All Forum Posts by: Jay Y.

Hi all,

Just thinking out loud here but would anyone of you consider sharing some equity with your tenants?  I'm coming from the angle that I'm a lazy landlord who doesn't want to deal with maintenance calls and I hate turn over.  I'm thinking one way to make the tenant take pride in the home and stay in the house for 10 years is to share some equity with them...  I was thinking of giving the tenant 10% of the equity assuming prices don't collapse like 2008.  This would be accomplished by having 10% of the rent placed into a holding account and after X amount of good tenantship, the tenant could get the equity based upon how much money was put in and the current market price of the house.

I know I'm skipping a lot of details but this would be the high level approach of what this model would be like.  I hope this makes sense and if it does, would you consider doing this if you're also a lazy landlord???

Thanks!

@John Mocker thank you for sharing, greatly appreciate it!!!

Hi all,

I'm looking for someone to review the policies for my rentals I have from various carriers - Statefarm, AmFam, etc.  Looking to pay a flat fee  and not from someone who wants to sell me insurance, much like paying a financial advisor to review verses buying the products he/she recommends.  I want to make sure that I'm well covered and have the right riders or remove the riders I don't need.

Thanks so much!

Not sure if this is in the right place but I'm looking for an insurance broker who can blanket multiple properties into a single blanket policy in GA.  I've seen some for that want 10+ properties.  Thanks!

So those of you all including myself who claim the prized Real Estate Professional status, were your 750 hours spend affected much by Covid?  With a pandemic, tenants were generally reporting less maintenance and evictions were down due to the CDC moratorium.  That meant less trips to my properties and more calls/emails with my property managers.  My hours were reduced but I think I can still prove enough hours.  I'm curious to see if others are in a similar situation and if anyone thinks the IRS will be more lenient towards auditing the filers' hours???

Thanks so much!

@Benjamin A Ersing I'm by no means an expert but based upon my understanding, replacing a driveway is not a recurring expense and can be considered an expansion of the business which is a no no.  However powerwashing a driveway could be a recurring maintenance expense which can qualify for the EIDL.  But to double check you can call the SBA and follow CJ M's suggestion and notate the person you spoke with the answer they gave you.  If you do, please so share what they say!

@CJ M. Well not just phelps but I'm been seeing physical repairs mentioned in other articles but it's harder to find specifics when it comes to real estate investors.  If you don't mind please elaborate on "normal repairs".  My understanding that recurring maintenance is acceptable like pest control, lawn care, hvac servicing but what exactly is a normal repair?  Thanks!!

@CJ M.

https://www.phelps.com/what-you-need-to-know-before-applying-for-an-economic-injury-disaster-loan-eidl-4-13-2020

Would appliances and HVAC be considered inventory??

I would venture to say no because it states that you can't use the loan to expand or grow your business.