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29 January 2025 | 2 replies
We don’t know any PMCs to recommend in the Cape Coral/fort Meyers area, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
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3 February 2025 | 6 replies
If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.
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5 February 2025 | 14 replies
I would recommend opening up a brokerage account with Schwab, Fidelity, Vanguard or any other large firm like this.
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8 February 2025 | 4 replies
@Benjamin Larabee My accountant recommended I get a bookkeeper to organize my records as I am still building my portfolio.
8 January 2025 | 1 reply
Did you lie to the mortgage co and produce a “bogus” lease in order to obtain financing?
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31 January 2025 | 11 replies
A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.
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13 January 2025 | 6 replies
@Heather Bailey When house hacking with a separate rental unit, ensure proper insurance by obtaining landlord or short-term rental coverage tailored for Airbnb activities, in addition to your primary residence policy.
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4 February 2025 | 8 replies
Thanks everyone for your recommendations.
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4 February 2025 | 3 replies
That cost us 3k to fix Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
14 January 2025 | 7 replies
My wife and I have obtained three traditional loans and one lease with the option to purchase, resulting in most banks turning us down based on debt to income (non-portfolio lenders).