All Forum Posts by: Seth Tandett

I'm new to SS too, but studying up on it like an addict. It's hard to say if it's a good deal or not on what you have shared so far. The expenses look light. Here are some other things I thought of:

Do you need to make any capital improvements to keep it operating? Are there utilities? Pest control? Advertising? Vacancy? Have you seen bank statements that show the current owner's income to validate the rent income? What's the current occupancy rate. What's the competition and market demand for space?

@Andy Bauman nice work! Was this in AZ?

Alright. Got the first purposeful rental property bought and rehabbed. Now we are looking for renters.

We are including in our advertising that we are looking for tenants that have:

1. Income 3x or more of monthly rent.

2. No evictions.

3. Clean background.

4. Good credit.

We are doing this in hopes of ridding the tire kickers.

I had someone call today and ask if unemployment benefits count as income...I told him I needed to ask the owner and would get back to him.

What do all think?

@Taylor L. I didn’t tag you on first reply. Just wanted to thank you.

Thanks Taylor! I appreciate your ideas and will pass them along. On a side note, I'm a fan of your podcast and have been to one of your meetups.

My mother lives at a Buddhist retreat in NC. It is a spot where folks from all over the world travel to study Buddhism and participate in related activities. I'm not exactly in tuned with what happens there, but my mom reached out to me to see if I could help in anyway. They are trying to raise $150K to keep the property operational for the remainder of the year. Hopefully by then, folks will be traveling again and the retreat can go back to in-person events.

Since all the people that work there are volunteers, they have been told the PPP doesn't apply to them. Is there anything else out there they should be looking into? It seems like this situation is unique, but I'm thinking there are a lot of organizations out there like this.

Thanks in advance for your help.

Best,
Seth

Hello -

I'm wrapping up repairing my first purposeful rental property (Yay!). Anyhow, I have hired some of the work out and paid that work with a personal checking account. Some of the work I did myself and bought materials, fixtures, etc. with my LLC credit card.

The property is in my personal name right now. What's is the proper way for me to reimburse my LLC for the credit card expenses? Do I just write the LLC a check for the supplies bought on the credit card?

Thank you in advance for my help.

I’m sure folks saw this already, but just in case you didn’t:

https://www.bisnow.com/national/news/economy/nar-recent-irs-tax-deadline-extensions-benefit-1031-exchanges-103865

I thought this would be a good article for folks to read right now with the uncertainty in the air. Think about what markets this investor has lived through since buying this investment in 1985.

I also like his comment about what others were doing with their money when he bought the property.

https://richmondbizsense.com/2020/04/14/bet-on-fueling-station-in-1985-finally-pays-off/

@Dmitriy Fomichenko - Thank you for clarifying. Say that your LLC has revenue coming from a qualified source - freelancing, side hustle, small business, etc. You decide to buy an investment property and want to title it under that LLC for an additional income stream. Can you roll that investment property income into your Solo 401K prior to paying tax on it?

Or, can my LLC with the Solo K be the property manager for my own investment properties that are held under separate LLC's?