All Forum Posts by: David Zheng

Hey all, 

so I've been doing move out reports 100 different ways since I started investing. Was wondering if anyone has found an end all strategy or app? Ideally, a moveout report is where you have guidelines to follow and as you go through the checklist, it'll price the fix/replacement costs of line items. 

So far all the apps and things i've used will only take a picture of the problem and allow you to write in details but then I'd have to go in after the inspection and sit on my computer and price all the things out individually again.  And no app will let me customize what I want to check for. Some properties I might have to check for furnishings or Specific utilities, etc. Is there anything out there thats more comprehensive with pricing? 

TIA 

Thanks for sharing. Definitely a hard loss but many lessons learned. Hope it doesnt deter you from investing in the future!

Actually I'm on the west coast now haha but I agree the midwest is that way

Hey all, 

Just moved to Los Angeles from St.Louis! I've been investing for quite a while in the midwest as a landlord but was hoping to work on some projects over here. Was wondering if there were good meetups or things in the LA/Santa Monica/OC area? 

TIA!

David

Im 29

I own 55 units now. Mix of condos, sfh, and mostly multifamilies. Valued around $7.2 million

Started when i was 25 and bought a 100k condo lol

Hey guys!

I'm a landlord in the midwest and currently am self-managing 55 units (ITS TIRING). on top of collecting rents, doing showings, managing finances, taxes, etc. etc. I also do maintenance requests when i can. Its helped me learn all the ins and outs of the business

I do have a really dependable handyman and relationships with several plumbing, hvac, electric companies etc. as well so it's not completely overwhelming

Now I really want to semi move to the west coast  to pursue other investments and passions while being able to travel back and forth during peak busy months . Im in students rentals so its a cyclical thing and I like handling the collection of rent/showings/etc.  but I'm trying to get ideas on how to manage my properties here without going through a management company. 

for people who hire assistants or such how do you usually structure your payment? hourly, salary? what are fair prices? I would generally say their main responsibilities would be showing a place, handling maintenance calls and allocating to the right contractors, and general scheduled maintenance upkeep (sweeping staircases, emptying mail bins, collecting quarters from laundry) etc. 

amazing!!! well done :)

@Frank Chin I'm planning on purely living off of my rental income. I will not have any other W2 job on top of my solely owned real estate LLC. I'd honestly just rather pay less taxes in general...LOL, but I wasn't sure if I could purely count my rents as passive income if I'm going to self manage my properties.

I guess I would self-manage and basically just not count any of my managing as an expense when reporting my business taxes (thus increasing my total taxable income but not having to pay SS/Med tax)

But then what happens if I don't pay a med/ss tax for the next 40 years of my life?

@Ashish Acharya

Thanks for that great explanation. So my salary was actually referring to almost a management fee. I plan on self-managing all my properties and I thought that would essentially make me an active participant in my soley owned LLC.

I wasn't actually aware I would need to create a separate management company to manage my rental company in order to have earned income (ie salary)

Now in your opinion would it better to go the full passive income route (even with me self-managing) and for myself be technically "unemployed" forever. or to split it and give myself a salary apart from the LLC. tax, retirement implications?

Really appreciate your help :)

Hey Guys,

I'm about to go the self employed route and need a little help with how do setup my personal income tax

so tell me if I'm going about this right....

Heres just a simple example

1. 5k rental income- 2k expenses - 1k (salary I pay myself) = 2k net profit - 3k (depreciation) = -1k loss for loss on rental

2. 1k salary * 15.3% (med/SS tax) = 153 paid in personal taxes so far

3. deduct health insurance/ 7.65% (half of med/SStax)  from personal income

4. carry the 1k business loss to my 1k salary

Essentially not paying rental income taxes and also basically just paying 7.65% of taxes on the personal salary I pay myself.

obviously just an example but just wondering if Im looking at this the right way?