All Forum Posts by: Jeremy D.

I have 26 occupied units plus 5 in the renovation pipeline, they are all 100 yr old buildings in decent areas with mainly young professional tenants. Average rent per unit is $900. I self manage and have a full time job (for now). I'd estimate I spend 75 hrs a month managing and doing bookkeeping, scouting for new properties, etc. For management only I'd say 2 hrs/unit/month is realistic. I live within 5 miles of them all.

I'd agree with a previous post that a good online management tool is key. Also I try to build processes around tasks to make things routine and efficient. Hiring out the cheap time consuming work is important too!

I'm curious what the advantage is of having a relationship with a title company? Don't they all basically provide the same service for nearly the same cost?

Michael- we've exchange some messages. Take a small portion of that $1000 plus legwork and find some deals. I'm buying in the GR area. You find me some strong rentals in 49503, 49506 and we will double...heck even quadruple your capital. :)

Hi Steven

Thanks for the feedback. This is a 2 member LLC if that matters.

Jeremy

Quick question about tax implications of leasing to yourself. I am a 60% owner of an LLC with 20 or so rental units in it. If this LLC were to buy a property and rent it to me, would this be a problem tax wise?

Here is what i am thinking... The mortgage interest + taxes + HOA fees + depreciation = $2,100/mo. I would personally sign a lease with the LLC and pay $1,500/mo in rent. The remainder would be a taxable loss by the LLC.

Is this ok? $1,500/mo is a fair rent for this property. I can justify the $600/mo taxable loss because a portion of the property would be used as an office for the LLC.

Is this smart/stupid/illegal?

Hi Michael,

I'm interested in the Grand Rapids market. I'll also be there at the end of the month if you would like to meet up.

Jeremy

Yeah...pages 300-800 or so are pretty boring but the rest are great and pretty inspirational

I would be interested in hearing about the financial background of this property- what the purchase price was, how old the property is, what is the total monthly rent, etc. And i'm curious, why would a cell provider choose this building as opposed to a neighboring building?

I would have to say Atlas Shrugged by Ayn Rand. It is not real estate related, but it's very motivational in terms of any financial objectives..

I would have to say i'd bring the thickest books possible. If it's a deserted island i'll probably need something to burn at some point :)