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11 February 2025 | 25 replies
Currently using Stessa for accounting, apartments.com for rent collection and document sharing.
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13 February 2025 | 9 replies
For this strategy you would distribute the property to partners based on their ownership share, dissolve the LLC and then partners collectively sell the property.
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14 February 2025 | 8 replies
So, we obtain a full credit report and review collections, chargeoffs, age of credit accounts, active accounts, etc. to build an overall credit evaluation.FICO ScorePct of PopulationDefault Probability800 or more13.00%1.00%750-79927.00%1.00%700-74918.00%4.40%650-69915.00%8.90%600-64912.00%15.80%550-5998.00%22.50%500-5495.00%28.40%Less than 4992.00%41.00%Source: Fair Isaac CompanyWe also obtain data from national databases about evictions, convictions, and sex-offender histories.
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31 January 2025 | 19 replies
So by spending $42k I collected an additional $75k over 5 years, and then sold the furniture through a consignment store collecting $8k as my share.
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29 January 2025 | 25 replies
They are intent on collecting money before there is any property cash flow and less interested in doing the job they are hired for.
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7 February 2025 | 8 replies
You'll have a small empire by the time you are 30.However, being a landlord involves a lot more than just collecting checks.
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21 February 2025 | 23 replies
Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.
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22 February 2025 | 12 replies
Unlike CPAs, EAs focus on tax matters and can represent clients before the IRS in audits, collections, and appeals.
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31 January 2025 | 3 replies
I believe in putting in the work—1,000 hours of research, testing, and learning—before offering advice, and I’m excited to tap into the collective wisdom of this community to refine my approach.Here’s where my head is at: I’m considering strategies like short-term rentals (Airbnb) for higher cash flow, long-term rentals for steady income, or even creative options like house hacking or partnerships to stretch the funds further.
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7 February 2025 | 9 replies
You may want to make an introduction between your CPA to those 2 colleagues.The CPA can go over their services and pricing to your colleagues.I partner with many people on real estate deals - It never gets to a discussion on whether they do their own tax return or hire a professional.If a partner mentions he will provide capital - does he provide the capital on a timely manner.If a partner mentions he will find deals - does he find many deals and provide an analysisIf a partner mentions he will manage a property - does he manage the property well(find tenants, collect rent, communicate with contractors, etc)