All Forum Posts by: Mitch Polatin

@Charles Cooper

Thanks. I guess it’s in the eye of the beholder. This is helpful.

I assume floors are a good motivator also. Updating to nicer looking wood.

@Charles Cooper

Thanks. I guess the question is, how do you figure out it’s “worth” it? What’s the formula?

$30k on new floors should raise the rent $— a month?

Maybe I’m simplifying it too much.

New to all of this.

We have one SFH rental in Los Angeles renting for more than $12k a month.

We may have another in Florida at about $8k a month.

These are nice SFH.

My question is, what things are worth updating.

The SFH in South Florida is in a very nice area. Kitchen and floors are decent but maybe 10 years old.

It’s maybe $30k for new floors.

$30k for kitchen cabinet and counters.

It’s not terrible now at all. Would these updates see a marked increase in rent? Is it worth it long term?

Also, someone told me about depreciation and said if we invest in these updates we can make them somewhat tax free by using depreciation over a few years?

Any advice on how surface renovations help out rentals would be great.

Thanks.

Hello. We rent out a SFH home in Los Angeles for $15k a month. The management fee is 10% of rent. It's steep considering the home is a multi million dollar home where very little goes wrong. Sometimes there is a minor leak or something but nothing major. And if it is major we replace it.

Now thinking of buying and renting out another $1M plus home.

We are new to this and obviously playing the asset accumulation game but still making some cash flow.

Does anyone with higher end SFH properties like this, just have a handyman on call and deal with issues that way? It seems there's a better way than paying 10%. But maybe I'm naïve.

We aren’t in the area and I’m not handy.

Thanks.

We have one rental property and more to come.

Live in South Florida but moved from CA a few months back and working a job in Manhattan - so paying taxes everywhere.

I’d love to chat with a few CPAs to see who is right for us.

Any recommendations appreciated.

Thanks.

@Kristin Cooper i’m new to this. Dumb question. We have one rental property and may have another one soon. How do I access the spreadsheets, is this part of the premium package? And are they simple to complete?

I can’t say I understand everything but would be nice to try it with our rental.

@Alex Kovalenko

We’re buying in Boca and the market is insane. All the open houses are people from NY, Chicago and NJ.