All Forum Posts by: Jessica DiPonziano
Jessica DiPonziano has started 15 posts and replied 46 times.
Post: Tax Transaction Category Question
- Investor
- Posts 46
- Votes 25
In New Jersey,
I'm using Stessa for my accounting. What categories to things like chair leg floor protectors, "use other door signs", sticky hooks for towels, wall decorations, combo locks for doors, out of these categories what would I put these items under? It’s for a furnished rental. But its doesn't seem to be a capital expense I would think since they aren’t furniture?
These are the possible categories that make somewhat sense? But what would be best?
- Repair & Maintenance Supplies
- Other Repairs
- Linens, Soaps, & Other Consumables
- Capital Expense: New Furniture & Equipment
This is a master list of their categories https://support.stessa.com/en/articles/3131090-stessa-catego...
Also where does one categorize CashBack rewards from credit cards?
Post: W-9 EIN vs SSN
- Investor
- Posts 46
- Votes 25
Hey all. I own a property and need to supply an W-9 for section 8.
We run the rental business out of the property through an LLC Management company that deals with all the money. The house however is not owned by this.
Do I put the EIN for the LLC or personal SSN?
Post: Business Checking Account
- Investor
- Posts 46
- Votes 25
Quote from @Chris Seveney:
Quote from @Jessica DiPonziano:
My partner and I want to find a bank to open a checking, and obviously build a relationship for later for any financial needs we may have. Does anyone have recommendations on their experiences with a particular brand?
We use Chase. Why? Because they are huge and everywhere. They also are great for business.
We have used PNC - systems were great, people were awful
Wells - people great, systems are archaic.
Chase - both people and systems are great.
I have also used a local credit union, but again, their systems seem like they are from the 1990's.
Post: Business Checking Account
- Investor
- Posts 46
- Votes 25
My partner and I want to find a bank to open a checking, and obviously build a relationship for later for any financial needs we may have. Does anyone have recommendations on their experiences with a particular brand?
Post: MTR In Philadelphia Help
- Investor
- Posts 46
- Votes 25
Hey there,
Does anyone here have experience in running a mid-term rental in Philadelphia? I would love to touch base and hear your process, management companies you recommend (if any), how do you find your renters (through a service or on your own?). Also if you've had success or recommend a different path.
Thanks in advance!
Post: Section 8 Rent Issue
- Investor
- Posts 46
- Votes 25
Got it resolved thanks everyone!
We met up with them in the office and it turns out the moved software systems and it was not a smooth transition and that's why the price all of a sudden reverted. And the case worker mostly works at home and the messages left at the office don't reach her reliably.
Post: Turnkey and Cashflow Questions
- Investor
- Posts 46
- Votes 25
Quote from @Nicholas L.:
for turnkey, you're going to need 20-25% down, you'll pay near market price, and you'll have limited options to add value.
and just to be blunt - trying to harvest cash flow from rentals for other investments is really tough. that hundred or few hundred dollars per unit just isn't going to move the needle in the short term.
unfortunately: for beginners, the best way to generate cash for things - whether it's real estate, groceries, or other investments - is a W2 job.
are you in a position to house hack?
I do have a W-2 job so I am saving a little quicker, just didn't want to oversee major rehabbing when purchasing out of state.
I guess I am in a position to house hack but only if its a duplex situation or something to that affect. My partner and I don't want to share a living space with other people.
Post: Turnkey and Cashflow Questions
- Investor
- Posts 46
- Votes 25
Quote from @Joseph Crunkilton:
Hi @Jessica DiPonziano, great questions. I wanted to jump in since I've bought a handful of turnkeys as well as using the BRRRR strategy. Turnkeys actually have performed better for me and have been way less work. If you're interested, I'd recommend connecting with @Zach Lemaster. He's been a great mentor to me.
What I love about turnkey is the time commitment. It takes very little legwork since the provider will typically have a team in place. When I was doing BRRRR, I spent months building teams, deal sourcing, negotiating, managing etc. In the end my returns were less than I was getting with my turnkeys. Granted, I'm not a highly skilled investor but I figured it was relevant to your situation.
Happy to help if you have questions.
Thanks for the information! I'll definitely take a look. I'm surprised they are doing better than your BRRR houses, I've never heard of turnkey until recently so I'm very curious about it since my time is limited with a full time job. Looking to see if there is a more passive way to get going in real estate investing and then grow from there
Post: Turnkey and Cashflow Questions
- Investor
- Posts 46
- Votes 25
The more I look into turnkey, knowing a lot of research needs to be done upfront. Cashflow is a priority of mine to gain capital to then put that into other investment strategies.
Is turnkey a good investment strategy to get a jump start on Cashflow?
If so, does anyone have good recommendations of a company they have used before? Where/how do you get downpayment to buy them?
Never heard of this until recently, so trying to get a handle if it's a good option for me.
Post: Section 8 Rent Issue
- Investor
- Posts 46
- Votes 25
Quote from @Zachary Gilbert:
Caseworkers change often. Often times you might have to send an official "rent change notice" with a copy of the lease and "request an increase". There are times where HA (housing authority) won't accept the increase and the increase is then passed on to the tenant.
Tenants also have to recertify with HA each year. If the rent increase you are asking for does not align with the tenants recertification date with the HA, you may have to wait.
We were able to get it sorted. Apparently the case worker works from home a lot and the phone number we had only goes to the office and she doesn't get it at home. She said email is more efficient but we didn't have it. Apparently over the next 3 months they'll rectify everything and send the corrected checks and amounts