All Forum Posts by: Andrew S.
Andrew S. has started 51 posts and replied 1006 times.
Post: Need Help With A Major Renovation Decision - Pull Permits or No?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
One more vote for pulling the permits. On a project of this large a scale, it is essential.
Post: Why I hate the words "Let's Connect!"
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Quote from @Chris Mason:
This is an ongoing discussion among the mods. There seems to be close to a consensus that things have gotten to spammy. Just what to do about it, is another matter. There's resistance to the idea of just going back to the old rule prohibiting such posts entirely.
My suggestion has been to allow it depending on ratio of votes to posts, call it N%. Let's say we set it at 50%, that would mean someone with 300 posts needs to have more than 150 upvotes showing, or they aren't allowed to solicit. And no soliciting no matter what until you've made 100 posts. Something like that.
If someone not meeting that criteria wants to be allowed to solicit, they need to go make more useful posts that get upvotes. That way, the users are deciding who is allowed to solicit, and folks are encouraged to make lots of high quality posts. Spammy posts in general are going to bring down your N% count, so you had better make them count and/or offset them with higher quality content.
If 50% felt to spammy, we could just move the needle to 65%, and if that felt to spammy, keep upping it until it felt right. JPOW sets his federal funds rate to move the needle in aggregate, rather than making individual decisions about each individual thing, same thing here, just move the needle as needed to produce the desired aggregate outcome, no individual debates about the price of eggs or the cost of a new car.
And if a bunch of users with 500 posts and only 4 upvotes wind up banned b/c they just can't help but solicit... please hold the tissue I was crying into, so I can play the tiniest violin in the world while I attempt to hold back more tears. Boo hoo.
Sounds like a reasonable approach but just make sure the rules don't get too complicated. Otherwise you get frustrations on both the perpetrator's side as well as those who try to report violations
Post: One Electric Meter for Two Units
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Splitting services is definitely ideal, but not always possible or practical. The easiest way to avoid it is to include all services in the rent and estimate use for each unit, based on square footage or number of bedrooms, bathrooms, etc. Then set the rent accordingly. This works reasonably well for many situations, but it can lead to issues when you happen to have a particularly wasteful tenant that uses excessive amounts of water and/or electricity.
Post: Anyone out there using Zumper? Thoughts?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Amazing how this turned bad. People familiar with FB marketplace tell me that it completely overrun now - could that be the source of Zumper’s problem? may also be market specific?
Post: Is use of appliances in rental considered commercial use?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
No, I would not consider it commercial use and I have never heard anyone being declined warranty coverage in this situation
Post: Client asks for STR Discounts we said no and now he is complaining about everything
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Quote from @Bruce Woodruff:
Quote from @Don Konipol:
Quote from @Bruce Woodruff:
These people exist unfortunately....try to document everything in case it gets worse (and it may). Ask for pictures from them as proof. If it looks at all legit, send over a handyman and have them document as well.
If it keeps going south, offer them a partial refund and let them leave early.
I hate people asking for discounts...what kind of mindset is that? A price is a price. Do they go into a restaurant and ask for a discount on their steak dinner?
I've never heard of rent being debated. Sure wouldn't be on any of my properties/
Agreed. Hard pass!
Post: Tvs in every room?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Personally, I don't need ANY TVs when I'm on vacation, but as others have said, they are so inexpensive that you might as well provide them for those who need their TV fix. Unlikely that you will get a negative review for having too many TVs
Post: Taxes on a flip
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Quote from @Forrest T Schue:
Quote from @Bill B.:
There is zero depreciation with a flip and there is zero tax advantage to flipping with an llc. You’re going to pay regular income tax minimum. It’s by FAR the highest taxed real estate related income. I don’t know if you’ll also have to pay self employment tax or the Medicare tax or that weird 3.5% tax. Those are questions for your cpa. Forgetting them will probably cost you more in penalties than the cpa.
Be careful you aren’t in that dangerous portion of learning where you don’t know what you don’t know.
I agree with you on needing a CPA I’m trying to self learn through the escrow period on my first flip. Getting one asap
Of course, you deduct purchase cost and renovation cost from the gross sale price, but that has nothing to do with whether it is in a llc or not. LLC does not provide any tax benefits.
Post: Biggerpockets Is Looking For Agents In Raleigh!
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Dawn Brennengen and Terese Pham
Post: Upsides and Downsides of Renting to College Students
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
I find that more and more students want to have pets, so perhaps keep that in mind when you build (fence, LVP flooring instead of carpet, etc). You can charge extra for pet rent.