All Forum Posts by: Erik Acheff

@Tiffany Tan Congratulations on your duplex and welcome to property management. You would need to refer to your lease for specifics about utilities to see if you can charge them. Coin operated may discourage excessive use, but it is still going to use water. You also will get claims that the machine stole my money. Reminding them to pay rent is a red flag. Treat it as a business.

Typically an investment property would be purchased using an entity, 123 Main St LLC or Aymee Flynn Holdings LLC as an example. Or you could transfer the title to an entity after closing. The entity should be formed in the state where the property is located. Open a business checking account in the entity's name with whatever bank you prefer to do business with. You may want to get a PO Box to use as the address for the entity to hide your personal residence from renters and others. Using this bank account exclusively for the property will help you track income and expenses.

Carlsbad, Oceanside, and Escondido are county areas and would not be a part of the San Diego City STR applications. I live in Carlsbad, and they have strict guidelines for STR properties. You must get a business license and notify neighboring properties. While the short-term vacation rental unit is rented, a local contact person needs to be available 24 hours per day, seven days per week, to respond within 45 minutes to complaints regarding the condition, operation, or conduct of occupants of the short-term vacation rental unit or their guests. If you get three citations in 24 months, they revoke your license, and you can not renew for 36 months. Most cities have specifics like this for STR properties. I would proceed with caution. I am a property manager, but I stay away from STR properties.

I know this is an old post, but I can not find an answer online. If the property manager uses a payment app integrated with the property management software to collect rent for the landlord, this is not gross income for the property manager. Yet the payment processor is issuing the 1099-K to the property management company. I have this issue with Buildium for all the online rent payments received through their payment app. Has anyone else had this same issue?

Greg,

Thank you for your service. My advice would be to take the Grant Cardone approach, 10X it. If you called 10 banks, call 100. The more you talk to them, the better you will get at overcoming their objections and finding the solution. 

Hi Tim,

Yes it did sell. $535,000 within 5 days of being listed.

Market rents, in a 3 block radius, average $2196 for 2BD/1BA and $1352 for a 1BD/1BA. 

This not a wholesale, nor a flip. 

Pacific beach, San Diego - The asking price is $499,000 for a rent ready duplex in the heart of PB. Unit 1 is a 2BR, 1B, with a bonus room, and a fenced yard. Unit 2 is a 1BR, 1B. Both units have their own garage and driveway! Comp sold for $565,000. This property was also up-zoned to commercial office, CO-1-2, with residential still permitted. The property will hit the market soon. Serious buyers email me to get a jump on the competition or for more information. [email protected]

I was researching this just last week and came across this article from a nationwide VA lender.

VA Loans and Investment Property

• If you buy a property with two to four units and live in one, then up to 75 percent of the rental income from the other one to three units can be used to help prequalify for a mortgage.
• With VA financing you can buy property with zero down.
• If you occupy one unit and rent the rest, it means part of the property can be depreciated.