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16 October 2024 | 4 replies
My list includes - last 2 years employment history and current employment [2 paystubs], criminal checks, eviction checks, No Pets, No smoking, tenant pays utilities, maintains landscape, no subleasing, bring own washer & dryer, 1 month security deposit and transfer of utilities before moving in, rental insurance, all occupants will be on lease, notice period of 2 months for termination, tenant references, No cosigners, no painting walls, late fee notice, any hoa fines should be paid by tenant, inspection of property at 3, 9 and 12 months.Please let me know if I am missing anything.3.
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17 October 2024 | 5 replies
Those things add up to billable fees also once the trust is established.
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16 October 2024 | 7 replies
The cost basis includes:Purchase Price: The amount you paid for the property.Renovation Costs: Add the cost of improvements and remodels that significantly enhance the property's value.Closing Costs: Certain closing costs related to acquiring the property (like title fees) can be added to the basis.You will then allocate the total cost basis between the land (which isn't depreciable) and the building (which is depreciable over 27.5 years for residential properties).If you're unsure about how to allocate between land and building, you can use the allocation percentage from your property tax records or get an appraisal.This post does not create a CPA-Client relationship.
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14 October 2024 | 19 replies
For lower sale prices you might see them have a flat fee minimum perhaps something like $2500 or $3k. 4.
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14 October 2024 | 37 replies
Do you not pay your fees up front in any of these?
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14 October 2024 | 420 replies
I’ve already paid off the subscription.
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16 October 2024 | 27 replies
I also think charging a 40% founders fee is a bit ridiculus.
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14 October 2024 | 24 replies
I have a small real estate portfolio and a long investing horizon as I'm in my early 30s.Thoughts on why to stop 401k:- no match benefit- returns are very low avg. annual ~5.5% last 3 years net of fees- can only borrow up to 50k from 401k - limited access to capital until retirement age Thoughts on why it could be good to invest in ETFs or general securities example instead(SPY) :- higher returns 9% avg annual last 3 years net of fees - access to capital - securities backed line of credit (could be used as another form of liquidity to continue purchasing real estate) - long-term mitigated tax liability - if you never sell the underlying securities and instead use the line of credit as a form of liquidity to purchase assetsIt seems like this could be a long-term strategy with limited tax liability.
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16 October 2024 | 5 replies
Initially, I underestimated expenses such as property management fees, maintenance costs, and unexpected repairs.
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17 October 2024 | 21 replies
I think I'll just pay some sort of consultation fee and have a engineer or architect review them and make any necessary corrections.