All Forum Posts by: Account Closed

@Tony Guardado.

From what ive seen that seems to be the best software. I cant warrant the $3000 annual cost as of right now, but i think when im closer to 75-100 it will be worth it.

@Tony Guardado still havent made a choice. Still on the spread sheets haha. I dod a buildium trial and wasnt too impressed. Appfolio seems great but its price point is off a bit.

Stessa seems ok but theres that you get what you pay for kind of thing as well.

Let me know your thoughts

My parents are at the point in life where they are looking to sell off their real estate portfolio. They would like to sell it to me but there are a number of items i'd like some clarification on if anyone could help.

Portfolio Overview 16 units over 4 buildings. They are selling it to me for what they purchased them for decades ago. 500K total on a land contract with 0% interest, no money down required. They said they would like to have a steady stream of income for the next 20-30 years without any of the management headaches.

Issues- 2 of the properties still have mortgages on them @ 40K each the other 2 are free and clear.

Depreciation- When does depreciation recapture happen? after the buildings are completely paid off or when the land contract is signed? I would like to find a way around sticking them with a large tax bill as they have depreciated some of these for 25+ years allready.

Heirship- i have 2 sisters as well, if my parents were to pass, these would be apart of the estate. would my land contract then transfer to the heirship (which is what i am apart of) and just pay them/myself? Is there any depreciation recapture required by an estate if there is a transfer upon death?

Depreciation- Can I start depreciating these once the land contract is signed using a basis of the purchase price?

I will be getting a lawyer to assist in setting this up, but figured i'd reach out here to get some input. It is a good deal and may push me over the edge into full time RE investing, i just need to make sure it is executed correctly.

Derek, that is a great idea working it this way, i would not be able to depreciate until they pass and ownership is transferred to me.   But they would be able to continue their depreciation until the full 27.5 year term is complete.  Then i would be able to restart the depreciation cycle (at what ever the current market valuation is) once i get ownership.

My parents are at the point in life where they are looking to sell off their real estate portfolio.  They would like to sell it to me but there are a number of items i'd like some clarification on if anyone could help.

Portfolio Overview 16 units over 4 buildings.  They are selling it to me for what they purchased them for decades ago.  500K total on a land contract with 0% interest, no money down required.  They said they would like to have a steady stream of income for the next 20-30 years without any of the management headaches.

Issues-  2 of the properties still have mortgages on them @ 40K each the other 2 are free and clear. 

Depreciation-  When does depreciation recapture happen? after the buildings are completely paid off or when the land contract is signed?  I would like to find a way around sticking them with a large tax bill as they have depreciated some of these for 25+ years allready.

Heirship- i have 2 sisters as well, if my parents were to pass, these would be apart of the estate.  would my land contract then transfer to the heirship (which is what i am apart of) and just pay them/myself?    Is there any depreciation recapture required by an estate if there is a transfer upon death?

Depreciation- Can I start depreciating these once the land contract is signed using a basis of the purchase price?  

I will be getting a lawyer to assist in setting this up, but figured i'd reach out here to get some input.   It is a good deal and may push me over the edge into full time RE investing, i just need to make sure it is executed correctly.

I'm at the point in investment portfolio where excel spreadsheets just don't cut it.   I currently have 26 units and will be acquiring 22 more within the next few months.   I"m sure this topic has been discussed before but i haven't found many helpful posts in my search.

Excel spreadsheets have been good to me for managing my few properties, but as i grow i feel i need to have something a bit more streamlined and efficient with data all in one place.

I've looked into appfolio but it seems like its geared more towards larger property owners and management companies (and  a $250/month cost)   I'm currently trying out buildium and feeling my way around.   

I was looking for any input from other owners about what all-in-one system they use for an investor of my size (25-50 units).

I'm looking for something that 

has a Mobile App where i can input repair orders or notes easily, 

track upgrades repairs and updates for each unit

Easily input rent payments and also process ETF payments (I still have some elderly that prefer cash or paper check)

general accounting of expenses and income

generate or export data and reports since i love data and numbers

general ease of use 

tenant portal for those that want access to digital copies of their leases, view payments, or send repair requests

I'm sure most of the management software out there has most of those things, but i'd like to get some user opinion.

@Etim Fisk

5 of the 6 properties I bought were full when I bought them.

1 was empty and in good shape ready to rent (had bad management)

That 1 property is more profitable than identical properties next to it because I was able to screen my tenants and start them out at market rate or higher rents.

If you're in a decent mark and the deal is right you shouldn't have a problem filling it

I'm dealing with this right know, except its on beautiful hardwood floors that the carpet covered.   I don't allow pets but it was an inherited tenant.    Bleach, Scrape, scrub.  Bleach, Scrap, Scrub, floor sander, bleach, shellac.

though if its just a section of subfloor i'd probably just cut it out.   I wouldn't want to risk buying new carpet and having the smell come through.

Looking for the same,  I do however know so some good specialty contractors.  Painting, flooring, plumbing HVAC.  But finding a good quality Jack of all trades is difficult in this area.   I do most of my work myself, but as i've grown and with a fulltime job theres not always enough hours in the day.