All Forum Posts by: Kevin Trumbull

I'm going to subscribe to this thread to track your progress, thanks for the updates @Michael L.. Have you maybe considered posting these in your member blog so that people can more easily subscribe to your updates?

Ahh interesting, OK, thank you @Brandon Hall and @Linda Weygant.  So really the only stuff that's going to go in to my Income & Expense tracking spreadsheet will be those true monthly expenses.

So now the question, as a new buy and hold investor, how do I go about starting to track my cost basis?  Is there a spreadsheet I can use?  Any pointers on where I can start reading up more on that?  (I'm going to start trolling the blog and forums for reading material)

Since I am buying this property 'turnkey' and all major repairs should be completed prior to purchase (ie included in purchase price), I believe my cost basis should be fairly easy to calculate, right?  Is the cost basis a one-time calculation, or does that change if a make a capital improvement down the road (such as replacing HVAC in 5 years or something)?

Are wire transfer fees that were incurred with wiring earnest money and final down payment/closing costs to the escrow company deductible on my tax return?  If so, what category would that fall under on the Schedule E?

Great updates @Cliff Harrison, very encouraging for a new investor to read. Have you considered putting these types of updates in your member blog so people can subscribe and be notified when you have new posts? That'd be something I'd be interested in. 

Welcome aboard @Erin Cassidy, where in NorCal do you live? I know there are some regular meetups in San Jose and Santa Cruz.

I'm a n00b, so take this for what it's worth, but... RUN! :)  This is sounding shadier and shadier.  The deal should cashflow with 20% down, and if you're having to bring more to closing to cover the appraisal spread, that would indicate to me you're starting off with negative equity.  You can also interpret that as they are over-charging you.

I would take a good hard look at the numbers, and make sure you're using your own real-world estimates and not their 'unicorns and rainbows' proforma.  Talk with some PMs to get an idea of rent range and vacancy range.  And be conservative on your maint/capex estimates, better safe than sorry.

Has anybody worked with the property management company Prime Realty Group in Kansas City, MO?

Has anybody worked with the property management company Prime Realty Group in Kansas City, MO?

@Kwame Searcy to answer your 'why don't they keep them all' question, turnkey sellers usually do keep some, but they don't necessarily have unlimited capital so they can't keep all.  I believe there are a few blog posts on this, do a search for 'turnkey' and you should find them.  This is a common question for people looking in to turnkey investments.

Welcome aboard @Jason Jennings, you'll find BP to be a great resource to expand your portfolio and network with great people.