All Forum Posts by: Chad S.

@Ben Stanley

I work 40 plus hours a week and still self manage my eleven units and do most repairs myself. I even do my own taxes on turbo tax, but use management software to collect rent and track expenses. My style of investing is take my time and buy properties in good shape, or if the property needs anything that I think will be a problem, I will go ahead and fix or replace before I rent it. I take my time finding good tenants that are working and can afford the rent, then I treat them with respect and don't raise their rent every year. I'm available 24/7 through my cell phone but I don't get many calls at all. Certainly no emergency calls.

@Mohammad Murad

You found the property yourself. Why do you need an agent?

@Terra Padgett

I agree. It's not passive, but don't tell the IRS that.

@Heidi Johnson

I use Landlord Studio and like it. It's the only software I have tried so I don't know how it compares.

What I can say is it's easy to navigate and they keep making improvements at the request of their user's suggestions. I own and manage 11 units and still do my own taxes. It has really made it easy.

@Bryan H.

 Your situation is similar to mine. Although, I still have many years before I'm fully depreciated. I've looked into doing a 1031 exchange as well but found it's damn hard if not impossible to move up and even receive the same cash flow. I know you said you need the cash flow, but the only other way I can think of to avoid capital gains is to move into it for two years, making it your primary residence and then sell.

@Atul Mohlajee

Well done.

@V.G Jason

I like what you said about buying 5 quality properties instead of 15 that aren't quality properties. That's exactly what I did. I took my time to aquire quality properties that rent easily and are well maintained. They didn't cash flow alot at first but I also don't have to set aside alot of money for capital expenses. Now they cash flow very good and I can carry these well maintained properties into retirement in 4 years at 60 years old to supplement my retirement.

@Andrew Postell

Great post. I agree with everything you said. I would only add that all the cash flow and appreciation is going to be tax free. That to me alone is worth it.

@Richard Elvin

I have eleven units (five properties) and don't have any in an LLC. All properties have debt on them, which gives me some asset protection and I also have an umbrella policy. I do my own evictions and taxes. If I was to place them in LLC's the property taxes cap would be removed and go up significantly. I can use the money from any of my properties for whatever I want, Which you can't do with a LLC or you pierce the veil.

@Adrian Webb

I know this post is a few months old, but wanted to chime in .

I am considering building a duplex on land I already own. Look at Menards, they have duplex home packages that include everything to finish the duplex, and you get a 11% rebate on top of that.

I'm looking at a 3 bed two bath in each unit that will rent for $1350 per unit.