All Forum Posts by: Kurt Isaac

@John Teachout The 2% rule is completely impossible to attain in large cities such as New York. What

Percent would work when single family fixer-upers are selling for $1MM? Just wondering if there are any guidelines for high value properties where rent cannot approach that equation.

@Jess White 401k is the best long term investment other that RE. If your company matches certain percentage, not investing at least up to the match is like leaving income on the table. If you are over 50yrs you can invest catchup up to the Federal max. Best part is the money comes out pretax and eventually you won’t even feel the difference. But you can go to sleep at night knowing that even if you spend all you net income every month at least you are saving via 401k. It’s foolish to pass on that,

IMO. If you are in it long enough you can amass 500k to a 1MM. Based on your age.

@Shayna Hatcher don’t do it. Wait it out for the right tenant. What are the felonies? Di you really want to open that door. I made that mistake once and paid dearly for it.

@Brie Schmidt yes the executor is the son of the deceased and brother to the heir. No he is not an an ESQ.

Thanks to all for the advice, I think I go with either quarterly or biannual increases.

My wife and I manage a 3 family in which 2 apts. were updated by us and we have quality tenants in the new apts. A third apt. is still rented to a left over tenant from when my wife’s mother owned the house. The rent of that apt. is $300-400 below market and we have not updated it (although the appliances are recent). The tenant pays on time and rarely gives us any problems but we still want bring the rent closer to mkt value. Any suggestions on the most diplomatic and financial way to get the rent up at least $100 periodically until we reach market rate. BTW this property is not rent controlled. Thanks in advance for your input.

Multi family. You’ll have a place to live while you’re rentals build your equity. A condo has a lot of extra mandatory fees and you need approvals for renting. A multi family is your property and you’re your own boss plus the property value will increase faster than a condo will.

Someone is the beneficiary through inheritance of half of a deceased partner's 50% stake in an Llc. The other half went to a sibling who originally was a fifty percent partner and is also the executor of the will. In the year Prior to the passing of the partner whose will is being executed, the deceased partner's capital account, as stated in the schedule K had a large some of money which was not distributed to the partner during their lifetime prior to death. At the execution of the will the deceased capital account has only few thousand left. In the prior tax year there was several hundred thousand in the account as reported on the Sched K. The executor is only willing to disperse 25% of the property held by the LLC but has no answer when asked about the deceased capital account. What recourse does the heir have in recovering the money that was supposed to be in the capital account. The partnership agreement stipulates that the beneficiary has a right to 50% of the real estate as well as the capital account that belonged to the original 50% partner upon the passing of that prior partner. Again what is the best way to recover those funds? Thanks for any suggestions. Victim of Fraud.