest, look at the property, and put it in the bigger pockets calculator and it does not cash flow. I want manage my property. I do not want to go out of state. What I have done is gone to a local meetup and are taking to other people about my situation. Passive investment in syndication may be the best for you until you have more cash to invest. Right you need a lot of cash to get cash flow. But your rate or return is not great though. Just go to the meetups.