All Forum Posts by: Greg Schreffler

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Thx

Thanks Aristotle 

Is the Turbo Tax software a reliable option for doing taxes that include real estate investments, out of state, personal?

Thank you!

Answered Basit Siddiqi offline. 

$75/minute? How do you track that if you have multiple clients? 10 minutes here. 15 minutes there. 45 minutes over there. Start clock for this cliente. Stop clock for that client. Did I start or stop clock for another client?

Anyways, that was a cornucopia of information, but it made a lot of sense & I appreciate the time & effort you put into them. 

Hello,

We completed 2023 with Insite Tax & are hoping to find better services for the money. Our taxes are done by professionals but for $75/m I was hoping for better communication. 

Is this possible?

Thank you,

Greg

Transitioning three tenants from paying by check to paying thru app has been challenging, but it’s finally paying off. As you’ve read we’re using Rent Redi since it’s free to Pro members. We have one Gold Star tenant who does everything you ask w/o even a whimper. A 2nd tenant, we’ll call ‘The Kid’,  whines a lot, if something’s not working, but when it comes time to pay rent all we hear are crickets. The 3rd tenant, we’ll call ‘GRAMPS’ had his daughter introduce him to this crazy thing called the ‘internet’. Mr. Gold Star, warms us every month w/ autopay. The Kid, tells us that the bank screwed up his account number & that’s why he hasn’t paid yet. My response, “I’m very sorry to hear that, but rent is still due & late fees apply.”  He had a tankless hot water issue that lasted a few days. We paid over $400 to get things replaced & flushed, but still he didn’t have hot water until tech went inside apt & replaced aerators & shower heads. These items cost a little over $100 & are tenant’s responsibility. The kid finally pays rent, including late fees, & we decided not to slap him w/ an additional $100. This is one of those areas where you have to wisely pick your battles. Gramps barely slides into ‘home’ b/4 late fee. Whew! Our 1st collection of rent has been completed. Did this make us wealthy? Not even a scratch. But it’s a start. And that’s what it’s all about isn’t it? Now, if we can just get them to turn in their renter’s insurance declaration page, we’ll really be cruising.  Thanks for tuning in. 

We closed 1/4/24. For now, we're using Rent Redi, since it's free for us. So we've set up accounts, uploaded docs, sent invites, etc. However, we have one tenant who must have an old phone (maybe landline) b/c it doesn't receive texts, rarely answers his phone & no email. This is going to be our challenge tenant.  Even Rent Redi sent us a message saying "invalid phone #" for this tenant.  So, we're preparing a packet to be sent the old fashioned way.  Also, this means we'll have to have someone physically go & collect rent (this is an out-of-state deal).  There's another tenant where previous landlord paid his electric, so we have to honor this until the end of his lease.

Not complaining, just saying. We understand the challenges real estate ventures bring.

Thanks for all your feedback & support.

No updates at this time since currently occupied. We are increasing rent upon end of their current leases. Putting in a fixed escalation clause is an excellent idea. Thanks.