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All Forum Posts by: Michael Prakash

Michael Prakash has started 22 posts and replied 37 times.

Post: Self Directed IRA LLC

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5
@Brian Eastman "WY just becomes extra expense with little benefit. The IRA is the owner and not taxed on income, so WY's favorable tax status do not add value." Great point. This is a fact I've neglected to consider thanks for pointing out that the IRA is already tax exempt. I was thinking along the lines from an lawsuit protection aspect in using a WY LLC . I would be using the IRA LLC to manage only my rental properties keeping my other assets I've invested separate if sued by a tennent etc.

Post: Residential Property Manager

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5

Company Overview

Growing data-driven SF Bay Area based  multi-family property management firm in business for 5+ years

Position Summary

This position is for a Leasing and Marketing Manager for a portfolio of single family homes in New Castle and Farrell. Well qualified candidates will have 2-5 years of property management experience in the Greater Pittsburgh area and/or leasing and marketing experience with a matching education background preferred. Must have some supervisory experience and a solid work history. Salary is commensurate with experience and may include a bonus/incentive component

Essential Duties and Responsibilities

Leasing and Marketing
• Provides management and the maintenance department with unit and common area renovation suggestions based on available competing offerings
• Sets unit pricing through comparable unit and general market analysis
• Markets units by preparing advertising and marketing programs
• Reviews photos of vacant apartments when completed by maintenance personnel or vendors to ensure they are clean and ready to show
• Supervises new tenant lease signings
• Supervises posting of advertisements on major online platforms
• Prepares regular market surveys, as requested.
• Maintains and monitors a viable Wait List of qualified perspective residents, as well as internal transfer lists, minimizing vacancy loss
• Reviews all applicant submitted rental applications for accuracy and completeness
• Manages and supports leasing agents and resident managers in their roles

Tenant Relations
• Promotes harmonious relations among residents, staff, vendors, and persons of the larger community
• Completes tenant feedback surveys to determine tenant needs and concerns so that they can be properly considered and addressed
• Develops a sense of community among property residents by maintaining good resident-to-resident relationships, staff-to resident relationships, staff-to-staff relationships, and nurturing positive interactions and activities at our properties
• Engenders goodwill with tenants and drives positive online company and building reviews

Administrative
• Manages the day-to-day administration of the property office, including answering telephones during normal business hours; interacting with residents in a courteous and professional manner; sorting, distributing, opening and answering mail daily; coding invoices daily; and handling resident inquiries and concerns. Ensures the office is clean and well organized, and that it and the staff are presentable to the public.
• Exercises common sense, good judgment, consistency and self-control in day-to-day contact with residents and in other business-related matters.
• Ensures consistent application of property rules and regulations, lease and lease addenda.
• Collects, analyzes and reports the statistical data as requested to provide an accurate and current assessment of the property and its needs.
• Attends trade association meetings and seminars to keep up to date on trends and changing conditions, as requested and/or required by Management.
• Communicates all problems and resolves them or make recommendations to Management for resolution.

Qualifications
• Bachelor's Degree, Associate Degree or certificate of completion from a trade school required; or commensurate education and experience.
• Two to five years of property management, general leasing, or general marketing experience
• One to three years of prior experience supervising a team of multiple staff members
• Demonstrated proficiency using Microsoft Office Software (Word, Excel) and G Suite (Google Docs, Google Sheets)
• Basic mathematical skills (e.g. add, subtract, multiply, divide, calculate percentages, etc.)
• Proficiency in reading, writing, and speaking English
• Ability to work in a fast-paced environment with ability to prioritize assignments to meet deadlines
• Demonstrated ability to read and interpret documents such as safety rules, operating and maintenance instructions, procedure manuals, and regulatory agreements.
• Demonstrated ability to communicate effectively in person, via phone, and in writing with the site staff and internal partners, external vendors, and groups of residents. Ability to take direction to complete assigned tasks independently, and ability to meet deadlines using demonstrated time management skills.
  • Principals only. Recruiters, please don't contact this job poster.
  • do NOT contact us with unsolicited services or offers

Post: Self Directed IRA LLC

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5

I'm familiar with Anderson Business Advisers and know they will set it up, but their fees are outrageous. 

Post: Self Directed IRA LLC

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5

Would I be able to set up a Self Directed LLC with checkbook control in Wyoming for properties my IRA owns in PA for managing expenses? If so how much does it cost and are there reputable companies that would set this entity up for me ?

Post: EquityBuild has been taken into receivership. Anyone with info?

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5

Do we need any representation to negotiate with the equitybuild receivership? Does anyone have experiences with past similar receivership settlements? Where would one go to look at prior real estate receivership cases?

Post: Buying Home Pre-Forclosure, Real Estate Attorneys Welcome

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5

If anyone is considering any group or class action on equitybuild please let me know

Post: Need a reliable proven property manager in New Castle, PA

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5

Hi Nathan,

Thanks for your outstanding guidelines which I am going to follow. New Castle, PA is a small town and getting a good Property Manager has been very difficult

Mike Prakash

Post: People are fleeing California, are you?

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5

Added to this California migration issue, is anyone concerned about the bill that was introduced to split the state of California into 3 states, the politicians will be the only ones to benefit?

Post: Need a reliable proven property manager in New Castle, PA

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5

Need a reliable proven property manager in New Castle, PA. Current one is totally useless

Post: Septic Tank Inspection

Michael PrakashPosted
  • Real Estate Investor
  • Castro Valley, CA
  • Posts 37
  • Votes 5

I bought a property in New Castle, PA. The seller has not conducted a septic tank inspection as required by the City/ County.  What is the seller's obligation to inspect prior to selling the property? It appears there would be septic tank issues which has to be fixed, would the seller be obliged to do the repairs? Is anyone aware of septic tank inspectors in the area?