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3 November 2024 | 8 replies
.- Sectio 8 also requires taxes be current.3) Insurance: we require an owner to add us to their policy for liability protection.- Have discovered owners with lapsed ploicies they thought previous PMC was handling.- Also found terrible policies that owners had, that they didn't understand.4) Utilities: We check that all utilities are properly set up and cofirm or enroll in any Auto-Transfer of Service programs to avoid no heat during winter leading to frozen pipes.- Dealing with a very upset new owner client right now that previous PMC didn't handle the water account properly.
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1 November 2024 | 5 replies
Because you have to keep the same taxpayer as owner from the relinquished property to the replacement property I'd worry that the legal protection you'd want for a development TIC won't be there.DSTs have high fee but probably are the best path forward for someone who wants to be fully passive and avoid legal risk.
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7 November 2024 | 30 replies
That should attract a savvy renter that performs well because they want to protect their credit or the large deposit.
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3 November 2024 | 2 replies
Dont tell your HML that you plan to occupy the property as HMLs cannot be done on occupied properties due to all the consumer protection laws in place.
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30 October 2024 | 28 replies
To solve this, I built a custom mobile app to handle rent payments and due dates because no other management software can handle the payment schedules or turnover.
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8 November 2024 | 31 replies
Perhaps a sober living company would police things and you would be protected but our experience was not good.
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30 October 2024 | 6 replies
I am working on a product that will help small-medium size landlords launch and maintain Internet presence at a small monthly cost without spending big budget on custom development.It will include: SEO, custom domain, direct syncing with your property management software, syncing with QB.
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31 October 2024 | 11 replies
However, this is a difficult qualification to meet, especially if you have a full-time job outside of real estate.Don’t worry if you aren’t able to qualify for REPS status, because there is another strategy that is referred to as a “loophole”, which is the STR strategy.Per Section 1.469-1T(e)(3)(ii)(A): there are six exceptions where your rental property income is not automatically considered to be “rental activity” and thus may unlock the door for being able to offset these losses against your active income.The average customer use is seven days or less.The average customer use is 30 days or less and significant personal services were provided (for example, daily housekeeping).Extraordinary personal services are provided, regardless of the duration of customer use.The rental is incidental to a non-rental activity.The property is available during defined business hours for non-exclusive use by various customers.The property is used in an activity conducted by an S Corporation, partnership or joint venture in which the taxpayer holds an interest.If your property qualifies by meeting one of the exceptions above, the next step is to demonstrate material participation in the rental activity.
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31 October 2024 | 2 replies
Their customer service was not helpful.
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5 November 2024 | 34 replies
Again, I have no idea. that's a much more personal decision, and that is probably why Jonathan Greene asked for more information from you about your experience level, especially since you wrote "I am totally out of my league understanding the possibilities of an MTR".To be successful in the MTR space, I would recommend that any owner or operator strive to provide the best customer experience possible.