All Forum Posts by: Ramsey Rimkeit

@Jonathan Bombaci Thanks! That answer was a great help, especially the order of operations. 

I often wonder about order of operations while listening to the podcast episodes and currently the BRRRR audiobook.

@Evan Polaski thank you. The actual tax payments are based on the assessed value, aren't they?

There are the 1st and 2nd Installments for 2019 listed and it says Paid Nov. 12, 2019

The total is $12,439.68 for 2019 which is $1,036.64 /mo. 

The Zillow estimate is $1,688/mo.

I just read one explanation I missed which answers my question: 

"This estimate is based on the home value and an estimated local tax rate. Actual rate may vary."

But opens new questions:

How can I find out how soon the tax assessor will re-assess the value of the property? I suppose this depends on the state/county, right?

1. If I force appreciation with upgrades, should I already calculate the potential increase in taxes into the analysis or just assume that the +/- 5% increase will continue? 

2. If I see that a tax bill is due soon (within a reasonable amount of time to close a deal), would it be a good strategy to put in an offer to close before the due date and pay the taxes?

I've noticed that Zillow's tax information on a property is significantly higher than the info I got from the county tax assessor's website. I'm assuming the tax assessor is accurate because it reflects the actual taxes paid, right? 

It may be obvious but I don't like assuming things as I'm a newbie.

Where do I start... (analysis paralysis)

As mentioned by @Clint G. calculating ARV is a CATCH 22: I don't want to contact a buyer's agent or the view the property until I've already analyzed the property so I don't waste their time.

Finding Rental data for Mobile Homes? I'm analyzing a mixed MF: 1 3BR, 3 Studios and 20 Mobile Homes in one. 

How do you find comps for a mixed property like this?

I assume the County Tax Assessor's info is accurate but Zillow quotes something significantly higher. Which is correct?

Capex? I can only accurately calculate this after an inspection, right? This leads to another Catch 22: I won't put in an offer until I've properly analyzed the deal so no inspection yet.

Am I overthinking everything? Is it best to just come up with an estimate, put in an offer, and decide whether to buy after inspection, etc.? 

Thanks for all your answers! 
I'm still a bit frustrated that maintaining a certain level e.g. fair 30%-49% seems to keep your credit score at the same level (or improve it gradually?), whereas going from below 30% to above 30% affects your score negatively, even though the utilization is the same in both scenarios for that particular month.  
Also, @Kyle J. I noticed that the "Excellent" range in your chart includes 0%, yet I was penalized for having 0% at the end of last billing period and now I've been penalized for bringing my utilization back up. That's the key issue for me here. 

I want to understand which percentage of credit usage is best and if it has to remain constantly at that level. It seems no matter what I do, I lose points (not always of course). 

I was keeping my credit usage below 70% at first but then got my usage on all cards below 30% (since Apr for 2 and June for the 3rd) until recently which was gradually increasing my score.

My car insurance payment went through on the day of the end of the billing period putting my usage at 30.2%, so I lost 14 points.

Ok, so I paid off all my cards to make sure they are below 10%. I lost 3 points because I'm not using my cards (0%). 

Now I left a small amount (less than 10%) on my cards to make sure they see that I'm using them. I lost another 2 points. Do I have to always stay in the same range to avoid getting docked points?

For reference, I started out with 0 credit 2 years ago when I moved back to the states so I opened a secured credit card. Then I got two credit cards this year in January and lowered the amount of the secured credit card to the minimum possible ($250). Both credit cards increased my credit limit in the last few months. My score is 726 or 750 depending on the agency. 

I know other loans help your credit score but I don't want to take out a loan until I'm ready to leverage that money for REI. Will this hurt my ability to get financing?

My car is paid in cash, my rent and utilities are included on my paystub as part of my pay so only my phone bill and internet get reported as far as I know. I have no late payments, no collections, no debt. 

If residents opt-in for paperless billing by signing a paper, can other legal issues arise?

If they don't pay their rent, do they have any legal rights to avoid late fees or eviction by claiming they never received the rent bill?

Background info: I'm a property manager in California and I'm trying to to streamline systems in the PM company I work. 

@Tarica Davis

I worked as a licensed real estate salesperson in NYC so I can give you a bit of insight but I didn't last long so I'm not going to give you the perspective of a very successful agent. (There weren't so many of those in the brokerage I worked either, and it was one of the fastest growing in NY)

I don't know if you've chosen a brokerage already but don't just pick the first one that accepts you.

You can learn a lot from a brokerage depending on which one you join. Some brokerages have a sink or swim attitude, whereas others offer great training (mine did) and mentorship. That training can include how to find deals, strategies to get your foot in the door so you can start up a conversation with home owners, software, marketing, etc.

Another advantage is access to deals. Some brokerages will actually give you potential clients and coach you as you work, others will just put their name on your license and wait for that commission check to come in.

Also, commission splits vary a lot.

And finally, keep in mind that the costs (desk fees, MLS, marketing, etc) can add up and working part time as a real estate salesperson, it's tough to be successful. I worked full time. I was up 5/6 am every day and sometimes not home until 8-9 pm for my kids' bedtime, grabbing lunch wherever I happened to be. I barely broke even in Real Estate so I returned to translation full-time before moving to California.

Whatever you choose to do, I wish you success!

Sorry if I wasn't clear: I am a full-time property manager.

Thanks @Tony Angelos I'll reach out to him!

@John Warren  Thanks for your reply! 
The company I work for definitely needs some modernization. It's a third-generation property management company and a bunch of their systems are behind the times. I've already made a few changes through requests.

However, they already work with Manage America property management software. I wouldn't recommend it and I would switch to something else if I were the one choosing. I need a stand-alone solution for accepting payments. Their bank has Popmoney which is similar to Zelle. I'm also going to look into other options as well.

Payrange looks like a great solution. I'm going to find out if it will work with the washers and dryers we have here.