All Forum Posts by: Bill Briscoe

What kind of tax related problems?  You should be claiming all rental income on your schedule E already  so if you do, then Venmo shouldn't have any effect on your taxes.

$99/month is almost 1/4 of my cash flow on a per unit basis.  I'm not going to give up that much of my CF to reduce risk slightly.  If you screen your tenants right and have a desirable rental that will attract solid/stable renters, the risk of non-payment is already pretty low.

That said, if you become an accidental landlord, or if you don't have the reserves to pay the mortgage if the rent doesn't come in, then this could make sense.  I just wouldn't call it a necessary evil.  More like something to avoid paying for it you can, but it is nice to know its there if you get into a property where you can't attract tenants you trust to pay on time.

Thanks @Ryan Swan

I did start using rentapplication.net and found I can create two separate applications - one that asks all the basic questions so I can gather prospect info for free, and a second that does the background check/credit scoring which the applicant pays $39.95 to complete. 

Now, I'm trying to remember what RentApp did for free that was so great - did it actually give a credit score or did that come from mySmartMove for a fee? 

That link doesn't work Steve.  What are the best free options to replace RentApp now?

Originally posted by @Chris G.:

People can spend a lot of money, especially when you make that much and live in Miami - trust me, I know.

I agree its possible to spend $720K a year. I just don't understand why someone who is used to spending that much per year and makes that much is considering retirement, especially without a nest egg to support the lifestyle.

Amex card and Home Depot job numbers. I can go on HD's Pro site and see all my receipts and match them to charges on my Amex bill.

The appraisers I've talked to do it differently than realtors. They take what they feel are comps and sort of average the price after adjusting for differences, then add a factor for excess or less Sq footage.

So if 6 close comps sold for an average of $100K and averaged 1500 sq ft, all else equal, they would start at 100K then if the subject property was say 1650 ft they would add like $20-25 per foot for the additional 150 ft. The additional footage factor is much lower than the overall price per sq ft.

Bill S. this good agent you speak of sounds similar to a unicorn. I've met many average and below average agents that came highly recommended and most have given me wrong answers sooner or later. I still like using agents on the buy side but when selling I've found it is often easier to find an actual buyer than it is to find a really great agent.

Nice list j Scott. I try to avoid the advanced issues, hire contractors for the mechanical and roof and do or manage the rest myself. Except for floors. Those are cosmetic but low margin so I hire out the labor.

I bought a property to make improvements and then hold (long-term) as a landlord, adding the improvements to my basis. I am not a rehabber subject to SE tax. Therefore I do not need to issue 1099s since I am a landlord, including for the improvements. Do I understand this correctly?