All Forum Posts by: Emmett Gorman

Lookin into property management software. What is everyones experience with SimplifyEm? What else do you use?

I have a tenant in which I will not be renewing there lease that is set to be up Dec 31st. I don't believe that they will be out by that data, thus making them a hold-over tenant. Wisconsin law states that if a tenant stays after lease is over, I have the right to follow all eviction laws and have started getting that paperwork ready.

My question is that on the lease, I made the current tenant have a co-signer. On the eviction paperwork, am I able to include the co-signer on all legal paperwork? The co-signer would have the assets to pay damages/lost rent if this goes to court.

I am working on finding a eviction lawyer for real advice, was just wondering if anyone had information in the meantime. 

Does anyone have experience with Buy911 Auction Site?

A house just went up for sale in my market listed 3 days ago on Buy911. I live right down the street from the house and it is in good condition. Listed about $40,000 under market value and currently has no bids and the bidding ends tomorrow. My thoughts are if no-one bids on the house, submit a cash over and then re-list the property in the traditional way with my realtor for market value.

I don't have any experience with Buy911 so want to reach out if anyone has used this site before and if this plan would work?

I am looking to get a Low Down Payment loan for a 4-unit house hack. My bank said that on a 4-unit, I would need to put down minimum of 20%. Is this correct? My understanding was as long as I occupy one-unit, I could get a FHA loan with as little as 5% down.

I would not be a first time home buyer as I am currently in my own house-hack and have a few other rental properties. Would this make a difference.

Thanks you all the help.

Can the 250k/500k be exempt each time for multiple sales over a life-time? Or does and individual/couple only get 250k/500k total exempt capital gains over a life-time?

Where on the site do I need to go to write a blog? Do I need to be a pro member?

I have two college student rental properties that I am looking to lease for next year. I have them listed on the university's rental page, posted on Facebook, sign in the yard, and on craigslist. Any other suggestions?

I live out of state and need to sign a lease with my tenants. I was planning on using DocuSign for this, but there are 4 different tenants that will need to sign the lease. 

Are you able to have different people e-sign the same lease using DocuSign? Or will I need to send the lease out to each of the different individuals and I will have 4 different leases with one signature on each?

Any other suggestions?

This year, I purchased my first three rental properties, have a question about the taxes on that income.

With this new source of income, do I need to be contributing to the taxes due throughout the year similar to how a w-4 takes out money? Or can I just pay whatever tax liability I have when I have that calculated after my taxes have been filed? I do have a “safety” stockpile account where I store money for these purposes: taxes, returned security deposits, etc.

I have a w-2 job and am having taxes taken out for that. I believe that I am withholding more then will actually be needed strictly for w-2 income. If there is some withholding remaining, will that go to rental property tax liability? Or are those two kept separate?