All Forum Posts by: Robert Belz

Hi! I am looking for a wholeseller in the Vegas area. I currently invest in MFH in Utah, but want to break into the Vegas market as well. I am not interested in multifamily in Vegas, more fix and flips.

Hi @Benjamin Hirsh,

Short answer to your question: yes. That said, I'm not a CPA. 

What works for me:

I keep a running excel sheet of all my RE expenses for the year and provide that sheet to my CPA. I keep the previous year's receipts/invoices to back up anything questioned, and try to keep as much digital as possible. It's super easy to show proof of payment through your bank's website/app.

Hi @Jay Mersfelder

Congrats on your first SFH, and god on your for asking this question before putting tenants in your SFH. 

You'll hear different schools of thought on this, but I only purchased an umbrella policy when first starting out, skipping the LLC. This kept things simple, and I avoided the costs of setting up an LLC. Additionally, my annual premium for my umbrella policy is ~$400/yr and it covers multiple properties. I also really like the fact the umbrella policy is working for me outside of my investment properties as well. As I scaled, I've set up LLCs on our multifamily properties, in conjuction with mf my umbrella policy.

I found this article from apartments.com to be pretty helpful. https://www.apartments.com/ren...

Notice how the SFH investor can relate with Scenario 1 more than Scenario 2. Good luck.

@Bill Exeter

@Dave Foster

Gents, really appreciate the advice. We plan on listing mid-June in an attempt to line up our closing dates. 

Hey BP,

I'm hoping to get some advice on a 1031 I plan on using this summer. 

Once the lease expires on a SFH I have, I plan on 1031ing the proceeds. My business partner plans on doing the same thing on a similar timeline. We'd like to 'partner' up on the next Investment property, understanding this can only be done as long as we are 'tenants-in-common'/co-own the property.

That said, I'm concerned we are not tracking 100% of what needs to be done to make this successful.

I am familiar with the high level facts of a 1031 (like-kind property, 45/180 day timelines, value must be greater, etc) and would really appreciate any suggestions that are out there specific to this scenario. If anyone has done this before, it'd be great to hear any lessons learned!

Thanks for your time.

Hi @Sylvia Santelli

I recently had this issue with a MFH in Salt Lake City that had a '1/2' in the address. After numerous phone calls with the post office and the city, I had to speak with the city's Engineering Division: 'Dept of Community and Neighborhoods' of which she gave me a checklist of what was required.

If your 4plex is in Dallas, I'd recommend calling the city of Dallas Engineering Dept. 

After a quick google I found there phone #. https://dallascityhall.com/dep... If the Engineering Dept can't help you, they can probably point you in the right direction!

@Daniel Kyle

Glad it's helping! Hopefully you get your place(s) rented quickly.

@Evan O'Brien,

No need to reinvent the wheel. I find myself coming back to this BP Blog post:

20 Questions to Ask Property Manager

I'd recommend trying your best to find some of the information out on your own, as you will learn even more about the company as you look for the info. 

@Alan Walker

Thanks for this information. Seeing this continued trend of super low inventory is remarkable. Besides the obvious (current fed policies, demographic trends, exiting a pandemic, etc.) I'm curious as to your thoughts on 'shadow inventory' you mentioned. What benefit would a seller have in waiting for foreclosures to start again?  

Hi @Daniel Kyle, 

Are you asking what website is best for listing your SFHs? We have had a good experience with both Zillow. Zillow offers a lot of other great resources for smaller landlords, and the first active listing is free. Subsequent active listings are $10/month. 

The website also allows tenants to apply for your space, you to process the application, create and sign the lease, and accept monthly rent. It's all pretty slick. I'm also a big fan of their 'Rental Manager' App, allowing you to communicate via the app, almost like a FB messenger.