All Forum Posts by: Jeremy M.

When I initially set up my accounts with Cozy, I added another account specifically for Cozy to deposit to. When the rents hit that account, they immediately get transferred to other accounts. I was hoping to be able to avoid this exact scenario but haven't been tested to see if it works. Hopefully I'll never have to find out. 

@Kevin Christensen Based on my experience personally, I'm guessing if you can make sure she feels secure (home/finances ect) in the process, you'll have her onboard with you. If she can trust you enough to get started then you can educate the fear out of her. I don't say this in a belittling way but education and real world stories will alleviate most fear about the world of REI. Wishing you the best! I'm married for 18 yrs. She's my business partner/voice of reason/best friend and we love pursuing our dreams through REI together.

@Shiloh Lundahl that my friend, is a fantastic summary. 

I find it ironic that in this "enlightened" age we live in, our culture struggles the most with the simple things. One of them being "spend less than you make". Entitlement is not pretty. 

Again...great points!  

@Landon Rasmussen another vote for a Google Voice number. They can call or text me exactly like they otherwise would but it still gives me a little veneer of privacy. I've had mine since day 1 and it's worked really well. 

@Shiloh Lundahl very interesting discussion. I hadn't seen this thread before. So for the $3900 option fee, the buyer cashes you out in 4yrs at $160k? Do you let him cash out before if he wants or do you hold him to that term since you're collecting rent? I'm currently trying to weigh the options and educate myself in selling a property seller financed vs lease option. I'm having a hard time deciding.

Originally posted by @Jeremy M.:

@Larry T. Did a horrible cat pee house last summer. This is what i did and it turned out well. Strip everything down as much as you can. Spray it down with Odaban (Home Depot) I do NOT recommend bleach or chlorine. It seems like the chemicals react to something in the pee and its horrific. Air it out if possible then run an ozone generator for a few days to cut down on all the smells. After its cleaned and aired/dried, we rolled on a coat of Kilz original. Was pretty happy with the results! Cat pee houses are ugly but the profits can be worth the hassle! All the best!

 Whoops..was doing this on mobile and tagged @LarryT instead of @Jacob Murphy

@Larry T. Did a horrible cat pee house last summer. This is what i did and it turned out well. Strip everything down as much as you can. Spray it down with Odaban (Home Depot) I do NOT recommend bleach or chlorine. It seems like the chemicals react to something in the pee and its horrific. Air it out if possible then run an ozone generator for a few days to cut down on all the smells. After its cleaned and aired/dried, we rolled on a coat of Kilz original. Was pretty happy with the results! Cat pee houses are ugly but the profits can be worth the hassle! All the best!

@Nicholas Lohr Thanks...this was about the conclusion I've come to.  I'm meeting with him today to try to figure out exactly what the questions are then we'll try to get the answers written out. He does have a good eye for design elements ect, so we'll probably try to incorporate enough of that into the deal to qualify him as active.

All the best! 

I had a partnership proposed to me by an acquaintance in regards to buying and holding rentals. SFH and small MF. He is largely wanting to be a money partner for tax benefits. He needs some tax write-offs and I need cash flow. I have only limited experience with partnerships and have tended to be a bit of a lone wolf when it comes to my rentals. However this is a person I would have a great deal of confidence in and would love to work something out for both of us.

1) How do I write this up with most of my input being acquisition, management and possibly some funds. I need cash flow primarily at this point and tax benefits are secondary.

2) Most of his input is funding with. He would like the tax benefits primarily. 

3) He wants to buy and hold indefinitely but I think we should address an exit strategy. 

Is this scenario more normal than I think it is? Can anyone offer me some real world examples and numbers?

@Alex M.   I'm still digesting your comment on a previous thread in regards to a partnership. I'm thinking something like that could work. I'm just not sure how the taxes and everything would work out on it yet. I'll need to educate myself a bit more on that. 

Thanks

@Travis Feldewerd only a couple of mortgages at this point but everything is on autopay. I don't like to mess with mailing checks. Rent is collected through Cozy.co and deposited into my account. I use an automatic transfer each month to transfer funds from savings to checking for the autopay for the mortgages. I use one account for incoming revenue and one acct for payable and I leave only a small balance in the incoming acct for the same reasons that @Joe Splitrock mentions. I use Google Calendar a ton for reminders and notifications to confirm transfers/deposits. 

All the best!