All Forum Posts by: Ryan M.

Thank you @Sharad M. I am ideally hoping to find a way to do this via quicken since I'm using that for my personal finances. I appreciate the suggestion.

I spent some time looking through the forums for ideas/recommendations for how to setup my quicken register to track rentals. I see most people recommend QuickBooks or some other package. I am currently tracking my personal finances in Quicken and prefer not to buy/setup a seperate program at this point. Also, I do not have a separate banking account setup for my rental at this point.I received guidance from my accountant, it works but I would like to set it up in such a way that I can easily run a report that will show the profit/loss easily on the rental(s).

I agree with @Alex Craig if you do end up leasing it during winter months, your in control of lease end date.

I would also start mktg the property now, in addition to a increase to cover your month to month risks to the current tenant. If you end up finding a potential renter you then have multiple options with the new and current renter, heck you could even try a higher lease price to see what the market can bear since you have it rented now

I have a unit with a crack in the sink bowl, which is made of cultured marble. It is not leaking (yet) and wanted to find out if there are ways to repair/patch it without replacing the whole thing (it's a 7' long, double sink, all one piece)?

Thanks.

Welcome @Robert Fury - our backgournds are similar (IT & Real Estate), let me know if you ever want to catch up.

Bob Johnson

Let me know what trades you're looking for and I'd be happy to refer folks that have done good work for me.

WOW! Congrats Nate. That is impressive.

Thank you @Justin Case @David Sugg @Val Csontos

I appreciate your comments.

David, to answer your question (I realize you weren't necessarily looking for answers but more for me to ask myself those questions, but incase others want the answers for their feedback).

The current tenant will be moving out this fall (building their own home) so the improvements are for the next tenant, the idea was to complete the work while the current tenant is in place and completed before marketing for next tenant.

Yes the addition (finishing lower level - 1 bed, 1 bath, living room) would add value if I were to sell, and more important to me increase rental income.

No super sexy deal as an alternative to this option

It would take me 6mo to replenish my war chest to the same level

Wife doesn't have an opinion either way, she trust my decisions

Thanks again.

I'm interested in feedback on which option to pursue. I have enough cash to either:

1. Purchase another SFR - or
2. Improve an existing SFR.

I've run the numbers for both and given my capital ($30k), it is about the same out of pocket to do either, and both scenarios will net me roughly the same monthly cash flow ($300/mo).

Purchase another SFR

• Pros - diversification, another property in my portfolio, another property that someone else is paying down the debt, new property would provide add'l depreciation,
• Cons - more leverage, another property to maintain, rent, mortgage, take on more debt for same monthly cash flow

Improve existing SFR

• Pros - improving an existing asset, no addition debt for the same monthly cash flow, less to manage (property, tenant, etc...) long term, increase equity
• Cons - increase my exposure/cash in a single property, less leverage, more to damage by tenant, more equity tied up in one property

I recognize the pros/cons are not an exhaustive list but just some of the things I'm trying to think through.

Are there other "big rocks" I'm missing?

What would you do, and more importantly - why?

Thanks in advance for your time & feedback.