All Forum Posts by: Arlan Potter

Way to thin for me

One of the best features is the automatic billing on a monthly(or weekly....)of the rent. When we log in on the first of the month, every tenant is automatically invoiced for the rent. We also set up memorized transactions for bills that are the same amount every month. Automation helps.

you are not likely to do that except for desperate sellers. Sellers with a property that is easy to sell will go with a realtor every time because you really only want to get a cut of what the seller thinks his rightfully theirs. Its one thing to sell a property, show it, advertise it, etc; verses help a distressed seller by finding them a buyer without advertising or showing the property. It is a service that has value to some, but not everyone.

not needed. May be desired at some point.

I have bought many properties with no money down.  For example, I just bought 11 vacant new house building lots. I borrowed the entire amount from an acquaintance. No money down. I pay him back within a year.  I also bought houses from individuals with no money down. Just start making payments to them.

@Rolando Garcia

I insure mine on a commercial policy, at a flat amount that would not bankrupt me if I lost the house. I don't use replacement cost, or rebuild cost. we insure for a stated amount. basically we self insure part. I have to or I could not afford to have rentals. For example, If I insured every house at replacement cost, it would triple of quadruple my annual insurance expense. So we insure for a flat amount that would be paid in case of a total loss, and I can use to rebuild or buy a similar property.

PS I have had 3 fires in 17 years. No total losses.

Easy, if you have collateral, such as other free and clear property, or equity in other assets.   If you want unsecured, to go buy real estate, not a chance with banks

@Justin Dyer

Go out and find a cheap rental and buy it. Get an education.

@Brad Fletcher

Turbo tax will handle it fine. When you enter the Asset on a Schedule E, you tell the program that it is residential rental property and it will calculate the depreciation.  On a 27 1/2 years basis

No big deal.  I use TurboTax for over 100 properties. It is a pain because TurboTax limits the schedule E's  to around 45 so I started Using one Schedule E for all properties bought within a year.

Cpa's earn their money but they charge too much. It is aggravating that the federal tax system is so complicated that an entire industry has been created to try to sort it out.  CPA's are indirect government employees.

@Viviana Ramirez

Why would you want to work with wholesalers? Find your own deal. If you work with a wholesaler, then you will pay more than you have to. You will pay what the property is worth plus a commission to the wholesaler. Too much.