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17 July 2024 | 12 replies
Hey @Mike Allen, I use the Schlage Encode Smart Wifi Deadbolts at my STR - one for the front porch door into the property (it's a duplex), a second for the main entry door into the upstairs unit itself, and then one on the supply closet in the unit for our cleaning team.I don't have any third party management software in place at the moment, and therefore can't speak to the integrations at this point in time.
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16 July 2024 | 4 replies
If you are renting it to family for under market value and tired of paying, then sell it.
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16 July 2024 | 4 replies
Based just on your DSCR calculations, it appears this property is significantly under-performing, or if it is operating well, then it is significantly over-priced.If your plan is to reposition the property, then you need a bridge loan or private loan to acquire and manage the property.
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16 July 2024 | 41 replies
You do not need to have a license to manage an apartment community.Property management can then be broken down into "annual" property management (normally a unit without furniture), a seasonal rental management (such as 2 weeks to several months up to 6 months) and then vacation rentals (sometimes for the weekend, a week, etc..).Each state has its different rules and licensing for each area of property management (annual, seasonal and vacation) as well as the different areas of management (association, apartment and property).I hope that helps.My understanding is that if you are an EMPLOYEE of the property owner you do not need to have a license; if you provide property management services as your management co owned business or as an independent contractor, then you do need a license.
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16 July 2024 | 1 reply
I have in the past hooked up cameras and paid for wifi until the house sold or rented, but setting up and then cancelling the service was very expensive too.
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16 July 2024 | 8 replies
If a multi (more than 1 full unit address) then you will need to shell out a smooth $1,000. 2d(d?)
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16 July 2024 | 33 replies
Maybe THEN you see what you hoped wouldn’t happen - that you may be out a month’s rent or so - but that is why we mention a vacancy rate when forecasting rents, right?
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17 July 2024 | 10 replies
If I flip a house and make a profit after 6 months, then buy a new property 3 months later, what taxes will I be obligated to pay?
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17 July 2024 | 7 replies
I personally have each of my properties setup in their own LLCs (no biz license required where I am at) and then have a personal liability policy to cover myself as an individual in case someone got through the LLC wall.
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16 July 2024 | 9 replies
if its $5k then its not worth contacting them.