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22 May 2024 | 5 replies
To keep the home loan people from getting confused, you will want to NOT report the rental income/expenses on your personal tax returns Schedule E, instead have the LLC do an S-Corp election, and report the income/expenses there (after confirming the truthiness of all this with your tax professional, of course).
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22 May 2024 | 6 replies
Their systems are set up to "deliberately" delay claim filings, supporting service calls, claim approvals and scheduling actual work - such that an owner is usually forced to fix an issue to keep a tenant happy or for property preservation.
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22 May 2024 | 19 replies
Regarding if you should DIY manage or hire a PMC:Many new investors read a couple of posts and then think self-managing their rental property, and avoiding PMC charges, is an easy way to boost their ROI.The reality, is that many of these investors really haven’t taken the time to properly understand what it takes to properly manage a rental property and the corresponding tenants.Here’s a list of some of the requirements to properly manage a rental property:Knowledge of all local municipality, state and federal landlord requirementsIntimate knowledge of all Fair Housing statutesUnderstand all federal privacy laws, as they’ll be handling social security numbers and IDsProper business insurance in the event their computer is hacked and or they improperly dispose of tenant data.Where to advertise their rental, other than ZillowWriting ads compliant with Fair Housing statutesCreating a process to accept calls/texts and schedule prospects to show their rentalA rental application and application fees that meet all local and state requirementsKnowing how to screen applicants to avoid professional tenants and the growing amount of fraudulent dataA lease compliant with all local, state & federal lawsUnderstanding local and state requirements regarding security deposit collection and holdingRent acceptance options for tenants and accounting system to track, including late fees, etc.Plans to handle nonpayment of rent issuesKnowledge of their local eviction laws or access to an attorney familiar with evictionsHow to accept, track and respond to tenant maintenance issuesBuilding a list of handymen and contractors for maintenance and turns between tenantsExpertise at evaluating tenant damages to charge against security deposit when tenants move outResearching local utility requirements to avoid suspension of services that could lead to frozen pipes or flooded basements, etc.
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22 May 2024 | 90 replies
They have scheduled another payment, won’t be received until the 8th, however my husband wants to begin the eviction process even with the payment pending to get the ball rolling in the event we need to follow through.
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22 May 2024 | 77 replies
Does anyone know if DealMachine stops sending regularly scheduled mailers to a property if you do not renew the subscription?
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22 May 2024 | 31 replies
Your deprecation schedule follows from your prior properties.You may want to look at syndicators that take 1031 money.
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21 May 2024 | 14 replies
AI is likely to have essentially no impact, or no impact beyond the general administrative support that we will all see improvements in around scheduling, autocompletion on texts and emails, etc.
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21 May 2024 | 4 replies
March was another triple electric month so I scheduled my tech to come out again.
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22 May 2024 | 12 replies
Look at your depreciation schedule on your taxes from last year.
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22 May 2024 | 48 replies
This refinance was completed three months after purchasing the property.Second property took a little longer to renovate due to the holidays and contractor scheduling issues.