All Forum Posts by: Ellen Quinn

Well I'm in OR, but my CPA is in Lawrence KS. Really no reason your accountant has to be local. Shoutout to Stonecreek Accounting. Sara and her team are wonderful 

Absolutely Require. Renter's insurance benefits you too. And S*** happens to everyone, eventually. Require you/your company be listed as additional insured. Unfortunately saved me 2x in last year - both for water damage in 1 bathroom apartments, required move-out. These things take way more time and money to resolve than you think! 1st, good tenant, didn't want to ditch but only option for me was either evict (at Christmas) or figure out temporary lodging. Her renter's insurance covered remediation of her belongings, move into storage and renting an RV that was delivered to the property for her to stay in during repairs. 2nd otherwise good tenant decided to play plumber blew out shower valve. His insurance also covered his lodging, ended up filing for water damage with my insurance but they pursuing his liability through his insurer. In both cases they continued to pay rent, which maintained cash flow. Other than deductibles, and of course insurance rate increases, was best possible outcome. Check agreements in your state for appropriate language that makes clear it's a condition of the lease, and lease can be terminated for non-compliance. 

Thanks so much for your reply...This gives me a much better idea where to start and what kind of custodian/plan to look for. Much appreciated. 

Our Self Directed IRA Custodian is both horrible and horribly expensive. We want to change custodians, but the title to the property would have to be changed - it's currently held by "crappycustodian, FBO MyIRA". My local title co doesn't know any specifics here, so how does this happen?

You guys nailed it! Both of these articles referenced the "A" in BARRRR, AND I learned something new that's perfect for a friend who wants to house hack a duplex and AirB&B her unit when she's out of town. 

Thanks to all of you, and Jordan, I'll check out the podcast. 

Thanks again. 

Hello All: A while back I read a post about advice to landlords and PM's to advertise units under renovation or repairs units ASAP - like when the previous tenant gives notice or is evicted - even when renovations are planned, not completed. There was some sort of tax advantage, but dang if I can find  the article. Can anyone point me in the right direction?