All Forum Posts by: Gretchen Williams

Here is some month end numbers after I switched PMs:

Rental Income: $6743

Owner held security deposits: $2300

Total income: $9043

Expenses: $1846.44

Net income: $7225.31

**in a category he calls "other items : $2300 security deposits, $250 prepaid rents, -$4630 owner payout, added together: -1180

Net income: $7225.31

Other items: -$1180

Cash flow: $6045

now here comes another fun entry:

he takes Cash flow ($6045) , subtracts out the security deposits, again to arrive at $2845, which he labels "Actual cash flow" (what?)

I could go on, I am no CPA but something doesnt seem right here.  If anyone is good with numbers and can follow my numbers, if you have a comment or suggestion I would welcome it.

thank you!

Gretchen

thank you for your imput, I also thought it strange that neither party has asked to see the property in person

I have a duplex in Columbus , OH. One side is traditional rental and the other side I have furnished and have been renting as STR. I advertise on Furnished Finder, Zillow etc. Recently I have had 2 different people kinda proposing the same thing: they want to sign a year lease with me not to live there but to then in turn rent it out short term to others. Since I have been semi successful with this approach I can see it working. However neither person is local , they both have filled out applications and seem to check out , but both have "Not for Real ID" IDs which seems like a red flag to me. My friend recently told me of this scenario where the person I lease to would perhaps then double book individuals and keep deposits.

Was just curious if anyone else has been approached in this manor, and if I am just overthinking this.

thank you!

I sold a 12 unit apartment building in November 2020.  The deal was finalized and all money dispersed.  A month ago the title company let me know that the property tax proration was wrong on the closing documents and I owe over $9000.  I am trying to figure out if I am responsible for this , or is this something that Title Insurance can cover.

thank you!

I am looking for multi familiy, 1 to 2 million dollar range, hopefully at least 25 units.  B-, C+ area...  thank you!

Robert I am looking for something between 1 and 2 million.  It can be in Columbus, but Columbus is getting expensive!  If you know of something please let me know.

thank you!

Thank you Remington!

I'm guessing I wouldnt be spending as much time as I do now if I hire a PM.  I do work full time 

as well.  Natalie, do you have any Tax Collegues in the Columbus, OH area that focus on Real Estate?

I am selling a self managed building currently.  I am looking to do a 1031 exchange for next project and go bigger.  Ideally I would like to find something big enough to warrant using a PM.  I have always used the Real Estate Professional option when filing my taxes.  Will I loose this option if I hire a PM?

Is this group still meeting?  would like to attend an event.

thank you,

Gretchen