All Forum Posts by: Josef Torkelsen

A couple questions:

1.  What did you guys put as your cost of goods sold for rentals? Are those all rental expenses including mortgage but excluding depreciation? 

2. For the loses, did you put what rent you currently lost or what you intend to lose? I have around 32 properties so I'm bound to lose close to $10,000 but perhaps I should wait until I have actually lost that amount before applying for the grant?  So far I have lost $350 confirmed but know the amount will be much higher shortly. 

I have a question about filling out 1099s for my property managers. Should the amount on the 1099 just be for the income/compensation we paid directly to them (lease commissions, renewal fees, and management fees) or do we also include the amount of funds sent to them for contracting services performed through them?

For example:

Property Manager issues end of yr statement with the following two line items - Management Fee $1000 - Repairs (PM contracted vendor) $1000 Should the 1099 be for $1000 or $2000? Appreciate any help or guidance! 

@Chris Bounds may I ask what PM company you used for the brief period of time before you sold?  Appreciate the input on what has worked for you though and I may choose to go that route as well.

@Sam Craven thanks for your input Sam!  I've heard a lot of great things about them.  It is just sad that they do not currently management apartment complexes.  

@Sam Craven and @Nate Paoinchantara it sounds like you have experience with REI in Houston. I own a small to medium sized apartment complex there and wanted to see if you had any recommendations on good property managers?

@Chris Bounds first off, I enjoyed reading your story on this apartment complex.  I own an apartment complex in the same area and I'm looking to shake up my property management team.  Do you have a property management recommendation that you can provide or even check to see what management company the person uses who purchased your complex from you and if they have a good experience or not?  Any help is appreciated! 

@Renee Stewart I saw that you are a fellow real estate investor in Houston.  Do you use any property management companies to manage your properties?  If so, I'd love a referral to them as I'm looking to change my management team.

@Hung Trieu did you end up purchasing some apartments in Houston?  If so, I'd love to hear about your experience and what you bought.  Also, I am considering switching up my property management team there and your experience (good or bad) with your property management will be great to hear.

@Joshua Olson did you end up purchasing any multifamily apartments in Houston?  If so, what did you purchase and how has your management company experience been?  I am considering readjusting my management team and am looking for real life experience from fellow BP members.

@Michael Ran I see you are pretty active on BP.  I own a medium sized apartment complex in Houston and I am looking for recommendations on good property managers.  Appreciate any input you can provide as I believe BP member recommendations over online reviews.