All Forum Posts by: Sean McLaughlin

@Basit Siddiqi

Yes, I believe my trips back to Florida should be deductible, but I have done a poor job of mileage tracking in the past, so I decided to let it go. Are you taking on new clients currently and would you like to discuss in the next couple of weeks?

Hi All,

I'm looking for a CPA and would appreciate some recommendations for those that you have had good experiences with. Specifically, I'm looking for someone who specializes in real estate investment. As far as my circumstances go, I have three long-term rentals in Florida, but I live full-time in Tennessee. I am looking to begin scaling my portfolio in 2022.

Thanks,

Sean

After listening to me talk about it for the last 10 years and watching me purchase a few properties, my wife asked me to pick out 3 books for her to read about personal finance/real estate investing (a week ago). I used to talk to her about partnering or her becoming an agent, but it's been several years. I guess my advice would be to make sure your spouse is aware of your interests and that he/she understands the value of them. It's really up to them to get on-board. Also, have enough money saved/invested that there is not a ton of risk, in their eyes.

Of the places I've lived, Chattanooga, TN takes the cake. In order,:

1) Chattanooga, TN

2) Tallahassee, FL

3) St. Louis, MO

4) St. Augustine, FL

5) Cape Girardeau, MO

@Marelyn Valdes

This is extremely helpful! The AC is fixed now, but I had to come out of pocket for the freon - $640...and I'm sure there will be more issues in the near future, as this is a 30 (!!!!) year old unit. Thanks to your post, I will be trying to find negotiation angles with the warranty company...before I cut the warranty altogether. Thank you!!

Thanks for the response, @Alex Smith. I don't like the home warranty, but I'm a long distance landlord and this property is basically breaking even (also owe as much as it would sell for), so I don't want to hire anyone yet. The warranty offers me a lot of ease since I only have one point of contact. It also has never been this bad. I usually have a contractor at the house within 48 hours and the issue gets fixed. The problem this time is that the contractor didn't try to figure out the root cause at the time of their first visit.

Lesson learned. I'll likely have a manager for all future properties.

I appreciate all of the responses!

I ended up sending my tenant cash and he was ecstatic - one of the perks of renting to college students. I will also check with Home Depot/Lowes/Craigslist to see what I can get in the meantime. 

Seeking advice:

I have a rental property in North Florida that has been without AC since 6/25. The contractor that my home warranty company sent reset the HVAC unit and it worked for one night, 6/28. I called them immediately the following Monday morning and they weren't able to come back until 7/4. They determined that the compressor on the HVAC unit had to be replaced. They called today to set up an appointment on Thursday of next week, 7/17, to install the new compressor. 

Two questions:

1) Should I compensate my tenant for this inconvenience? I was thinking about sending $100 for him to take his girlfriend out because he's been staying with her. 

2) Do I have any recourse with the contractor or the home warranty company? This is ridiculous. It's summer in Florida and it's taken them 3 weeks!?!?!

I appreciate the responses!

-Sean