All Forum Posts by: Jeremy Jackson

I'm looking for some help with getting started using wave accounting.  I only have one rental property.  I acquired it 2 weeks ago and repairs are being made now.  I will be filing using 1040 section E.  I use 2 accounts for this property, a savings acct and a credit card. They are already connected to wave.  I already have an accountant lined up to help with review and tax preparation at the end of the year.  I have already completed a search for help setting up wave. 

So.............how do my asset categories look?  Any recommendations?

Thanks for the feedback. I'll have to search for images of the stairs painted. Can't picture what that will look like.  Sounds durable. :)

I'm considering this carpet for 2 upstairs bedrooms and the stairwell leading to them.  This is a low income property.  The subfloor is plywood.  Looking for feedback on anyone that's used this carpet.  I'm more concerned about when it's time to replace since it's glue down.  Is gluing it down my only option?  If yes, what am I up against when it's time to replace it?  Here is the carpet...

http://www.homedepot.com/p/Unbranded-Viking-Color-Tapestry-12-ft-Carpet-0701649705/100548002

Welcome!  I like those unfinished basements because you can see the bones of the property!

Update:  Progress on the rehab is going slower than expected and the distance continues to hinder progress. 

The water company drug their feet for 1.5 weeks before cutting the water on.  It is on now and we have confirmation of no major plumbing issues, finally! 

Interior is being prepped for paint.  Paint crew will be starting Saturday morning. 

I've identified a property manager, but still need to finalize.  She came recommended from other property managers.

@Justin H. I didn't try again.  I've had several recommendations for Sharon Landrum so I will be hiring her.

I was surprised, but don't mind.  :)

I viewed all other section 8 3br/2ba listings in this area.  There aren't many.  Highest was $900/m, lowest was $825.  I'm running a test ad at $820 per month so see how much interest it draws.  I chose this rate because I'd like to get a tenant in soon after repairs are complete.

Something else that stood out among other listings.....some were poor listings with no pictures, poor pictures, no description or a poorly written description.  I believe this will give me an edge over other comparable listings.

@Chuck B.

Great advice, as usual.  That's the plan.

@Bryan C. 

It's a great feeling to be moving forward and to post in this forum category, "success stories!"  Looks like you're getting it done also.  Thanks for your service!

As far as rents, if I can get a section 8 tenant I think I can easily get $800/month. 

@William Allen

Thanks.  So I'm talking to my wife a few weeks ago and she's considering a career change.  Mentions becoming a licensed real estate agent.  She's hasn't committed yet, but that would be wonderful for my investing adventures.  She seems excited about it, although she isn't interested in investing.  I'm very happy that she more than willing to help while I'm away, even in the not so great neighborhoods.  :)  She also loves when I tell her to go to the big box hardware store and pick out paint, tile, etc.  Shopping.......keeps her interested, even if it's only at the hardware store. 

@Ken Sheppard

The pleasure is all mine.  The distance is a challenge, but we'll overcome it one way or another.  I believe we have made some progress on identifying a few property manager.  Thanks for the networking idea's.