All Forum Posts by: Mark Ross

Hi all,

Replacing a 20+ yr old OIL heating system with a GAS system. Current section 8 tenants pay $2100 rent...plus utilities.

My first question is do I pick a good, better, best system that costs from less to more $$ and do I justify the more expensive energy efficient system to grab a little higher rents since tenants will save money. Or am I fooling myself?

My second question is do I get a more energy efficient and raise rents but now include heat in their monthly rent?

Thanks in advance

Hi everyone. My wife and I purchased our 2nd rental unit and have put a tenant in the main floor. Life is good! We would like to add 2 bedrooms, a bath, a kitchen (kitchenette) and a living room in the existing walkout basement.

My 2 questions are surrounding the rules of a legal two family...vs an in-law apartment...vs Airbnb

1). Does the town dictate what I do or can I convert a property to be a legal second apartment... Or a legal in-law? I live near a very nice, clean swimmable pond and would entertain Airbnb or another family to live in the basement. It's a walk out basement and very easy to convert.

2). I currently have a fairly new three-bedroom septic. I'm told it's about five years old. How do I go about making my two new bedrooms and bath work for the existing septic? Do I add another tank and more leech fields or do I simply pump my tank more frequently? With that many bedrooms in the house would the waste water leaving the house even flow quick enough to dissipate?... Or would the tank and leach fields over saturate?

I have no problem doing the right thing... I just don't know, what I don't know, regarding these 2 questions !

Thank you all in advance

Mark

How do you all install smart outdoor cameras and moisture/water sensors without installing 2 internet accounts with the local cable provider? Do you use renter’s WiFi ?

@Matthew Radniecki Very happy so far. I was nervous the whole time since I was dealing with a large sum of money and an industry made up of new names I was unfamiliar with. Since the big companies don't do self-directed IRAs it took me a while to pull the trigger. But these guys have been great they've answered all my questions and helped me with all my concerns. I set up an LLC with Broad Financial at their recommendation and together the two companies have been terrific. I'm actually in the process of closing on an investment property sometime later this week with those funds. I also set up checkbook writing privileges at my local bank for this investment so I can make repairs, pay bills and deposit rent checks in that same checking account that falls under the guidelines of my LLC and self-directed IRA.

Hello everyone,

Purchased my first annual rental property in my self-directed IRA (already own a weekly summer rental). Interested in best practices for applicants and background checks apps or services to start screening tenants for Jan'21.

My wife and I have made a commitment to “do something nice” and will be utilizing our local housing authority in MA to give a section 8 tenant a quality place to live...while giving us a retirement income. Doing some electrical and plumbing upgrades in the next 2 weeks to get it safe and in good working condition.

Obviously we want to screen these candidates as best as possible. What services do you all use for applicant screening?

Mark

@Glenna Wood Thank you for the endorsement of Madison Trust... That's all I was really looking forward to nudge me over the finish line to set this up this weekend. Of the handful that I looked at, they did have low and reasonable fees... and the fact that they were a one-stop shop and could do my LLC really makes it one less thing I have to think about as I go out and start looking for a property.

@George Blower Thank you I will be doing an LLC so I can have check writing authority. Now I'm just looking for someone to vouch for Madison Trust because they can also do an LLC for me.

@Steve Morris ty

@Brian Eastman thank you...I appreciate the advice

Having trouble pulling the trigger on who to roll over my 401(k) to, for a self-directed IRA, so that I can purchase another property. Since the big box investment companies and banks don't do self-directed IRA when it comes to purchasing my own properties, I'm trying to make sure I don't make a mistake. I've talked to Pensco (Now called Pacific premier trust) and Madison trust. I've read a ton of books and online and feel very comfortable with my decision for doing a Self Directed IRA, now I'm just trying to make sure I picked the right custodian. Any help would be appreciated. Thank you in advance