Merritt Harris
Cohosting and Property Management Payout structure
I realized that my property management contract states that I'm paid 20% of gross revenue, but in fact, I pay the cleaners their fee first (I mark it up a little on my OTA to factor for platform fees) and then I take ...
Pat Ayres
Flips & What's a good profit?
Hey everyone at BP,I am working on my first (non live-in Flip). As it stands now with rehab costs, holding costs, Closing costs, & paying the buyers agent, I will net out at $33,000. Since I am not flipping as an ...
William Lackey
Business for landlord
Wife and I flipped our first property in 2020. Recently purchased a duplex and we will rent both units. What kind of business can I start to take advantage of tax deductions. My wife and I are both W2 employees and ma...
Ian Saingarm
Tax strategies for house flippers
Let's say you made a couple hundred thousand in net taxable income from house flipping and you're holding some of that cash through the end of the year until you find another property, so 1031 is off the table. Other...
Helen Zhang
What kind of business entities do you use and why?
Hi BP community,I have been actively googling on what kind of business entity I should use. (Yes I did speak to my tax consultant, but I don't think he have been helpful). So I thought I should simply learn from real ...
John Anderson
Evaluate my insurance policy?
Hi all,
Just bought a small duplex in my personal name. I’m a relatively risk-averse investor and was wondering if anyone would mind taking a look at my policy and letting me know if my coverage is sufficient for thi...
Jason Edwards
Property Management Fees
What are the typical costs to have a property manager assume existing tenants? Since there is no tenant placement, what fee is normal to have them takeover?
Aaron Xie
Is it normal for a management company to withhold repaid rent?
Good morning, BP fellows.
I have a rental property in Indianapolis managed by a big PM company. They tell me that the tenant has paid three months rent in advance. However, they have to withhold the extra t...
Gerald Turner
Best insurance practices
Hi BP My name is Gerald I’m a new investor can anyone tell me what are some good “standards” for insurance coverage for a small Multifamily fourplex. I was just trying to get a quote and was not sure what coverages we...
Scott Gadea
Can I write off a truck?
I owe 2 rental properties, (5 doors), in California. The 1st property is a single family home which is about 5 miles away from where I live. The 2nd property is a 4plex which is about 140 miles away from where I live...