All Forum Posts by: Takeshi Yashima

Hi everyone,

I am wondering how you guys are doing accounting and bookkeeping for your rentals, doing by yourself, hiring bookkeeper or hiring accountant? I am currently managing the bookkeeping and accounting myself but the more I acquire properties, the more my time is sucking into just bookkeeping and accounting.

My question for someone who hiring the accounting or bookkeeping service, which companies would you recommend (Local, or online like Odesk or Elance?)

Suggestion is highly appreciated. Thank you very much!

Thanks both for the advise.

Yes you right Steve. There is absolutely no reasons for him to be upset if there is no money involved in this transaction. So, that's why I purposely send the email if he skimming some money on the top (Again, very nice and caring way).

I will wait a bit longer for his response but I will most likely get new PM and move on. Thanks!!!

I do need to get some suggestion regarding my situation.

Couple of month ago, one of my properties is damaged by the evicted tenant and my property manager was working hard on evicting the tenant, contacting the power company to inspect the rehab cost and attorney to get the tenant evicted etc.

After checking with the damage with insurance company, I got much less than the total repair cost that property manager proposed when he assessed the property so I started to shop around the repair vendors that offers the cheapest cost. Then, property manager's attitude suddenly changed so I asked the reasons why and the reasons why he was upset is that I started to shop around the vendors.

My understanding for him to get his compensation is via
1) Certain persentage of rent collected (I won't disclose how much percentage)
2) Half of the 1st rent when rented.

If there is no economic benefit as a result of him doing this repair job, there is no reasons to be upset but it seems that he is actually taking some compensation from this repair so that's why he was upset when I started to shop around.

Now, he is saying that if I choose another vendor, I need to change the property management company (Which I have many choices so there is no problem).

I understand that he worked so hard to evict the tenants, contacting and meeting the insurance company and meeting utility company etc since I have many communication with him to make sure that job got done (It's been 2 month or so).

What you would do in this situation? In order to see his intention, I sent email basically asking if he is skimming on the top as a result of this transaction (Very professional and caring way so he won't be upset). But, I am inclining toward the replacing to the new property manager.

Any suggestion or experiences are appreciated.

Hi,

I owned several properties under my name and already transferred several properties from under my own name to LLC via quit claim and all of my mortgages are impounded. Here is the problem. Property tax went up several times in the past. Therefore, monthly mortgage payment with escrow also went up. Since I did not tell banks about transferring the properties from my own name to LLC name, I can't tell them about payment change (If I let them know, they will notice that I move the property under LLC name that leads to trigger Due of Sale Clause).

In this case, what should I do? Is there any way that I can deal with this escrow amount change without letting banks know? I am sure many people are in this situation and I would like to get advise of how to deal with this issue.

Any suggestion are appreciated!!

Hi,

I am investing in 8th property right now but I can still get the loan because I have relationship with the lender and investors. You need to have relationship with the lender. I recommend that you should network with investors and lenders by attending network event etc. Then, you will find the source that you can get the mortgage companies that willing to loan you money beyond the 4th loan.

Good luck!

Actually, I had same problem too. I spoke to local title company and replied the same thing (No longer supply the list and they suggested me to use foreclosureradar.com).

I spoke to the sales rep in title company and he said that they used to provide the list to the investor who wants to have it. But, since beginning of January 2009, law prohibits from title company to supply the information to the people.

I was seeing this forum and all the online foreclosure service has some delay in updating information. I heard most investors in this forum that list from the title company is the most updated information.

Sales rep said exactly same thing as Vikram. He said I should use foreclosurerador.com to obtain the information. Again, I am not sure if this site is providing the up to date information. If currently using that website, I would like to know how are their service.

I have never heard about getting the list from local business journal. Is this more like local news paper?

Thank you very much for all the help!

Hi everyone!

I called title company today in order to get the list of foreclosure. And sales rep said that title company can no longer supply the list because of the law (They dont have database either).
I don't know if this is because I don't have much relationship with that title company (meaning they lied) or this is really true. With that, how do I get list of foreclosure if title company can't supply it to me?

I would appreciate if anyone can give me an advice.

Thanks!!

I don't have realtor so far. I just drove around the target neighborhood and then found properties with sign by listing agent.

In this case, should I contact directly to listing agent or have my realtor (upon hiring him or her) to contact listing agent?

Hi,

I drove around the target neighborhood to find my 1st income property. I saw a lot of properties with listing agent information. So I wrote down the information on each property and then, I went back to home to check how much are those properties cost assuming that those properties are on the MLS (since listing agent name and contract information was there). However, none of those properties information listed on MLS. But according to the public information, some of them were sold long time ago (6 months to a year ago). Does this mean that those properties have not been listed in MLS yet? If so, am I supposed to contact directly to listing agent? Or is there any good way to approach these kind of properties?

Any help will be appreciated.