All Forum Posts by: Michael King

I listened to a BP podcast and this girl on it bought a place in a flood zone; she let the bank organize flood insurance because they got it for a far better rate than she did. I remember thinking, I'm just gonna let the bank do that if I ever buy a place in a dry lake bed. 

 Thanks Alex, I thought I read that somewhere, I stand corrected thank you! Maybe I confused it with the fact we can put the funds in interest bearing accounts.

I'm in Missouri and separate accounts are required (from memory). If I was doing it today, I would put the 'fee' or SD into the account with my other SDs. If the fee became an income, then I would transfer it to my income/expense account.

@Natalie Kolodij @Basit Siddiqi

You mention $150K threshold on W2. I make more than that on my W2, but my wife makes nothing (stay at home mom) but we file married filing jointly. Is there a higher threshold in that instance. 

Sorry @Marek J. I didn't meant to hijack your thread.

I suffer from information overload from all the various sources - even from within BP. 

Best way to learn is dive into the deep end, but a place and start learning. Then return with questions.

Yes they are playing a dangerous game with out tenants and livelihoods. I will try to come back later with links for you. 

I have a separate account for deposits. 

I may be wrong (wait, often that's the case, ask my wife she will confirm), but if you take a 'holding fee' that becomes their security deposit, you would be able to keep that if they decide they don't want the place after all. I think I read that in Brandon Turners book.

One tenant just did some yard work - mulch, plants, rocks, etc, it looks really good! Cost to me is $260 for the materials. I'm going to give him a little bit more though, considering these crazy times. His next project is some internal painting - which makes me shudder a little but I'll let him have at it. 

You have to remember that tenants want to live somewhere nice too, and if they plan to be there for a while, they get big dreams about it 'updating' it. 

A kitchen rehab is a big undertaking, but if you can get the free part in writing and monitor the workmanship, go for it.

Review the work with a manager at their company. If they refuse to budge, for the sake of $500 pay the money, fire them, and leave an accurate review on google. There are really good PM companies out there, you just have to find the right match for you.

Is anyone that is showing real estate for sale, rent or otherwise, using a COVID disclosure to indemnify themselves against possible litigation from would be buyers, renters etc, in the event they got COVID and decided it was your fault and now you're gonna go through the court system?

I know St Louis realtors have access to one, but wondering who is using it or a variation?