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14 January 2025 | 2 replies
My wife and I have overhauled our personal budget to reflect the 'pay yourself first' approach (allocate in order: income comes in -> invest -> donate -> fixed expenses -> variable expenses -> fun $$).We are looking to see what experienced people generally recommend for a holding tank for that 'invest' allocation while we target our first real estate deal.What financial vehicles have you guys used that works well for this?
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16 January 2025 | 40 replies
These companies don't want people to buy the vehicle just to resell it and make a quick buck, so they don't allow transfers right away.
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5 February 2025 | 29 replies
The perceived benefit to the investor is they either get the inflated price, or if the deal goes "bad" and the tenant defaults they get to keep all the deposit money and rent and all that.
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26 January 2025 | 2 replies
Unfortunately, it's now going to get more complicated:(There are two types of approaches PMCs use to bill for maintenance:1) In-house ServiceTechs on the payroll, so owners are billed for their time by the hour.While the labor charges above are useful, they don't cover the true costs a PMC incurs, like:- Payroll costs for FICA, Social Security, Medicare, etc. that typically add 25-40% to the hourly rate- Medical insurance costs for the worker- Payroll processing costs to handle all of the above- Liability insurance costs in case worker damages something or injures someone- Workman's Compensation insurance- Costs of vehicles and tools- and more...Typically the management contract will disclose the total hourly rate an owner will be charged.
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15 January 2025 | 4 replies
I have a house rental in California. The tenants have been great, but the lease ended on 12/31/24. They stated they physically moved out, but still had belongings in the property. They accessed the property until t...
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14 January 2025 | 4 replies
Occasionally if they have other assets maybe she can keep the equity of the house and he gets to keep his full 401k or something like that.
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14 January 2025 | 9 replies
That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.
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9 February 2025 | 36 replies
Keep track of every property--the address, purchase price/date, sale price/date, profit, rent at purchase, rent at sale, cost to renovate, take before and after pictures.
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25 January 2025 | 17 replies
I may be misremembering this next part, but I recall one of the RTR podcast episodes where he mentions that RTR keeps all the “10’s” and gives the “9’s, 8’s, and 7’s” to the customers.
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14 February 2025 | 6 replies
Are there any tips or tricks I should know or keep in mind when approaching closing and for after?