All Forum Posts by: Ryan Moran

@JR T. - Thanks so much!  That's roughly what I was thinking, but it's good to hear it from someone more experienced.  I really appreciate the reply.
-Ryan

Hi everyone!  I have a quick question regarding hiring management while I'm out of state. 

I have an acquaintance who is an experienced handyman and a true professional.  I ran the idea of having him fulfill some management tasks for my two occupied rentals after I move out of state and he responded very positively.  He'd be responsible for periodic inspections, taking pictures during turnovers, any minor repair calls, and showing the property when my current tenants leave.  So my question is this:

What should I reasonably offer him for his work?  Pay him per house call?  Pay him per showing?  Per signed lease?  Anything I should definitely do or not do?

Thanks in advance!!! You're all wonderful.

~Ryan

Good deal, we'll go with that.  Thanks!

Hello everyone!  My very first rental property is going on the market today and at the last second I realized I had a question (that's where you come in).  

My rental is a townhouse governed by an HOA (I know I know, they're terrible). But I've vetted the HOA, called other owners, and I'm cool with it. Anyways, when you advertise for your rental does that advertised price include the HOA fee or not? Let me explain.

Before I purchased this property I called around on some similar rentals in the area asking about pricing and amenities. One manager I called said "rent is $750/mo plus a $50 HOA fee each month." Others nearby would advertise as $800 and be all-inclusive.

What's your opinion on this?  The lower advertised price might get more people calling, but aren't you just going to tick them off when you drop another monthly fee on them?

-Ryan

@Michael Boyer Awesome answer, sir.  The thing about the schedule E is a great idea, I'm going to go do that right now.  That was my big worry; tracking a some stuff and then realizing I was an idiot when taxes came due and missed something.  

Do you do anything in particular for receipt tracking?  For one rental I could just keep a pile, but that's silly because it's not a "scalable" model.  I'd like to get into good habits now before I have more properties and a greater need for a better system.

@Daniel Chang That's a good point.  You think I should go hire one right now? Or wait until tax season? Is there any benefit of doing it now versus just tracking it all myself then hiring a CPA come tax time?

-Ryan

Wow, thanks for the quick responses!  That's roughly what I was expecting.  Just trying to avoid a big blunder.  I'll probably search around for an excel format so I don't spend a bunch of time reinventing the wheel.  Thanks!

-Ryan

Accounting dummy here.  Not that it's any excuse, but as a young guy with very few expenses I haven't felt the impetus to keep track of my personal finances in any way other than the resources provided through my online banking.  Taxes usually take me about 20 minutes to complete because I'm just . . . simple.  As such, I'm completely lost when it comes to accounting.

In a few days I'll close on my first rental and I want to have all my ducks in a row.  What would you all recommend?  Just start listing expenses and rental incomes in an excel sheet?  Is there a free software that would work for me?

Thank you all!!

-Ryan

Oh, and as a side note, I have decent film making and editing skills, so if I do end up making a video walkthrough I'll be sure it won't look like some flip-phone shaky-cam mess.  Haha!

I was wondering if anyone here has experience with creating a video walkthrough of their rental property to help attract desirable tenants.  I'll close on my first rental property in a few days and want to hit the ground running.  I'm imagining a video of myself walking through the property showing and talking about its features.  The link to this video would be posted on all the usual advertising websites so that prospective tenants can get a better feel for the property above still photographs.

Anybody have any experience doing this?  Example videos maybe?  Advice for a newbie?

Thanks!