All Forum Posts by: Brian Warren

@Adam B Henderson

Thank you.

Marcus (Goldman Sachs co) has an account that I use too.. that is 1.9% it was 2.3 when I first signed up.. they where running a special on 12 month CDs for 2.75%

I like the idea of the CDs also just to help me keep each deposit separate and I can label each cd with the street address of each apt.

@Ron Rohrssen

Thank you Rob.

Yes, my exact thought was, it’s not like I won’t have a $1000 that I can pull from an account if needed and someone breaks the lease but I like the idea of keeping 1-2 deposits in a high yield account for a buffer, good idea. I read through your profile, I like how you think, it sounds like we are both on a similar journey. thanks for the input

@Brian Warren

I am pretty confident that that it checks all of the boxes legally. I am in Iowa, I do not believe that the interest is owed to the tenants. But I believe you may be right about “is it worth the hassle”

I am planning on scaling my business and over the next few years adding more doors to my portfolio. I thought that yes it may only be $21 but As I get more doors that may add up. I currently only have 8 doors but let’s say it’s 50 doors that would be an extra $1000 a year.

Not a huge amount but money still the same.

I understand that I need to hold the tenants security deposit in a separate account... I was thinking of putting into a high yield savings account 1.9% or possibly putting into a 12 month certificate of deposit at about a 2.1% yield, Has anyone ever done this? Does anyone have a strategy that they feel strongly about? Or is this just not worth the hassle? My line of thinking is that they will be signing a 1 year lease and I will be holding the deposit for 1 year anyhow I may as well get a little interest on it.

Concerns are if they break the lease early..

but most cases I think of that is the case they will be forfeiting the deposit anyway..

Open to thoughts or opinions please

@Zack Giarrizzo

The real estate market looks great, I have been ther 2 times in the last 2 years 50/50 vacation and scouting.

I’m having a hard time figuring out the AirBnb occupancy rates and cost per nights.

I run a few other air bnbs in completely different areas. Not sure if there is profit to be made from that aspect. And if so who do you use as PM and what’s the going rate in PR?

Thanks in advance

@Dennis M.

Just opened this thread and you nailed my top 3/4 books!!!

@Charley C.

This is all great information.

Have had a lot of advice to pay attention to hotel fixtures.

Keep the advise coming I’m going to keep making my list!

I am newer to multi family rentals.

I have acquired 10 units in the last year and a half. I’m looking to make things as cookie cutter as possible to simplify repairs and renovations when a tenant moves out.

I’m looking to make a list of durable long lasting faucets , fixtures , appliances, flooring, and anything else that would be helpful.

This list may be helpful for a lot of people besides myself.

Looking for brands and models, high efficiency fixtures.

Thank you

@Geordy Rostad

Thank you for all the help. I have never used a mortgage broker before but It has come up a lot. I’ll have to look into that more. I’ll also look into more banks once I am ready to pull the trigger on another deal.

Thanks again!

@Geordy Rostad

When you say step outside the box of typical, what exactly do you mean?

Thank you