All Forum Posts by: Chad Hotovec

Well, I had hoped that 2018 would be better for our rentals than 2017, last year was very very painful, but we're not off to a good start.  I learned yesterday that when we purchased our last property the title company didn't notify or correctly get the property transferred into my companies name.  As such we're behind a year on tax payments, and the listed owner is the seller...who either didn't get the invoices or didn't forward them to my attention.    

My question...It pains me that I have this hanging out there and I don't want it to effect my current tenants.  What's the right way to proceed? 

Originally I wanted to get it paid immediately and then chase down the person responsible for covering the interest and fees, however I'm not sure anymore.  I'm sure the title company will have to now provide the right documentation to get ownership transferred to me, and should i be paying for the amount when i'm not listed on the invoice?  I'm guessing the city doesn't care who pays, and the interest and fees are going to get paid by someone.  

Thought/Advice?

Thanks,

Chad

QuickBooks works for me. Took me a few months/tries to get the hang of it for REI but I'm very happy with it now.

 I second Arvest bank. I'm also in the KC area and have closed two deals with arvest. Great experiences.

@Eli Howard As a construction engineer I can say that both have their benefits. I'm new to the investor side of the business and have been investin for less than a year. I think it really depends on what you want to do. If you're interested in the BRRR strategy then working for a CM company would be extremely beneficial. If you're wanting to do more developing or new construction it sounds like the CSA firm may be where you should stay.

So i guess, it depends.  Hahaha.  Best of luck in your choice. 

@Stanley E. congrats!  Mine is taking way longer than I planned. Glad to hear there's hope!

I tried to make QB work for my small business but found it to be extremely overwhelming and very time consuming for my small business.  I really wanted to find something more simple or someone to help me keep my data up and property categorized.  I use a PM company so banking inputs are typically just a credit with in's and out's included.  

I gave up a few months ago, to go with a spreadsheet, but I agree with @Account Closed, that the ability to instantly publish an P&L have major value. I've got decision remorse...

This is great feedback.  Thanks all!  

The property is located in 64151 Zip code and I've been watching the other rental opportunities and truly feel that my price is inline with the market.  It's a good size house, but doesn't have a usable garage, which i know limits my renters.  I've tried to take that into consideration when setting price.  

It is true that 2016 is my first year of investing, however i feel like I've been in the business for years.  After purchasing my first two properties this year I'm having trouble getting my second rented.  So far it's been on the market for 7 weeks with little to no bites.  We've dropped the price twice, to the bottom end of the rent range for our sized house.  Current price is $1,275 / month for 4 bed 2 bath in Kansas City MO. 

The house is newly remodeled and located on a large corner lot.  I'm scratching my head wondering what other levers i have to pull to get someone in there.  I've got a property manager who has the listing on every site available, but still nothing.  

Should i start to worry?  Does this sound average?  Any thoughts or comments would be appreciated. 

I wrestled with the same question.  I've tried the 15 year route, convincing myself that paying down the mortgage was more important, however my last purchase was on a 20 year.  I'm actually looking to refinance my 15yr into the same 20 yr.  I want to flexibility to pay more if I can or save if i need to.  

One key driver for me was that I wanted to work with business loans, and not personal.  Personal have limitations and legal risk.  Both can be managed but that wasn't something I wanted to do.  To each is own.  

Best of luck!