All Forum Posts by: Mason Kimball

@Julie Williams I personally invest in my own name currently, just make sure you have a good umbrella insurance policy. Mine covers for up to $2,000,000 in liability and the premiums are very reasonable.

Hi everyone,

Looking for a bank that will allow me to open an escrow account for my tenant’s security deposit entirely online.

Does anyone have any recommendations for this?

Thanks in advance!

@Chris K.

Was waiting for your response haha. I always see you are very active and give great input in any forums involving attorneys in PA

I never realized how many subsets there are within real estate law, like you mentioned. I’m just looking for some general landlord-tenant law advising and review of my lease and other legal forms.

I don’t think I would need someone that is an expert in a niche area of real estate for this, but it seems a lot of real estate attorneys prefer to niche into different subsets.

But anyway, thanks for the input!

Hi everyone,

I am a new landlord in Montgomery County, PA and I am looking for a real estate attorney.

I am in the process of researching my options and was wondering what you all would recommend to look for or ask in interviewing potential attorneys. I have already cross referenced the state's records to ensure none of my candidates have any misconduct history. I plan on asking everyone if they personally invest in real estate. What else would you recommend to ask or look for?

Also, does anyone have any suggestions or referrals?

Thanks!

Mason

@William C. did you all ever get a meetup going? I found this old thread looking for meetups in the area

@Cori Coleman how did it go? Did you end up going with NACA? If so - how was your experience?

Question for all the tax accountants more experienced in real estate tax than myself.

I just read Amanda Han and Matt MacFarland's book on tax strategies. Even as a hopefully soon to be CPA myself (just waiting for my application to be processed with all the COVID related issues), I was surprised how many great strategies they mentioned that I have never thought about.

They also mentioned some indirect expenses that we have deducted for clients in the past on Schedule C, but would not of thought to deduct in a passive activity, like mileage to REIA meetings, cost of educational books/courses, and travel to real estate conferences.

If you were an individual taxpayer that reported your rental income from multiple properties on Schedule E, how would you allocate these possibly deductible indirect expenses among your rental properties? Would you just allocate the indirect expense equally across all of your rental properties? Does anyone know of any IRC sections, publications, instructions, etc that discusses this?

Thanks in advance for all your input and expertise!

Mason

I’m looking to make in the next 3-6 months, I currently have a lot of my capital in a short term bond ETF

Thanks for the input you guys! A lot of great points to think about

Hey everyone!

Any local investors in Prospect Park that can share average vacancy rates in the area?

Also, generally, how do you all determine vacancy rates for your deal underwriting in a new area that you have no direct experience in?

I used NeighborhoodScout and got 9%. I am curious how accurate the site's data is though. I've noticed the average rents are often way off, so that has made me question the reliability of their other data.

Thanks everyone!

Mason