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22 October 2021 | 5 replies
Once you buy one, you'll probably buy more.Some suggestions:1) Us Quickbooks and set up Classes for each property and subclasses for each unit. 2) Scan EVERYTHING to either Google Drive or Dropbox. 3) Create a consistent folder-tree convention, example: Main_123 (property address with street name first) -General Property Info --Insurance --Property Taxes --Title Docs --LLC DOcs --Purchase Docs --Loan Docs-Utilities-Maintenance-Leases --Folder (LastName_FirstInitial)-Advertising-Rental License-InspectionsAppliances & Mechanicals (pics, model tags, warranties, etc)4) Create list of consistent naming conventions for files so you don't have to open themExample: yyyy-mm-dd Main_123 Water Bill mm-dd to mm-dd $xx.xx Lease Main_W_123_#unit (LastName_1stInitial) $RentAmount EXP yyyy-mm-dd5) Create a great lease by reviewing several from online, then have attorney review for compliance with state & local laws.
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28 October 2021 | 19 replies
Why set the lease to start tomorrow if he wont be utilizing the room for another 3-4 weeks?
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24 October 2021 | 4 replies
Use a copy of the Quit Deed to show the proof.Update everything associated with your business (utilities, bank accounts,...) to the LLC name
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22 October 2021 | 4 replies
So how do I make my tenets pay all the utilities?
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22 October 2021 | 0 replies
One big takeaway for me personally, would be to utilize the help of a licensed professional commercial realtor to negotiate on my behalf, going forward.
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1 November 2021 | 15 replies
I wouldn't include any utilities in rent if it can at all be avoided, even with solar.
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25 October 2021 | 12 replies
Owners with 40+ units tend to have more expenses (maintenance, utilities, etc.) and are more likely to have tenants that pay late, so we try to wait until the majority of funds are received before paying them.
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22 October 2021 | 1 reply
Is it possible to get around an assignment clause by utilizing a LLC as the buyer then selling the interest in the LLC to the end buyer (Cash Buyer) at the closing.
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22 October 2021 | 3 replies
1200 Gross - all the utilities, furnishing the unit suitable for a STR etc.
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31 October 2021 | 1 reply
Many places in Florida are builder where city utilities are not yet available.