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3 August 2024 | 27 replies
Why would it take 3 months for a deed to become available?
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5 August 2024 | 6 replies
DSCR is calculated by using the monthly market rent or lease (up to 120%) and dividing it by the Principal, Interest, Taxes and Insurance Payment. 2.
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3 August 2024 | 10 replies
Current systems and tools:- Assistant to manage payments, invoices, ensure rents come in and chat with tenants for issues- Melio for vendor payments- Baselane for banking - separate accounts for each rental and deposit- Google sheets for Income and Expense reporting- Azibo for rent collection automation with late fee automations- Drive for my leases, SOPs, and documentations of tenants move in/move outGoals of improved system: ensure I have a read out of how each property is preforming month over month, check on big expense items, ensure vendors get paid, mortgages get paid and rent is coming in, generate APY on float and savings for any big CapEx that comes up, and make my life easier come tax season.Is there a single software people use or what do you do for your business systems to optimize all of this?
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6 August 2024 | 12 replies
I do think it has helped bookings, because I've gotten summer bookings much farther in advance, some 6-8 months in advance.
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5 August 2024 | 0 replies
The projected rents on the low side if I rented out each of the 3 beds individually would be $1800/month.
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5 August 2024 | 4 replies
I had a conversation with my friend, a real estate agent, a few months ago that really stuck with me.
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5 August 2024 | 21 replies
Anything worth buying would be $200k+ with most rent in the area going for $1,000 per month.
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5 August 2024 | 0 replies
The projected rents on the low side if I rented out each of the 3 beds individually would be $1800/month.
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3 August 2024 | 16 replies
Under the IRS rules, a person qualifies as a real estate professional if: (1) more than one-half of the personal services the taxpayer performs in trades or businesses during the tax year are in real property trades or businesses in which the taxpayer materially participates, AND.....(2) hours spent providing personal services in real property trades or businesses in which the taxpayer materially participates total more than 750 during the tax year.Like @Greg Scott and @Russell Brazil mentioned above, I don't believe that you would qualify as a REPS, but if you are going to try it, make sure you document it very well (i.e. with some kind of proof, like time cards, mileage forms, and/or receipts, etc.) so that just in case you do get audited, you at least have something to provide to the IRS agent.