All Forum Posts by: James Kim

Hi,

Has anyone used "Evolve" as their property manager for their rental (STR, MTR, LTR) property? Their rates appear to be very competitive - 10% - and wondered if there was a reason why it's so much lower, specifically for MTR and STR where the management fee rates are generally much higher. Also, if there's any feedback compared to say, Doorstead, Casago, Awning, would be great. I'm planning on leasing mid-term (preferred) with short term as back up. Not planning on long term traditional rental. Any feedback welcome!

Thanks

James

I haven't had a property go from personal to rental, but for all my rentals i make sure that the mailing address on title is not the property address on title and for the most part all government mail seems to be mailed to the right address. I have had some marketing and junk mail sent to the rental properties, but that's most likely from marketers getting your property information locally somehow, not sure how to fix that. For me, the official mail was more of a concern. Might be worth checking with your county assessors office to see how you can change your mailing address on title and also your insurance too (if you have access to your account online you should be able to do this pretty easily) or you can reach out to your broker too. Hope this helps~

Hi,

I've invested in Greenville texas and wanted to connect with other investors that have invested there that I can network with. Would like to talk about the market, experiences, strategies etc.

Thanks!

James

 Rene, much appreciate your thoughts. Brought up something I've not thought about in the liability section of the lease.

thanks~

james

Hello and thank you in advance for your help.

I have a long term rental that has been sitting for a bit. The property isn't the problem (new construction, out of state in TX) according to my PM. It has been suggested to me that the crime rate in the city is not too good and although potential tenants like the property the security might be a concern. Whether thats true im indifferent and I'm considering setting up a security system that tenants can use. One system ive been considering is Simplisafe. I was thinking of installing window amd door sensors on all window and doors, as well as motion sensor on the first floor and second floor (its a 2 flr property). I saw that the system can be set up without any separate monitoring that costs extra (monthly fee) so that i can leave it to the tenant to sign up and pay for monitoring if they want.

Questions,  (1) has anyone provided security devices for long term rentals? If so (2) what system have you used? And (3) any feedback on your experience with your current system? Im interested to know if its been easy for your tenants to use it when they move in (account set up etc) as you go from tenant to tenant.

Thanks!

James

Hello,

I just got a duplex in Texas which is a non-disclosure state for property tax purposes. The valuation for property tax by the assessor hasn't updated yet as we're not into 2023 yet, but i was wondering if there was any difference that people have experienced in terms of valuation for a duplex versus SFH? Specifically, the duplex is a new construction, the homes surrounding the duplex are all SFH's, some of which are new construction. The Lot size is generally comparable to the lot sizes for the SFHs around it but the SQFT of the duplex (each unit) is larger than most of the SFH (i guess the builder wanted to maximize the livable space versus lot size). The duplex only has one tax lot recognized with the county currently but does have two separate addresses (based on county instructions). I'm trying to see if the property tax valuation might be similar to a SFH or not. The Duplex is valued higher from an arm's length point of view. For example a SFH is $240K and the duplex is $400K. So trying to see if the county might assess the duplex no different to SFH as just one property or not.

Thank you,

James

Hi

I've been looking for investment property mainly on the MLS and have a buyer agent I'm contracted with. I'm wondering if I'm allowed to purchase property without using the buyer agent in the area the agent works? And also if a seller listed property could be sold as seller financed? I'm wondering if I can just approach the owner of a listed property to see if a seller would be willing to do seller financing, but curious if it's possible when both sides have agents.

thanks!

James

Arthur,

for tax purposes you generally won't be able to combine your STR with LTR benefits. Basically you can't take the LTR benefit by trying to loop it into your STR, that's the general rule. For your purpose you'll have to segregate your duplex into two pieces, your STR and LTR and keep track of each separately for tax and treat each as such. Unfortunately if you can't get REPS then your LTR is going to stay passive. Hope this helps.

disclaimer : anything mentioned should not be relied on as advice and you should still consult your own cpa.

James

@katrina

I've not been in your position yet, but I would think that you'd only allow the request if you really knew the buyer well or trust them (which I would presume to be a very rare case). Outside of that I don't think I would ever allow that. Especially if the paper work hasn't all gone through. I just don't trust anyone, but that's me. Good luck!

James