All Forum Posts by: Tyler Suggs

Hi Melanie,

Perfect, licensing is something that we were almost positive on but wanted to double check in this group with so many experienced folks in this group!

Buildium is our current software & we use quickbooks as well for accounting purposes (buildium has some but not all accounting features we need). 

The accounts are separate so that's good and the 1099 forms should be easy to figure out as buildium has a built in process for those. 

Documenting policies and procedures is something that we should do sooner rather than later so thank you for that.. it's just my partner & I as of now but as we progress it will help to have these written out. Even now it can't hurt so that will be added to the list of things to get done!

Thank you so much for your insight!

Tyler

Hello BP Community!

My name is Tyler and I am new(ish) to the Bigger Pockets community but have been listening to the podcasts for years. I have worked in the property management field for about 3 years and my partner in business for about 10; we are both full time career firefighters and have decided to make the transition from working for others to working for ourselves!

We have the LLC, a few clients and things are going great so far when it comes to the front end and actual management aspect! When it comes to the backend work and being sure that we are operating with the proper licenses, keeping the proper records and all of that FUN STUFF it is all new. I just want to be sure that we are not overlooking anything that may come back to bite us down the line and we are obviously looking to maximize our tax write offs and benefits so if there's any CPA's interested in having a conversation please let me know!! Any current PM folks with insight would be a massive help as well.

Thanks in advance to all of your help, I look forward to hearing from you all and interacting for years to come as we all build and grow!

Tyler

Okay, that’s a really good idea! I could always get more active like you just mentioned and see if I could stumble upon a great deal. Not being a realtor or knowing the lingo makes it a bit intimidating but nothing worth while comes easy so I will consider it for sure. 

 Thanks Simon, that’s a great idea but they’re tough to come by in my area! That’s not to say they don’t exist but they’re tough for sure..I will keep my eyes peeled for them and a lender that accepts rents in my preapproval figure, that’d be best case scenario in my mind!

 Good morning Stacy!

That is sort of the realization I’m coming to currently, especially in the market we’re in! Even is there is a correction of some sort, I don’t think that prices will go down much if at all and as you mentioned we can refi for a lower rate when they inevitably go down in the future. Long term wealth is the goal so I think buying even if expensive is the way to go. Thank you so much for the insight! 
     

 Good morning Jordan!

Thank you, the wedding sure is coming up fast only 5 months away now! I have looked into house hacking and wouldn’t mind house hacking a duplex but renting by the room for sake of our comfortability isn’t really something we’re willing to do. I know it is a great option and if we could suck it up for a year or two it could really pay off but we’re looking to start a family and house hacking doesn’t seem like a very conducive environment for that in my mind! It is something to think about though and I appreciate your insight!

Thank you! 

 That’s a great point, I can always sell down the road if the cash flow isn’t there. I guess I’m just nervous that if the market drops and I want out and the property doesn’t cash flow then I’m in a terrible spot. I know running the numbers can prevent this from happening and as you said the market up here is strong but it still remains a worry of mine! The condo may be the move for the next few years if we can get it for a price that makes sense with all of the work it needs. Thanks for the insight Justin, I appreciate it! 

Thanks Kyle! Appreciate the insight. The location of the condo is in an area where there is some tourism so short term could be an option but I’d need to get my hands on the condo docs and bylaws before I could determine this (working on that now). As far as creative financing ideas go, I will have to see if/what type of creative financing the seller would be willing to do but it is a great suggestion for sure! 

Hello Bigger Pockets community! This is my very first post in the forums and my first day as a Pro member so figured what better time than now to post.

A quick rundown of my situation/options: My fiancé and I are currently renting a tiny 1 bed 1 bath apt for only $1,500/month (a steal in our area) but with our wedding fast approaching and the desire to start our family we are on the hunt for more space. (Not to mention our current apt smells of cigarette smoke, not a scenario I will even entertain when it comes to having a pregnant wife/our first child)

After sort of running through our options and what is on the market both for purchase as well as rentals, I have found that rents for apartments around us with at least 2 beds start around $2,400 a moth and can range all the way up to $3,500.

Small single families around us in decent shape not needing COMPLETE renovation/updating go anywhere from $450,000 to $600,000 and with the mortgage rates wind up being about $3,200 at a minimum and up from there.

Our 3rd and most realistic option seems to be a condo (which I don’t love the idea of) which surprisingly go from about $300,000-$450,000 (higher than I’d expect) with condo fees ranging from $0 to $400/month. After using some of the BP calculators even if we could get a condo on the cheaper side with 2 beds and 1.5 baths (around $400k), it’d be tough to rent it out after fixing it up to cover our mortgage costs. It winds up costing us $2,800-3,100/month and that includes us putting about $40k down.

This all leads me to think maybe it does make sense to continue to rent for a bit and sort of see what happens and continue to try to put money away? I hate the idea of continuing to rent but hate even more the idea of buying a condo or small single family (if we could even find one) and wind up not being able to cover the mortgage with the rents in the future. I’m torn on both and will continue to look at the options and see what comes onto the market but hoping for some guidance from others with some more experience or some different views! WHAT DO I DO?!

Thank you ahead of time for any insight or opinions, I appreciate any input!

Tyler

Hello Bigger Pockets community! This is my very first post in the forums and my first day as a Pro member so figured what better time than now to post. 

A quick rundown of my situation/options: My fiancé and I are currently renting a tiny 1 bed 1 bath apt for only $1,500/month (a steal in our area) but with our wedding fast approaching and the desire to start our family we are on the hunt for more space. (Not to mention our current apt smells of cigarette smoke, not a scenario I will even entertain when it comes to having a pregnant wife/our first child)

After sort of running through our options and what is on the market both for purchase as well as rentals, I have found that rents for apartments around us with at least 2 beds start around $2,400 a moth and can range all the way up to $3,500. 

Small single families around us in decent shape not needing COMPLETE renovation/updating go anywhere from $450,000 to $600,000 and with the mortgage rates wind up being about $3,200 at a minimum and up from there. 

Our 3rd and most realistic option seems to be a condo (which I don’t love the idea of) which surprisingly go from about $300,000-$450,000 (higher than I’d expect) with condo fees ranging from $0 to $400/month. After using some of the BP calculators even if we could get a condo on the cheaper side with 2 beds and 1.5 baths (around $400k), it’d be tough to rent it out after fixing it up to cover our mortgage costs. It winds up costing us $2,800-3,100/month and that includes us putting about $40k down. 

This all leads me to think maybe it does make sense to continue to rent for a bit and sort of see what happens and continue to try to put money away? I hate the idea of continuing to rent but hate even more the idea of buying a condo or small single family (if we could even find one) and wind up not being able to cover the mortgage with the rents in the future. I’m torn on both and will continue to look at the options and see what comes onto the market but hoping for some guidance from others with some more experience or some different views! WHAT DO I DO?!

Thank you ahead of time for any insight or opinions, I appreciate any input!

Tyler