All Forum Posts by: Kishan Patel

Hi all! 

We recently purchased two 50 room hotels on the same parcel from the bank. One of the buildings is up and running as a franchise hotel, the other one, which used to be a franchise hotel, was shut down 3 years ago due to a burst pipe. We are looking to repurpose the closed down hotel into something else. I am currently looking into different avenues such as low income housing, senior housing, rehab center, etc. The properties are located in a small town located right outside of a city with a population of 45,000. Ideally we would fix it up and lease it to a company/agency, let them run the show, and just be a landlord. I am curious to see if anyones been in a similar situation with a larger commercial building or how you all in the BP community would try to find use for the former hotel. Are there agencies out there that I could reach out to and see if they're interested in using the building for something? Would it make sense to contact a leasing agent? Appreciate any feedback! 

Hi All!

I was curious to see how other student rental owners marketed their properties to students outside of posting on craigslist and facebook pages. 

Any input is appreciated! 

HI all, 

I recently got an offer for one of my properties that I purchased in April 2017. I have never flipped a house before and wanted to get the math straight before we decide to proceed with the transaction. 

(nice round numbers to keep it simple)

Purchase Price: 75k

Renovations: 10k 

Furniture & Appliances: 5k 

Offer: 120k

What I wanted to know is will the furniture and renovations fully go towards my cost and minimize my capital gains? Therefore saving me from paying taxes on that extra 15k of profit. Just wanted a ballpark idea of how it worked and what my bottom line would be before I reached out to my accountant on the matter. Thanks!

Thanks everyone great insight, I actually live/work a few hours away from the area so I would need someone to be there physically for repairs, showings, etc. I do the rent, finding tenants, and leases all remotely. I managed the properties on my own as a senior in college and there wasn't much to it, and I have seen this guy work so I do trust his work and ability to deal with any tenant issues. I just wanted to know if I made an agreement with him and if he were to get injured, how I could protect myself. I see in NY you need to have a real estate license to be a PM so maybe if he got certified and got some sort of insurance this type of agreement would work possibly? I suppose I can ask a lawyer about this as well. Thank you all again for the help!

Hi All, 

I wanted to know if anyone has hired a handyman as a property manager before. I am in the process of getting rid of the current managers because of ongoing negligence and I know a handyman who is willing to deal with the properties and tenants. I would still collect rent, negotiate/sign lease terms, and find tenants. He would essentially just do showings, do small repairs/maintenance, and respond to any emergencies. I was wondering if this would be a liability on my end and if it is, how we could make it so he is a legal property manager that can do these tasks. Any input is appreciated, 

Hello all,

I have recently become a landlord and was approached by one of the tenants who was asking whether it would be feasible to pay rent through venmo as they had done previously. My question is if I were to collect rent through venmo, how would I show this money as income for my taxes? 

Thanks!