All Forum Posts by: Gary Hall

You can not deduct "cleaning" but you can deduct "trash out" fees and "Disposal" fees. You are also able to deduct for stains etc. Anything above normal wear and tear CAN be billed for.

A Break-lease fee is also allowed we usually charge two months rent depending on how much time was left on the lease.

Welcome to BP if you are ever in Muskegon look me up. There are lots of ways to get started.

It depends on what you are trying to accomplish. When we first started I did all my taxes. Now with Self Employed 401K's, Accelerated depreciation etc I use an accountant. 

I think Michigan gets a bad rap because of WHO buys the 30k homes. I just bought a home for 16,500 from an "investor" The home cash flows beautifully. I love the neighborhood and will keep if for years. 

The issue he had is that he bought it for 25k with a mortgage, couldn't handle the ups and downs of lower income rentals, had problems with evictions and couldn't rent it quickly. 

At the closing table he could't stop talking about how there is no money in real estate and how the city/state makes it impossible. When you have a low barrier to entry you get people that do not know what they are doing in the mix. They will then hoot and holler when it all goes south.

Low income rentals have the best cash on cash returns but take a lot of know how to pull off. Make sure you have the right team in place. 

We have managed this property for years and the owner is selling. We are looking to find investors that want to start buying in our amazing area! 

Read the book Good to Great. Everyone should focus on what they do best. We sub out all our maintenance because we are not a handyman company. This allows us to focus on finding and managing profitable assets for our owners. 

Mortgage means "Death Grip"

Anytime I see people say there are only 2 ways something can be done it tells me that the 3rd way is going to be the most profitable. There are plenty of ways you can get into real estate with out debt that doesn't require you to pay for it all your self. Get creative.

Inspirational man! Thanks for the Monday morning pick me up.

 ^^^

I would go this route. If they are "Professional Problem Tenants" then even with the 30 days to quit they will most likely not vacate the premises. This means you have to wait 30 days to start the eviction. If you send a 7-Day for repairs or for non payment then you can take them to court asap. 

You make your money on the buy. If you buy right you will continue to make those returns barring some economic down turn in that area. We manage a few long term portfolios that make very nice returns.