All Forum Posts by: Justin Hoggatt

@Monique Pett, there is a bit of an art to this for us.  We take a look at the Zillow Rental Manager, Rentometer, and then depending on how curious we are, we then could take a couple other steps.  We can place the property for rent to see what kind of calls you get and interest on it, or simply do research by the typical means to find a rental and see what is renting for in the area and what is on the market.  

@Jasmine Russell, I appreciate your topic that you bring up.  There are many books on the topic and everyone has a different story about where they started.  For me, I wasn't broke, however, I sure felt like it as I was working a lower paying job, have a wife that was also working, and two little ones that required excessive daycare costs with no family in town.  I won't pretend like I wasn't "comfortable" because it's subjective.  I talk about it a bit on my start on our Podcast called Wealth Watchers. The main thing is that there are solutions everywhere and with a bit of hustle, it's always possible.  For me, it was a bit of sacrifice and mindset to work around spending and saving habits.  If you make more, it shouldn't mean you need to spend more.  Be minimalistic and allow time to work on your side.  Don't expect solutions and results immediately.  If you keep saving for a goal, you'll allow yourself the ability to invest into your next deal.  Our first goal, which seems high at the time, was to buy a house a year for 10 years to end up with 10 homes.  That was quickly passed and another was made.  Keep in the game if you're serious, and you will be successful.

How much do you still owe?  Maybe I missed that part, but if they haven't finished the job and you're still fighting them to get there and get it done, then the $3,000 seems like a mute point right now.  I would take the money, however, at some point the money still isn't worth it if you're still having to deal with them for weeks on end.  Sometimes it's easier to cut your losses and figure out the next best solution.  I personally wouldn't sign an NDA with this company since they sound so shady.  I would, on my own morals, take the review down if I was handed $3,000, but as others have mentioned, make sure someone else wrote another one as well.

Michael, you're looking for a qualified intermediary. You can use who'd you like to use on that and there are a lot of great companies out there - not state specific. The cost should be no more than $995 to get it done. If you talked to someone and they couldn't answer your questions, it's the wrong person. The IRS only allows you to transfer within the same ownership. Now, there are way around that, and I've done one where I setup an LLC that is owned by the other LLC and that satisfied both the lender and the laws. A good intermediary will walk you through all of this exactly how you want and what's allowed.

Are you utilizing a lender?  Maybe they can help for you?

Otherwise, there was a company that worked on a quote for our park that was willing to do a Phase 2.  They are Intertek psi.  Hope that helps a bit?

Hey @Marv Edelstein, you're barking up the right tree with what we're doing!  I'd love to connect with you and talk shop about RV Parks.  

@Jared Solomon, I don't think you can do that, and I'd suggest talking with your CPA.  I'm sure there are other options out there that include corporations, etc. but my gut says that you're really stretching here and there isn't a benefit to what you're trying to do.

@Justin Dragon, I think it's a bit late to be thinking about your situation as the property manager and increasing your percentage.  Either this was part of the deal up front for you to become 50/50 owner, or you should have been getting compensated along the way.  It's a bit late to be really expecting to be compensated at this stage.  Of course, this all depends on your partner as well.  If your partner understands your viewpoint, then I'd suggest seeing what they would be willing to give up but go into the conversation knowing you're a bit behind on that conversation and you shouldn't expect anything.  I personally wouldn't renegotiate the terms 10 years later but I wish you luck.

As a first timer, I would suggest some thing cheap and easy. I along with many others I know have used TenantCloud. As you grow you’ll likely want to switch to something a little more robust but something like that should work for now.