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5 March 2020 | 5 replies
At a very high level, if you find a seller that needs to move quickly and is willing to sell at a deep discount to get what they want, then that's step 1.
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5 March 2020 | 35 replies
Because, even though it's free to clean, people don't bother when they know they aren't getting their security deposit back.
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5 March 2020 | 3 replies
Property doesn't need a stitch of work and is super clean but for whatever reason they are selling below and off-market.
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9 March 2020 | 60 replies
I cant count how many times ive had to clean it up or replace materials.
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11 March 2020 | 15 replies
He has already had to void the lease renewal for one tenant/friend who could not maintain clean standards and has just renegotiated a significant price increase for the second tenant/friend who is falling into the same issue - can't clean up after his dog, clean his bathroom, etc.The point is, without a lease to use as leverage, my buddy would be SOL and left to his own devices to negotiate with the neanderthals he got into bed with.
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5 March 2020 | 3 replies
Generally if you average 7 or fewer nights or 8-30 nights and provide "substantial" services such as tours, house cleaning during a stay, meals, etc you DO have to pay self employment tax.Kudos to this CPA site (tarlow. com/2018/01/02/tax-ramifications-short-term-rental/):"When property is rented for short periods, special (and sometimes complex) taxation rules come into play, which can make the rents excludable from taxation; other situations may force the rental income and expenses to be reported on Schedule C (as opposed to Schedule E).If you have been renting your home or second home for short periods of time, here is a synopsis of the rules governing short-term rentals so you can prepare yourself for the upcoming tax season.Rented for Fewer Than 15 Days During the Year: If you rent your property for fewer than 15 days during the tax year, the rental income is not reportable, and the expenses associated with that rental are not deductible.
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5 March 2020 | 3 replies
Does anyone have a cleaner they recommend for doing cleaning/turnover?
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5 March 2020 | 16 replies
For two reasons:1) because of the synergies: you already have a cleaning crew, handyman, you know how to furnish these units, you know how much to charge, you know how to market them, etc.
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7 March 2020 | 27 replies
I'm not your lawyer, so you know, I don't give legal advice, and things I say you should consider stupid internet rumors.The way that statue reads to me is... you can really do whatever you want with it, but if the tenant files a demand for it and you can't product it in the needed time, you'll end up owing them triple the deposit as a penalty, so you should probably make deep considerations on the risk profile, as if you can't produce it quickly, it gets even more expensive, very fast.
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5 March 2020 | 7 replies
My wife was there cleaning all day so I could show it to a bunch of potential tenants tonight after I got off of work from my job (active duty Army).