All Forum Posts by: Ben Goodall

I have had nothing but bad luck with property managers.  I had one that did this exact same thing; collected the late fee and never did anything about collecting the rent.  I finally addressed this with them and mentioned to him that what incentive do they have to make sure they collect the rent on time when they get paid every month for it not being on time.  They agreed to pass the late fee on to me and eventually that person was evicted.  Find a new property manager and don't feel bad.  They are basically stealing from you.  Taking your money for a service they're not providing.  You should be pissed and you need to do something about it because it won't get any better. 

@Jordan Sand I am in the process of signing up for one of these services and was wondering what Hemlane subscription are you using?  Basic, Essentials or Complete.  I see complete includes some sort of leasing agent correspondence but if I'm already corresponding with the leasing agent outside the platform and paying him to lease the property, not sure what benefit this subscription would provide.  Any light you or anyone else can shed here would be much appreciated.

@Brad L. Can you also please have my sales guy contact me.  Aside from being referred an accountant, I don’t feel I am receiving much value from this subscription.  Maybe I am missing something but once I signed up and paid the money I haven’t heard from anyone from this organization since.  

So I have done both and my experience so far has been that the STR in the Smokies will take a lot more of your time and money than the LTR in Huntsville, at least in the beginning. Feel free to PM me and I will happily go into more detail. I don't believe that a STR is going to be truly passive unless you use a management company and most of them take 20% or more for their fee.

This is my experience so far:  I signed up for Wealthability which so far has turned out to be self education and one year tax return filing which has restrictions.  I have sent emails to my assigned CPA and sometimes they're answered after a few days and sometimes they're not.  I realize the accountants are busy right now but hopefully after tax season I gain some more benefits from the service.

Is it possible this is a knee jerk overreaction by the lenders due to doom and gloom speculation and after more definite guidelines are released, the rates will level out? I haven't seen any guidelines posted yet so I assume they still haven't released them. Sure, if you're a first time investor drawing on a HELOC with a subpar credit score, maybe there's reason to be worried and maybe some other criteria is established but I wonder longterm, whether these changes are going to be as bad as everyone is expecting.

I am in the middle of a 1031 exchange and under contract for a couple of new construction properties that won't be closing until May and the other later in the year. If I am putting down 30-35%, do you think that will fit the requirements whether the whole amount goes toward the downpayment or pays some sort of discount points the bank charges? Any suggestions or thoughts on anything I should be doing right now or just sitting back and waiting to see how it pans out? TIA

I am in the middle of a 1031 exchange and under contract for a couple of new construction properties that won't be closing until May and the other later in the year.  If I am putting down 30-35%, do you think that will fit the requirements whether the whole amount goes toward the downpayment or pays some sort of discount points the bank charges?  Any suggestions on anything I should be doing right now or just sitting back and waiting to see how it pans out?   TIA

I guess the part I’m not getting is once you sell a place with a heloc on it, the first mortgage and the heloc are both paid off and closed. Anything over and above that I will receive as cash/check.  Now if I roll that cash/check into another property using a 1031 exchange, am I going to be taxed on the heloc which will be paid off using the proceeds?