Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jacob Stevenson

Jacob Stevenson has started 10 posts and replied 81 times.

Post: Multi State property insurance

Jacob StevensonPosted
  • Insurance Agent
  • Sioux City
  • Posts 83
  • Votes 41

There are options out there for you, including online agents who are licensed in several states. However, you might find it more beneficial to work with one company rather than a single agent (State Farm agent in each different state).

A company that operates in multiple states can keep all your properties under one roof while still providing experts who know the specific requirements and regulations of each state. This way, you'll have consistent coverage and support across all your properties, ensuring you’re properly protected.

Companies like Allstate, State Farm, or Farmers Insurance might be good places to start, as they have wide networks and can offer multi-state coverage under a single umbrella policy. This consolidation can simplify your management process and give you peace of mind.

Post: Umbrella Policy Recommendations

Jacob StevensonPosted
  • Insurance Agent
  • Sioux City
  • Posts 83
  • Votes 41

Lots of providers, RLI is a good one.  All depends on your profile as to which will be the best fit.  Don't expect an independent to give you the best quote, just because they give you seven quotes doesn't mean they are not the seven worst you could have been quoted.  Do some shopping and find the carrier and agent that fits you in your current situation.   

Post: How to collect rent

Jacob StevensonPosted
  • Insurance Agent
  • Sioux City
  • Posts 83
  • Votes 41

I like having one account exclusively for rent payments and another for security deposits. This makes tracking and managing funds much easier and keeps everything organized.

As for the type of account, it doesn’t necessarily have to be a business account. You can use personal accounts for both rent and deposits, as long as they are kept separate from your parents' other finances. This helps maintain clarity and ensures funds are used appropriately.

To streamline rent collection and property management, consider using platforms like Apartments.com. These sites allow you to collect rent, track maintenance requests, and manage expenses all in one place, often for free. They also offer tenants various payment methods, which can simplify the process for everyone involved.

Post: Security deposit return

Jacob StevensonPosted
  • Insurance Agent
  • Sioux City
  • Posts 83
  • Votes 41

Regarding cleaning, unless there's a specific lease clause about professional cleaning standards, charging for general cleaning might be tricky. But the damage to the blinds and the cost of removing trash definitely justify holding back some of the deposit.

As for the documentation, it’s a good idea to provide a detailed accounting statement along with receipts for any repairs or replacement items. This transparency can help avoid disputes and shows that the deductions are justified. Including the move-out inspection report is also a great practice, as it clearly documents the condition of the property when the tenants left.

Post: Tenant security deposit

Jacob StevensonPosted
  • Insurance Agent
  • Sioux City
  • Posts 83
  • Votes 41

I would return deposit.  I think getting in a habit of keeping deposits sets you up for stress in the future.  When I started, deposits covered a lot of issues and there was always a battle with the former tenants and complaints.  Now, its the opposite and I don't waste time arguing over $100 and have referrals consistently.  

Post: Rules about Hanging Pictures

Jacob StevensonPosted
  • Insurance Agent
  • Sioux City
  • Posts 83
  • Votes 41

No holes, use 3m adhesive hangers.

Quote from @Scott Esmail:

How is $45 dollars for a door knob replacement alot. The cost for material would be $15-20 on the low end and that would leave only $$25-30 to go to the store buy a door knob come back and install. I thought the prices you mentioned were low. $65 to fix any type of leak in a toliet is cheap 


 Why is everyone blowing this guy up?  I don't think the price was the issue, it was that he didn't think the work needed done.

Post: Tax lein/ tax deeds. SIOUX FALLS?

Jacob StevensonPosted
  • Insurance Agent
  • Sioux City
  • Posts 83
  • Votes 41
Quote from @Bruce Lynn:

1st learn if your state is a tax lien state or a tax deed state....very important and big difference.  Also could be a hybrid state.

You might read the book 16% solution.  Not sure if it covers your area or not, but it's a good start even if it doesn't.

Find out if your area does them in person or online.  You might start with your county assessor, or county tax collector.  Don't give up, not everyone who answers the phone knows.  Go in person if you can.  You can also search on their websites to see if they post info.

Watch 3 sales before you ever bid.  You can do your research like you plan to bid, but don't buy anything at the first 3 sales.  Watch, learn, listen, network like crazy.  If it starts at 10am, get there at 9am.  Talk to everyone, ask them why they paid X, and what they plan to do with the property.  Ask them who the biggest player in the room is.  Ask if there are any classes for your area.

Attend your local REIA meetings and find out who the tax sale experts are. Buy them lunch.

Funny you ask if they are all the same.  In my area the law is the same for the entire state, but there are lots of interpretations.  I say it is all local.  Basics might be the same, but there are differences...for example some are cash (real cash), some wants checks/no cash, some want cashier's checks, some want it within a minute of the sale, some want it after lunch, some within a couple hours.  Some want the money to go to the sheriff, some to the tax assessor, some to the attorney.  Sometimes they argue about it at the sale.  Sometimes you can negotiate.  That's maybe one of the things you learn by attending a sale vs bidding at the first one.

KNOW what you are buying 100%.  Don't gamble.  Working my list tonight and I can see some people have made some bad purchases, because they did not know what they're buying.  There are probably 10 experts here on BP that work different states with different rules and procedures, I think every one of them agree that you want to see every property you bid on in PERSON, not on google street view, not on sat view, not on some website.  YOU drive every single property before you bid.  Otherwise you may think you're buying a house, and it's dirt.  You may thing you're buying a vacant lot, but it has $100,000 worth of junk to haul off, or that faded letter on the window when you get up close and personal says "dry cleaner".  Chances are you don't want to buy a building that had PERC spills and EPA just chomping at the bit to hit the new owner with environmental cleanup costs, that might be way more than the building is worth.  I think we have all seen disasters and seen people bid on junk.  Speaking of junk, doing my research tonight saw a 1/4 acre lot for sale.....except that it is 25' wide and 407' long.  They forget to tell you stuff like that.  It's a drainage ditch.  Someone will buy that, and then have the pleasure of mowing or more fun-weed eating that to keep the city off your back.

Not sure about SD, but I tell everyone you need time and money.  #1 you need the flexibility to go to the sale or bid online on tax sale day.  #2 normally it is a cash business.  You need same day cash typically, no loans, no credit.  I expect SD is no different than most other states.  You can find deals, but they don't drop in your lap.  You're not going to get $500,000 house move in ready for for $50.  You might get it for $400,000 if you have that much cash, but it likely won't go for $50 or $100.

You can read some of your state laws here:

https://dor.sd.gov/government/county-treasurers/

Don't ever waste your money on a nationwide trainer or a travelling road show in a hotel ballroom.  If you find in person training, make sure it is from someone local.

GOOD luck....happy hunting....


 Appreciate the post!

Quote from @Marcus Auerbach:

You might be surprised about the cost of running a business. 

Everyone thinks that replacing a light bulb should cost $5, meanwhile you have to send out a qualified person on payroll with benefits on a company vehicle, who has 30 minutes travel both ways and then Home Depot ran out of that special light bulb.. 

And then there is accounting, invoicing, marketing and advertising, legal expenses, liability, insurance...

Oh yes, and ideally you want to maintain a decent profit margin on top of all that.


 Not sure what your advice is in this post Marcus...

Luis, you will likely need to bid each project.  Track your cost, increase by a % and get one customer.  See how it does.  My guess is properties that are more active will have to be charged more.  Properties that are older, charged more.  You get the idea.  Not all properties are create equal!

Post: Virtual Meet Up focused on VA management

Jacob StevensonPosted
  • Insurance Agent
  • Sioux City
  • Posts 83
  • Votes 41

Hosting a meet up/virtual meet up on June 18th focusing on using virtual assistants to help with management of multiple short term and long term rentals. VA assistants has dramatically reduced our work in the business and provided 24/7 monitoring for a fraction of the cost of local property management. If you are interested, reply and I will DM zoom invite.

Our hope is to get more people involved, share our knowledge, get feedback and improve our process even more!