All Forum Posts by: Michael Bertsch

I have to say chase quickpay has worked wonders for me. I've never had a problem with it. Tenants can even set it up to auto draft every month.

I prefer the strait line method because I like to depreciate a consistent amount every year. Let's say you have a W2 job and have not hit the passive loss limits. I would use the faster method so I could get a loss on my schedule E.

This subject has been talked about extensively on here. If you search this, you will find all kinds of good info. Me personally, I don't use an LLC for my conventional financed properties. Fannie and Freddie will not allow you to finance through LLC. If you transfer title to LLC after closure, you are at risk for the due on sale clause. It's not worth losing your low interest 30 year loan. Tax wise LLC are pass through entities. There are no real tax benefits for LLC. You get the same tax treatment having it in your name. In some states the annual fees for having an LLC are up to$800 a year. If you are sued, most good attorneys can pierce the corporate vail of and LLC very easily. Just one slip up with commingling personal and business and it's done. I usually max out liability coverage on my properties and get an umbrella policy. The main thing is to not overanalyze. Get out there and make some deals happen. Good luck with everything.

I would just repair it because it could last for another 10 years. Plus, you can fully deduct it as a repair. If you get a new one, you will have to depreciate it.

You definitely need to get insulation up there. It pays for itself very quickly with the energy savings. I would use the cellulose insulation. It's cheap and has great fire resistance. You also get up to a $500 tax credit.

Stop everything and ride it out. Your agent will probably be pissed but you have to do what's best for your business. The capital chains on that would be huge.

I understand the situation you are in, but you have to treat it like a business and leave emotions out of it. You are opening yourself up to more risk if you allow her in your property. Since you have not had any prospects in 6 weeks, you may need to lower the rent a bit bellow market because of the time of year. I would do a 6 month lease so it ends during the summer and then raise your rent back up. Get back on a 1 year lease. I don't like leases ending during the Holliday season.

You may have to rent a motorized snake and hit the vent stack on the roof. I would run the snake all the way to the street. That should clear out the obstruction and everything should drain fine. If you call a plumber, that's what they will probably do for $300.

Also, make sure it's not in a flood zone. Flood insurance will completely destroy your cash flow. You can call your insurance person to confirm.

Idk about this one. If you factor vacancy expenses, you will be spreading yourself very thin. You need to be at least $100 cash flow to make it worth your time and energy. Also, what happens if HOA cost goes up next year? I usually try and stay away from HOA because they can have some crazy rules and they can surprise you with costs . I like to be in 100% control of my assets.