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1 November 2024 | 48 replies
If you are putting your STR on Sch C and NOT providing substantial services, you will cost yourself money long term and risk the IRS reclasses your activity (which may or may not have consequences).Nonpassive does NOT equal Income from Self Employment automatically.
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29 October 2024 | 9 replies
Buildium won't send it automatically.
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31 October 2024 | 2 replies
My initial thoughts were to do a free survey site and send it to the resident and then if it generates a 4 or 5 star create a zap with zapier to automatically send an email or text to leave a google review as well?
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3 November 2024 | 15 replies
Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.
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31 October 2024 | 7 replies
Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.
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5 November 2024 | 29 replies
Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.
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30 October 2024 | 8 replies
We syndicate to 50 different rental websites, some key websites that are missing in my opinion are: Realtor.com - Another solid option for reaching renters.Trulia - Similar to Zillow, with good visibility.HotPads - Focused on rentals and popular among renters.I recommend looking into the MLS syndication if you aren't using a third party that automatically syndicates the listings.
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28 October 2024 | 34 replies
No, it is not automatic!!
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28 October 2024 | 4 replies
A lot of leases include language about the lease automatically renewing if no written notice is given.
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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.