All Forum Posts by: Al Pat

@Bob Prisco lol..it is just that this used to be free and now you have to pay, so checking other options. I have 14 doors and they are rented for a while with longest tenant of seven years and average four years, but I’m adding several more in next two weeks. I know I can definitely absorb that cost and wouldn’t even feel the pain, but I don’t want to solely depend on Zillow.

@Bryce Pappas the fee applies to HotPads as well as it is also owned by Zillow along with Truia.

@Nick Cooper I advise against doing that. When you borrow money and do closing, you will pay closing fee, anywhere from $3000 to $7000. Then when you refinance it, obviously seasoning period unless you are doing delayed financing then you once again pay the closing fee. Both are tax deductible but you are still out of that money. Dave Ramsey model works well for primary home but not for investment or rental business. In this business you need to look at the cash on cash return.

@John Teachout First ad is free only one time, subsequently after that you pay a fee. So it’s like intro price of free and then if you repost the same listing, there is a fee.

@David Campbell It is possible they may have different rates for your state.

I received an email today from Zillow saying that they will be charging $9.99 per week to list FOR RENT properties in Georgia starting March 2, 2020. This will also cover the listing on HotPads and Trulia. With multiple properties, this can add up quickly. Has anyone found any alternative to Zillow? Any free listing services?

@Ralphie Hernandez declare your wife as an active real estate professional and you can deduct the losses against your income. This is easy but hard part is finding a CPA that guides you well. Check out the video series of Mark J Koehler on YouTube and you got all your answers as he is CPA and attorney.

@Luke Dilorenzo I have never been in a situation where I bought owner occupied multifamily but I’m curious as to how would a bank know if you indeed occupied a property? If they were legal residents and this went to the court and judge ordered you to goner the current lease that does not end for another 11 months, how would that effect the term of the loan? I know I’m posing more questions then answer but the last one, what if you “occupied” that units and turned all utilities under your name and then decided to Air BNB type short term lease to current tenants, including utilities in the rent while you are traveling to look for other investment properties and conveniently staying close to area you are looking to invest while you are searching or doing due diligence? However your primary home for tax purposes is the fourplex you bought? Just a thought...

@Eamonn McElroy thank you for your insight.

@Basit Siddiqi Thank you, I will keep LLC election as partnership for my buy and hold rentals. I don't do flip and no employees involved.