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All Forum Posts by: Robert Schulmeisters

Robert Schulmeisters has started 8 posts and replied 33 times.

Post: Book keeping software

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

My CPA like QuickBooks and am just starting my LLC soon to close on 1st rental. I hope.

So I don't want to reinvent the wheel.

What book keeping software to you guys prefer.  Not being a book keeper it will be Sooo much fun learning any software, so I don't want to experience the pleasure of learning more than 1.

Are there rental software that exports in QuickBooks?

Thanks in advance

Post: Cap Rate calculation

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

Thanks

Post: Cap Rate calculation

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

When calculating Cap RAte what is included in the NOI?

Do you include Debt Service and CAp EX?

Post: Land lord associations

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

Anybody have any experience with any of the following ?  Good or Bad?

landlord association .org

National Real Estate Investors Association (REIA)

National Association of Independent Landlords

American Real Estate and Urban Economics Association

American Apartment Owners Association

Post: Help !!!Failed Certificate of Occupancy Inspection

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

I suggest calling a local architect to be your middleman.  Get someone who is familiar and experienced working in your township.

When you have legal issues you ask for help from an attorney.  So get an architect who works locally who can explain what and how as well as deal with city hall.  They would rather talk to a building professional vs homeowner.  Failing a CoO is a big deal.  No lender will be happy on that and may execute a pay in full clause.

Good luck 

Post: Rent collection strategies under the new NY Tenant Protection Act

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

No example on appliance rental. I was at a local REI club meeting and 2 landlords at my table brought it up when we discussed the latest state socializing RE law in New York.

I will post if I get a copy.  Interested on a lawyers view.

Post: Dead animal smell - is tenant or landlord responsible?

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

FYI

There is a great product called

back a zap

Created by an exterminator

Enzyme bases, not a perfume

Formulated for dead mice or rats

When something dies in crawl space , walls ect.

Works well other odors like garbage sites ect

Available on amazon

Works better than other odor eaters

Post: Rent collection strategies under the new NY Tenant Protection Act

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

I have heard other landlords charging an appliance rental fee instead of a second months deposit.

I would think if you dont make it the exact same dollar value as monty rent that it would be a more stable action.

I have not heard any attorneys view on that yet

Post: Unfinished house a good option?

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

To quote the late Yogi Berra, 'it ain't over till it's over

As for more money?  He may be a contractor who can do those #s.

If you are going to look at partial construction or renovations, you need to solidify what #s YOU can do it for.

In construction guys often look at jobs in Linear Feet, Square Feet or unit of measure.  Siding and roofs are usually done by squares, 1 square= 100 ft sq.  Floor coverings are sq ft, carpet in yards etc..

It helps knowing this stuff when talking to contractors.  And helps checking their work.  If they charge by the sqft and their price per foot is lower, make sure their total sqft = your #s.

Some sheet rockers charge by the sq ft of the SR bought to do the work.  So your paying for the waste as well.

Not that this is right or wrong, but needed to be on same page.

A good plan on these types of bids are;

What does this include?

What doesn't this include?

What are your rates for extra work?

Normal hourly rate is  $ /man hour  or per man day.

What is your OT rate?

Best to ok extra work rates BEFORE your begin.

Then when you find their day rates, ask how long to finish.  This gives you their labor part of the job

$ per day, $ per man hrs should add up to what he expects to spend in labor on a job.

Then if you know the cost of materials you should be close to his bid.

Don't forget job cost usually are  material + 10% overhead + 10% material profit is normal

Then add the labor total and maybe 10%-30% profit.  If #s don't make sense, ASK WHY?

To minimize fluff or incidental mark ups, ask directly, What are you concerned will dirve up your costs?

Often contractors fluff because they have not worked with you before, afraid the job won't be ready for them, other trades undoing ect… when you can address his concerns, they go along way.  The quicker he can get in and out, the more $ he will make on the job.

A lot of General contracting is juggling trades and understanding the issues while seeing the big picture.

If you want more info on this, hit me up directly

Post: Unfinished house a good option?

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

Sorry hit post by mistake

Costs for finish per square foot are great than roughing in.

So painting can be super easy and cheap, but is the finish work around doors and windows done?

Major components to view finish is 'how done are they'

Electrical, HVAC plumbing.

Big difference between just needing outlets switches and still need a portion of electrical done.

Keep in mind most banks don't like to lend on non move in houses to average buyer.  They look for functioning plumbing, electrical HVAC etc.  You cant get a certificate of occupancy when these items are non functional for whatever reason.