All Forum Posts by: Zachary Ray

We have all had our breaking points and things can happen very quickly. It sure does compound. I think a few bad things happened and it was a lot to take in. This will pass as better times are coming. 2020 felt like this to everyone this year lol.

No problem man, its not the toughest thing to learn but it does take time to fully grasp the concept. Just like flipping. Best of luck to you!

You would make changes when it is not occupied. Maintain and keep them in good conditions. If stuff breaks you would repair. If your looking to sell then upgrading would be the idea just prior to that. 

If you are aware of the necessary disclosures and process then I say why not. If it is completely foreign to you then I would hire it out. Best of luck to you. 

Charge app fee per person over 18. Check your local laws to see how much you can charge. 

My opinion is that having all those separate will be a pain in the neck. LLC's can be great and I'm not an attorney, but an umbrella policy is what will go at bat if a litigation occurs. This method will simplify having all those accounts open especially when you start to really scale this thing.

He is exactly right, let them do the leg work. That is why you hired them in the first place. If you are unsure come tax time a tax professional can assist you on that side as well. Best of luck to you. 

Just keep in mind when you turn it over to a property management company they can charge way more than long term rentals. This can really eat your cashflow. I know the successful short term operators are self managing and keep them all local. They end up making a killing that way. Not sure how COVID is affecting this at the moment though. 

To be honest not every home that was lived in can be converted into a rental. If you purchase too much home the market might not support the higher rents and you won't cashflow. It can be a lot of risk the higher you go up in rent. If tenant misses payment you would have to cover it, are you financially sound to do so if it is at 1600 plus your bills as well? Now if your in a crazy area like California than those rents are not unheard of. Check around for accurate rates and see if that would work for you. 

Everyone on here is correct, Zelle and Venmo and Paypal work fine. If any hiccups happen stick strong to the lease.