All Forum Posts by: Austin Wang

 Thank you! Haven't checked this one out, but certainly will!

 Honestly not sure what i would prioritize. My portfolio is just under 10 properties.  What do you prioritize or have found area to actually prioritize?

 Thanks for the tips when moving into a larger portfolio. I'm just on the brink of needed to shift into that growth stage and professional platform so thank you!

I was using Cozy in the past as my property management software and website to connect with tenants, however since the Apartments.com merger, it just hasn't been the same.

The U/X has been clunky and just not great to use.  It's time to move on, and wanted to ask the community here if there are other options you love or would recommend.

Thanks!

Hi Kyle. Just stepping back in here. First off wanted to say thank you for all help and response.  I ended up raising rents and porting them over through cozy.  They were month to month, and still are after the monthly increase.  I plan on continuing to increase the rent annually to the fair and appropriate market rate limits until they are in line with the market for the home.

If they do not have a lease but are month to month, are there limitations on when a rent increase can be made? Are you only allowed to increase rent once annually?  Would the benefit of putting them on a lease just be to secure a security deposit? 

Thanks again for the detailed response and tips!

Austin

 

I'm taking over managing a property with a legacy tenant of over 20+ years.  Rents have not been raised since they moved-in in 1998.  

There is not a security deposit. Is requiring a security deposit with the new lease when taking over acceptable?

Can anyone confirm rent increase rates in California are now 5% + inflation but not exceeding 10%?

Any recommendations on writing up new lease agreements and doing due diligence before taking over?

Current Plans:

60 Day Notice of change of ownership/landlord

New 1 year Lease agreement

60 Day Notice of rental increase

Cozy.com account set up for payments instead of current personal pick-up of a check and back-dated checks

Appreciate any personal experiences and advice!

Thanks.

Looking for property management recommendations in Alhambra California for a commercial property. If you know of any rock star property managers or property management companies, I'd appreciate a referral or intro! 

Appreciate the help!

Thanks!

@Jaysen Medhurst

Thanks for the intel. I’ll be circling back with a local tax professional to make sure there aren’t any options we are missing

@Jaysen Medhurst 

Thanks.  So if I'm a realtor I'm able to offset the property management fees?

I'll have to also look into qualified business income.

The only reason I haven't chosen to leverage out the responsibilities to a property management company is because the REI's are either new builds or in better areas with higher quality tenants and issues have been minimal.

However if there is a way to maximize returns it's worth exploring more.

I have a few rental properties that I invested in prior to getting married. My fiance and soon to be wife has an LLC for her investment properties. If she is to manage them, and I pay her, can that income be deducted from my taxes? Can that income from the property management eventually flow into a joint account that we both share?

I want to do everything by the book and I'm wondering if this is legal, or should i just keep managing my own rental properties and not worry about trying to have a tax deduction for free" property management that i provide for my investment properties.

Thanks in advance!