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6 June 2024 | 6 replies
Take a look at your agreement with the listing agent so see if there is a penalty, if not request terminating your agreement immediately or hiring a local PM to represent you to communicate directly with the listing agent to end the agreement.
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7 June 2024 | 15 replies
A credible lender will be happy to provide them.Experience: Check how long the lender has been in business and their experience with similar projects.Red Flags:Upfront Fees: Be cautious of lenders asking for substantial upfront fees before any services are rendered.Lack of Transparency: If a lender is not transparent about terms, fees, or the loan process, it’s a red flag.Unrealistic Promises: Beware of lenders promising guaranteed approvals without a proper assessment or offering terms that seem too good to be true.Poor Communication: Difficulty in reaching the lender or getting clear answers can indicate potential issues down the line.By conducting thorough research and due diligence, you can confidently choose a reputable hard money lender that meets your needs.
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5 June 2024 | 3 replies
Things I've got down to minimal effort or fully automated: * Rent, security deposit, and fee collection* Basic accounting and tax packet creation* Listing vacancies* Lease signing* Applications, credit, and background checksThings I'm still dealing with directly ad-hoc or don't have a well defined process or solution in place for:* Requests and communication with tenants* Finding and coordinating service providers for maintenance and repair work* Scheduling showings and getting prospective tenants to make their appointments* Tenant turnover for move in and out* Keeping up with legal changes and lease template updates* Setting rent amounts* Lease enforcement - tenants are responsible for things like yardwork, routinely get letters from the city about weeds / tall grass, etc.Questions for the group:* What am I missing if I were to make out a checklist of an "automated property"?
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6 June 2024 | 1 reply
I've personally communicated with the inspectors, and they are aware of how the tenant is trying to manipulate the situation.
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11 June 2024 | 46 replies
The only way to value a home is by using sales comps, if you use any other method it's not going to be as accurate.
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6 June 2024 | 2 replies
I would also look into implementing a PMS so that you can effectively manage all of your calendar’s & communication with guests.
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6 June 2024 | 11 replies
I have heard creating a holding company first then having my llcs under that is the best method.
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7 June 2024 | 8 replies
There is nothing illegal about direct communication between buyers and sellers.
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5 June 2024 | 4 replies
Note that you typically have two years from the date you paid the tax or three years from the date you filed the original return (whichever is later) to submit an amended return.FORM 3115This is a specialized IRS form that is used to request permission to change an accounting method.
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6 June 2024 | 8 replies
I use the DISCERN method to look at locations and do a yes no in 30 seconds.