All Forum Posts by: Lou Nguyen

@Olivia Vanover

Hello Olivia,

I just came across this thread. I am an out of town investor and would appreciate a few names of contractors you would recommendation for rehabs and turnovers.

Thanks

Lou

@Timothy Church

Thanks Tim. We need to update the bathroom and likely the kitchen in two of our rental units. We also plan to redo the flooring and get the units ready for new tenants ( painting, minor sheet rock repair...). Our new property management company has gotten bids from one company for all the repair which seem a little high. We wanted more bids from other providers to make sure the cost is reasonable and competitive.

Does anyone have a recommendation for a company in the Galveston Tx area who specializes in renovation/repair for rental properties? We just acquired a complex that may require ongoing work. Thanks in advance for your consideration.

@Basit Siddiqi

Thanks Basit. I will review the closing statement.

@Daniel Hyman

Hi Dan,

Thanks for your comment. We will likely renovate many of the units. Since this is our only complex this year, we are planning to use Quikbook to track the investment. Other thoughts?

Lou

@Basit Siddiqi

Thanks Basit. We bought an occupied complex on December 31st 2018. We do not plan to live in any of the units. I am guessing that since it’s an LLc with two partners, we would process the data from the closing statement and defer the expenses for 2019 since we did not earn any rental income in 2018.

Thanks,

Lou

@John Thedford

Thanks for your advice John

@Cathie Kovacs

Thanks Cathie

We just bought our first multifamily and closed on the property on 12/31/2018.  This may be a silly question but do we need to prepare taxes for this investment for 2018?

We hired an experienced third party property management company.  Do we need to keep a separate accounting program if this is the only property we own and the property management company will be responsible for our P&L?

Thanks in advance for you advice