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19 May 2024 | 21 replies
I listen to plenty of podcasts from the others....and they seem legit as well, if you apply the knowledge.Here's the list of gurus I have:Brad Sumrok- Rat Race 2 Retirement...expensive, but I personally know lots of success stories.
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19 May 2024 | 2 replies
This prompted me to shift my focus towards planning for the future and setting clear goals.Motivated by a desire to own a home someday, I began exploring listings on platforms like Zillow and Redfin.
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20 May 2024 | 177 replies
@John Nachtigall...I appreciate you sharing your experiences thus far with the Cardone Capital platform.
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19 May 2024 | 15 replies
I was recently introduced to the rent by room Medium Term Rental platform Padsplit.com.
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19 May 2024 | 21 replies
I think there's a place for a legit tenant advert site, but it may be hard to get started.
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22 May 2024 | 90 replies
Yeah this is the exact reason that I would NEVER use a platform that could interrupt my business.
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18 May 2024 | 11 replies
Because it's a banking and bookkeeping platform I can set up individual bank accounts quickly and easily in Baselane and keep track of revenue and expenses for each property and easily run basic and customizable reports.
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18 May 2024 | 2 replies
Let's explore some effective approaches for managing investment properties:With a Property Manager:Screening and Selecting Tenants: Entrust your property manager to handle tenant screening, background checks, and selection, ensuring reliable renters for your investment.Rent Collection: Property managers can ensure timely rent collection and handle any late payments or lease violations professionally.Maintenance and Repairs: Delegate routine maintenance tasks and repairs to your property manager, who can coordinate with contractors and vendors to keep your property in top condition.Tenant Relations: Property managers serve as the primary point of contact for tenants, addressing their concerns and ensuring a positive rental experience.Lease Enforcement and Evictions: Trust your property manager to enforce lease terms and handle the eviction process if necessary, following legal procedures.Financial Management: Property managers can handle financial tasks such as budgeting, accounting, and financial reporting, providing you with regular updates on property performance.Without a Property Manager:Self-Management: Take on the responsibility of managing the property yourself, handling tasks such as advertising vacancies, screening tenants, and collecting rent.Outsourcing Specific Tasks: While not hiring a full-time property manager, consider outsourcing tasks like maintenance and repairs to trusted contractors or service providers.Utilizing Technology: Leverage property management software and online platforms to streamline processes such as rent collection, lease management, and maintenance requests.Establishing Clear Policies: Set clear policies and procedures for tenants regarding rent payments, maintenance requests, and lease terms to minimize conflicts and misunderstandings.Regular Inspections: Conduct regular inspections of the property to identify maintenance issues or lease violations early on and address them promptly.Building Relationships: Maintain open communication and positive relationships with tenants to foster a sense of community and encourage better care of the property.Whether you choose to hire a property manager or manage the property yourself, effective communication, attention to detail, and a proactive approach to property management are key to maximizing returns and maintaining the value of your investment.
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20 May 2024 | 121 replies
I also get the impression from what is listed on the various platforms (loopnet, etc.) that prices are way too high.
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19 May 2024 | 25 replies
You won’t end up in tax court but if you do, you would win based on everything you cited about material participation as long as you have a time and activity log that shows your tasks and provide a guest list that shows the number of nights your guests stay (easily found on the various platforms).