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5 June 2024 | 14 replies
Hey Michelle, what I would say is to keep calling that list.I like pulling expired leads, pre- foreclosures , and probates at the moment so I can do creative deals!
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5 June 2024 | 4 replies
Will title insurance still cover any leans/unpaid taxes if any?
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5 June 2024 | 16 replies
This might depend on the real estate strategy you use.
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7 June 2024 | 4 replies
Tenants pay for utilities, so for expenses I have vacancy 8% ($198), taxes $395, insurance $85, maintenance 3% ($74), CapX 5% ($124).
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5 June 2024 | 4 replies
Consult a lender and get pre-approved before worrying about which areas to target.
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7 June 2024 | 5 replies
You must buy in the same “tax name” as you sell if you’re married filing jointly I’m pretty sure you can’t do a 1031 on just “your half”Ps.
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7 June 2024 | 13 replies
A lot of potential, but zoning would be a big issue, depending on where you are placing them.
8 June 2024 | 15 replies
Assumptions for VA and FHA are full documentation- w-2, 1099, IRS taxes, paystubs, bank statements... the War and Peace novel.
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7 June 2024 | 17 replies
I would start by getting a look at what you're working with - paying for an inspector to visit isn't a bad idea, but depending on how much hoarding was done, it may be wise to remove some of the junk items first so they can give you a more accurate report.
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5 June 2024 | 10 replies
It's interesting that many of these VC-backed PMC's, despite having 10k+ properties under management, aren't doing well financially - one of them just merged with another industry-related company also not doing well.Just for fun, here's a partial list of PMC expenses that owners pretend don't exist:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Business income tax preparation and paymentsStaff payroll & payroll taxes Time Tasks: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why something is taking so long, and more & more & more...OBSERVATION: many owners only want to pay a flat fee or 50% of a month of rent as a leasing fee - without realizing the repercussions.