All Forum Posts by: Steve Vaughan

No way.  You lost this agent anyway it sounds like.  Why can't he just be happy for you having a buyer show up?  You didn't deliberately dodge him.  I know how important relationships are, but this temper tantrum has shown his true colors.  Character shows when my 4-year old is in the cereal aisle and he doesn't get what he wants either!

My old version of QRPM doesn't manage marketing.  Newer versions probably have a lot of e-pay features and platforms for estimating on top of the normal stuff.  I just use it to manage multiple properties, multiple tenants, their move-in dates, lease terms, security deposits, income, expenses, etc.  Just day to day landlord operations is what I use it for.  For the cost, it's great for me.  

I don't believe you can.  Primary to investment is not a like-kind exchange.  I think you can get a percentage tax-free now, (10/24ths).  If it sold in 2 months, half would be tax free.  For that kind of money, I would stay put for a little longer.  Good luck and congrats @Chad Duval !

One of our only evictions was in our in-law unit.  It was an extra nightmare living right next door, knowing they are messing up your personal residence.  I wouldn't rent one of my apartments to this guy, not to mention something my own house was attached to!

Oh shoot, sorry @Noah Swank .  Just read how you want to manage projects, calculate IRRs and such.  Rental Property Manager doesn't do all that.  Sorry for the bad referral!  

Good job, @Noah Swank !  I self-manage my own portfolio as well.  Will never need a license to manage my own property that I have a vested interest in.  You shouldn't either.  My favorite, easy to use software is Rental Property Manager from Quicken.  I don't know what the latest version is (2.0 maybe?) I have the old version and really like it.  Tried quickbooks and was so lost so fast.  Didn't want to take a 6-month course on how to use it.  With rental prop mgr I can convert easily auto-populate taxes, too.  And it's cheap.  I don't work for them in any way, I just like their software.  Good luck! 

It mostly depends on how back-logged they are (of course) and the title work.  A title chain full of quitclaim deeds and land contracts will take much longer to research and insure.  If the reason is that they are just backed up, find a co that's not.  Don't rush the title work so much it's potentially not covered properly!

@Johanna R. no, all my multi's in the LLC are in the same state. I would still lean toward only one LLC if I was dealing with single-family homes in different states. For me , it's protection based on value. When my portfolio value within this LLC exceeds $2mil or so, I will diversify and place future assets into another. Another reason, along the tax reporting line not to open entities all over the place. Quarterly state B&O tax reporting. Every 3 months you may be dealing with this X4. No thanks!

You must have great rates on your existing loans for a refi at today's rates to be higher! The comparison for me would be my new higher interest rate vs the expected ROI on my new investment. Can I earn more on my cash than the rate I am borrowing at? If it were me, I would do nothing until I identify a specific property to re-invest in that makes sense. I am having a hard time finding those. Just heading into this market with a bunch of cash and an idea could be dangerous to your returns. Prices are getting frothy in a lot of places. Please keep us posted @Leanne Hunt !

I seek distressed sellers, not so much distressed properties.  I like to help solve problems usually for long-time landlords that are tired or want change.  If the value isn't there, no way.  This is like any investment and there is an opportunity cost for my money.  If the returns aren't well above what I can earn with reasonable levels of risk in the paper asset (stock/bond) market, I will not buy an apt building with it's increased hassle factor.  Never had a stock or bond call me in the middle of the night with drama and toilet problems!