All Forum Posts by: Jack Forester

 It's sort of a complicated property. I bought it from a nice widow, who no longer wanted to manage what her husband had built. It is an L shaped property touching two streets (wrapping around a separate single-family home).  The main house is a 2bd/2ba on the street.  Behind it is a long skinny 1bd/ba that looks a bit like a single-wide Mobile, but is true stick-built house. Then on the other street is a duplex (1bd/1ba ea) . 

They are all on a single same water, electric, and gas meter, so utilities are included. I have wanted to look into separating that, but I'm 3 hrs away and not ready to tackle that yet. Utilities were averaging around $600/mo over 12 months, which is $125/person.  Not sure how good or bad that is compared to an apt. 

I inhereted 2 tenants, but they have been great. One has lived there for 20 years! 

Rents:

2bd/2ba: $1000

1bd/1ba: $500 (should be $625)

Duplex: $600 & $625

How about you guys? @Brian Eilering? 

I have a multi-family property on Heard Ave between Wrightsboro Rd and Pendleton King Park. No issues, but my son, who is a student working towards a business degree is my "boots on the ground".  He reports repairs that are needed, I pick the contactor , and he meets them and signs off on the work. 

So far, so good, but it's been specific things, like HVAC and storm damaged tree removal. 

I do have a tenant that is a Painter, but I don't have personal experience with his work quality yet. He has a good ethic (always pays rent a week or two early and asks permission before doing anything to the property) , so I'll definitely be giving him a try whan the need arises. 

I have not yet won one. Rereading this, it sounds like Rich was saying that once you win, then you do a new title search, if you find liens owed, you don't have to purchase the property. Not sure of you lose your earnest money.

That said, at court house steps auction, you are responsible for liens. Not sure why an old line auction would be different. 

How many bedrooms is it? I agree with others on the maximum of one rent increase per year. 

What zip code is the property in? Have you looked it up here to see what it reports as the Fair Market Rent? 

https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2018_code/2018summary_sa.odn

If you have recommendations, post them here. A DM does not help others who would like the same information. I'm trying to figure out why someone would not publicly recommend someone. Is it because they are recommending themselves?  I'd like recommendations for people you use and are pleased with. Thanks in advance.

 And this is why I posted here for recommendations. 

I had a CPA initially, but discovered some oddities that made me question their knowledge of the real estate specific side of things.  I've been doing them myself for the past 3 years. 

Functionally, it's not difficult to track income, expenses, and capital depreciation,  but I'm wondering if there are some tricks I'm missing.

 How big of Operation are you? I struggle with the thought that I may be too small to offset the costs. I currently only have 4 long term rentals. 

 Do you have to meet in their office, or is it all done online/remote? 

It's that time of year.  Looking for recommendations for a local CPA/Tax expert specializing in real-estate.  Who do you use/trust?