All Forum Posts by: Jestin Sorenson

2 questions. Somewhat related.

I've been using an app called MileIQ. It's able to track your miles by gps and it allows you to write notes about where you went and why. It only allows 40 trips for month. Is this app sufficient for tax purposes, to record my mileage? I can pay a monthly fee for unlimited trips of $5 a month with a discount. I've already gone over. Is it worth it to subscribe?

My other question, I spoke with a 'tax professional' and he said that if I was 1099, I could write off my miles to and from work. if my first commute is an office in my house, I could then write off the commute to my 1099 job. I can clarify better if this doesn't make sense. Is this legal? How much of a risk would I be taking? My in home business would be my duplex or other potential properties I obtain in the future. So managing my real estate portfolio at my in home office. Would that be sufficient to qualify?

Any help is appreciated, thanks!

So I read Brandon Turners book on Landlording and thought it was really good. He has a phone questionnaire in a list of documents you get with the book, but some of the people that reach out only text. The questionnaire is supposed to give you a feel for how the tenants will be before you show the place. That screens some of the people that most likely wouldn't qualify and saves time by not having to show the place. I work a full time job.

How can I screen someone if they're only texting? Does anyone have other ideas to screen before showing the property? I've pushed people to call me, but I don't want to miss out on potential tenants and some haven't responded.

Also, I think I could be putting my potential tenants through so many hoops, that it may be a turn off for them. This is my first experience as a landlord and I hope I'm going about it the right way. I have a really nice place in a C area of town. Prob too nice compared to the neighborhood. Neighbor is section 8. I gotten a few section 8 requests, but I think my place is too nice.

So I read Brandon Turners book on Landlording and thought it was really good. He has a phone questionnaire in a list of documents you get with the book, but some of the people that reach out only text. The questionnaire is supposed to give you a feel for how the tenants will be before you show the place. That screens some of the people that most likely wouldn't qualify and saves time by not having to show the place. I work a full time job.

How can I screen someone if they're only texting? Does anyone have other ideas to screen before showing the property? I've pushed people to call me, but I don't want to miss out on potential tenants and some haven't responded.

Also, I think I could be putting my potential tenants through so many hoops, that it may be a turn off for them. This is my first experience as a landlord and I hope I'm going about it the right way. I have a really nice place in a C area of town. Prob too nice compared to the neighborhood. Neighbor is section 8. I gotten a few section 8 requests, but I think my place is too nice.

@Travis Sperr I appreciate the advice. I'm not in a rush to jump into anything. I am just getting into investing. I will invest when I feel more comfortable with what I am doing. Thanks!

@Joel Owens I decided not to, but I do make around 150k per year and want to invest instead of letting it sit in my bank account, but I should know what I'm investing in before I give my money to a random stranger. I'm not a gambler and don't want to speculate. My net worth isn't very much right now, but if I invest right, I can grow my net worth much quicker than most people.

@Bob Malecki That sounds good. I appreciate the advice! I will learn more and wait to invest until I know more about what I'm doing. Thanks!

@Jay Hinrichs He approached me about it a week ago. I think it has been in the works longer than a week, but regardless, I understand what you're saying. The fact that I don't know that it is an odd request says it all. I have no idea what I'm doing. I will learn more. Am not in a rush. Thanks!

@Kim Meredith Hampton What screening service do you use or would you recommend? I was going to use Transunions SmartMove, but there are so many to choose from..

Thanks @Jim Shepard! I appreciate the insight on the cosigners!

@Kim Meredith HamptonI think there might be some typos in your response, but you're saying you would take the three months rent up front? and have the cosigner fill out an app and put them on the lease as well? Really solid advice as well! I really appreciate it!

I just bought a duplex less than a month ago and am trying to rent it out. I have a couple that is moving to the cities and they have a savings. I haven't run their reports yet, but I wanted to get some thoughts before possibly moving forward with them. One will be going to school for her masters and her schooling supposedly covers room and board. They are married. Her husband is in marketing and doesn't have a job lined up. They are willing to pay 3 months rent up front and have cosigners available. So neither will be working when they move down here.

Am I asking for trouble by letting them move in? They seem decent. Does having a cosigner count for much? All of this assuming they pass a credit/background check, but I'd rather not even get their hopes up by letting them fill out an app and wasting their time and money if this isn't a good fit. Thoughts? Is there anything I'm missing? Thanks in advance!

@travis sperr Thank you for your advice! Sorry I freaked out for a minute there. I spoke with the guy. It's for a $40k note. This guy is putting in the difference of the 40k with whatever I don't put in. In other words, $33k. He might not have enough to cover the 40k himself. He rarely partners or takes outside interests. The loan is secured by the house that the mortgage is for. The interest rate is 12% which is why the high ROI, probably. He sent me the contract. He wants to do the deal this weekend. I won't have time to have my lawyer look over the contract. The lawyer I have access to is only available during the weekdays, normal business hours.

He offered to do $2900 with a 40% ROI. I would receive my first payment in June for $1100 and the next two payments after that.

I could foreclose on the house if it was necessary, but he has majority stake in the loan. He sent me a few documents on the house. Everything seems straightforward, I just want to make sure that I'm checking all my bases. I can upload any documents if you would like. I appreciate the comments so far! Thanks again!

Hi guys, I'm a new investor.

A guy I met at a REI here in Minnesota is creating a note and looking for $7000. That money is going to be placed in a Trust. He's given me an excel spreadsheet for a payment plan. I'm the first to be payed. I will get my first payment on June 1st of $1100. I should be paid in full within 6-7 months. I'm not sure if it's a pool or not. I didn't know what questions to really ask him, but what happens if the person doesn't make their payment? Am I sure to get my money back? The ROI is around 20%. I don't remember what the interest rate is, but if I get paid first, I will receive the payments with the highest interest. I just want to make sure I'm not getting screwed. I'm def in over my head. He said that I could do $2000 as well with a ROI of around 39% if I wasn't comfortable investing $7000.

Any feedback would be much appreciated!