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4 July 2024 | 6 replies
Despite the hoopla and perceived confusion, a self-directed 401(k) plan is nothing more than a trust.
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10 July 2024 | 256 replies
Examples of permissible activities include the preparation professional scholarly articles for publication and participation in seminars, lectures, and civic programs.A Member who writes or speaks for the purpose of educating members of the public shall never imply that he or she is speaking on behalf of any other entity, including RMAI, unless specifically authorized to do so.A Member should report unethical behavior of others to the appropriate governing body.CANON 6 – RESPECT FOR THE JUDICIAL SYSTEMAn RMAI Member shall always demonstrate respect for the judicial system which shall be revealed through the absence of litigation (or threat of litigation) that is intended to harass or maliciously injure another or knowingly violates local, state, or federal laws or court rules adopted for the bringing of an action before the judiciary.Commentary:A Member may, where permissible under the bounds of the law, exercise its reasonable judgment in pursuing with ardor legally owed obligations.A Member may test the bounds of law when faced with issues that are new, uncertain, or have contradictory treatment by the courts, regulators, or in statute but shall not assert a position that is frivolous or for the purpose of harassing another.A Member may, in good faith and within the bounds of the law, take steps to test the correctness of a ruling of a tribunal or the validity of a statute or regulation, provided they proceed with caution, demonstrate respect for the judicial, executive, or legislative entity being challenged, and strive to comply with the existing ruling, regulation, or statute until such time that it is overturned or otherwise changed.A Member should treat proceedings that may occur in quasi-judicial or administrative systems with the same respect as they would with proceedings before the judicial system.A Member shall not give or lend anything of value to a judge, official, or employee of a tribunal before which it has business.CANON 7 – RESPECT FOR THE ASSOCIATIONAn RMAI Member shall always demonstrate respect for RMAI which shall be revealed through their cooperation in adhering to the RMAI Bylaws, RMAI Code of Ethics, and as applicable the RMAI Certification Program and through prompt responses to correspondence from RMAI staff, RMAI agents, the RMAI Ethics Committee, RMAI Certification Audit Committee, or RMAI Certification Remediation Committee concerning alleged, perceived, or actual violations of the Bylaws, Code of Ethics, or Certification Program.Commentary:Membership in RMAI is a privilege and not a right.
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1 July 2024 | 8 replies
This could make your ADR less competitive, but if marketed correctly I'm betting that people might perceive more value, which keeps occupancy at least the same.I'm thinking of a model where you tell guests they have "add-ons included" like grocery delivery, prepared breakfast package, attraction tickets, inner tubes, etc.
3 July 2024 | 20 replies
This misalignment often leads to conflicts and disagreements, as realtors may perceive wholesalers as driving down property prices and potentially affecting their own earnings.The commission-based model for realtors can also create a sense of competition and rivalry between them and wholesalers.
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29 June 2024 | 13 replies
Out-of-state turnkey may sound attractive, but the cash flow is low and the perceived passivity is too high as you still need to manage the manager to be successful.Go to some local real estate meetups, talk to other investors near you and see where they are investing and at what price point.
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27 June 2024 | 37 replies
Hire a PM, co ASAP, and stay out of their way .Question was likely asked due to perceived moral defect.
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20 June 2024 | 14 replies
It's tough to answer this question without knowing how your property is being marketed, perceived by buyers, stacking up against similar listings around you, etc.
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20 June 2024 | 69 replies
When we were younger people perceived us as doing little or no work, while they perceived themselves as being very hard workers.
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15 June 2024 | 10 replies
Probably considerable enough to offset any perceived gain in paying off the loan.
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8 June 2024 | 1 reply
These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.