All Forum Posts by: Buddy Holmes

@Dave Foster Thanks for the reply.  That is pretty much what I was thinking.  I just wondered if there was some magic something I was missing.  It  has been paid off for a while now and is a good cash flow so I guess I will keep it for now.

Not quite there yet but what strategies are there as one runs out of Depreciation on a Buy and Hold SFR? I have been through one new roof and replaced the windows and HVAC. I have recently gone thru a 1031 on another property in CA and see that all that depreciation follows to the replacement property.

@Scott Rosslow Get her @Scott Trench's book "Set for Life" and have her listen to some of the BP podcasts on house hacking.@Scott Trench

A further progress report on comparing Personal Capital and Mint.

I am really enjoying my experience with Mint.  The use of it's BUDGET feature with its allowance of setting saving GOALS is working well over the Month of May so far.  I have Mint bringing in some 35 different financial accounts from Mortgage, Bank, Credit Union, Credit Card accounts.  It consolidates all these various transactions into a single file for you and allows you to categorize them into meaningful groups and subgroups.  It has an effective AI component where you tell it what category you expect each transaction and future version of it to be.  You can make up "tags" for these transactions like "for taxes" or relative to rental Property X, etc.

 Then you can sort all you transaction by category, sub category, tag etc.

At any stage you can export the entire file of transactions or sort and then export the list in a "CSV" file for Excel (or Lotus 123 if still using)  It has a nice set of graphics for Assets, Expenses, Net Worth, Income with several time period filters and comparisons (I have not used it long enough to have comparisons yet).

Mint handles Stocks and Bonds and gives you a quick look at your top 3 performers and Losers when you sign in.  With my stock picks, this is my least favorite part of Mint.

Their Customer Service is quick and responsive.

I have had trouble with accessing LOWES, Caliber Home Loans, and MainStar Trust bank but have been able to enter these #s manually and they are not Mint issues in some cases.

Personal Capital lacks the Budget feature and is less user friendly in defining categories for your transactions.  It seems more focused on Stocks and Bonds rather than rental properties so I am finding it not as useful.

I hope this helps.  I'd say if you are on the fence, give Mint a try.  I think it is going to be a great help come tax time as well as helping to put me on a Budget and track my savings goals.

Cheers, Buddy

If it is sizable, then the tax is sizable by you definition). You might consider the 1031 exchange into multiple SFR that do cash flow and with one or two of your expected multiple replacement properties having a a small or no mortgage. Then once the exchange is complete and after a "reasonable time" refi the SFR to get cash out for your BRRRR. Look at the 1031 as giving you the benefit of cash flow from one buy and hold in terms of a gift of Uncle Sam rather than paying him his tax.

Cheers,

Buddy

I have 3 SFR with them.

I am using one since last fall and has been good so far.  Give me a PM if you would like their name.

A correction on the reported "Quirk". Customer service at Mint (yes customer service and they are very responsive!) offered to help me out, but is sending them the requested details I found that it is Wells Fargo that classified my HELOC under their Credit Cards and my mortgage correctly under "Loans". So Mint was not able to help. I will request Wells Fargo to switch my HELOC. but don't expect the same level of customer support. Cheers

I thought I would report back after a couple of weeks of trying both Personal Capital and Mint.

I have found Mint quite helpful and able to handle my seven buy and hold rentals..

The Budget feature is neat and seems to collect things properly in the first two weeks of collection.

I have noted a couple of quirks. I have multiple rental accounts with Wells Fargo. Mint downloaded them all but some how made my HELOC a credit card account.

Also one of my Mortgage companies will not allow Mint to access my info.

It allows rental income and Pension income to work very well in the Budget.

However, Rental mortgages and expenses have to be entered under Misc Expenses which is somewhat limiting. 

So far, Mint seems more useful than Personal Capital.

Cheers,

Buddy

@Keith Sawade, 

Your idea sounds good. All I can add is some things to consider along the way.

First, you should be sure the zoning allows conversion from single family to multifamily equal to your planed use.

Second the home itself conversion in terms of Bath and Kitchen facilities.

Third, be sure to consider the legal sales contract and potential problem of would-be heirs claim of your deal with the older seller.   I.e. means for proving the seller is of sound mind to do your deal.

Just thoughts to help out. I do think your idea could be of grat help to the older seller in shedding home maintenance, yard work, etc. 

Others comments will be interesting.

Cheers, Buddy