All Forum Posts by: Drew Sygit

@Brett K. we manage in Class C areas, so have to deal with this a lot.

Options:

1) Boardup - pretty useless as easy to rip the off and advertises the property as vacant.

2) Armor Guard door frame reinforcement with temp double-key deadbolts. Really hard to kick in a door and then even if they go thru a window, can't open door from inside.

3) Remove mechanicals, store, reinstall upon MoveIn

4) VPS or DAWGS - metal window screens and doors. Best, but expensive and can still be defeated.

5) Cameras & alarms - sorry, we're not paid enough to confront a thief in the middle of the night! So, only effective if police will quickly respond and stop them in the act. Owners do NOT understand this:(

@Kyle Reedstrom assuming you are referring to Buildium syndication for rental ads?

If so, you should KNOW which websites your properties are being sent to.

Then, try to find other websites in your area that have traffic.

Many landlords use Facebook Marketplace, but a lot of time is wasted with leads from their.

Are you offering 3D Tours?

 Huh?

Why would they have to expense throughout the year?

Canada has credit reports similar to USA.

Google to see if they have a version of TransUnion that can be used to access.

@Cameron Porter half off of a $30-40K price may not be enough to make a purchase work.

We've seen clients quickly get upside down with Land Bank purchases:(

So, proceed with caution and hire a great inspector and contractor to go thru the property before you agree to buy it. Be sure to have the gas, water and sewer lines inspected as these may be dug up or collapsed - and very expensive to replace/repair.

@Nadir M. 
@Adam Bartomeo

Guys the IRS requires the 1099 amount to be equal to the GROSS amount you collected on behalf of the owner, even if you are collecting water bills, etc. from tenants.

NOTHING is deducted from the Gross amount,including your PMC fees!

The Annual Owner Statement should break down all the expenses that the owner's tax professional then figures out how to deduct and on what tax schedule.

@Nadir M. you would show 100% of whatever you collected on behalf of an owner.

Of course, if tenant pays via credit card, you would NOT include the credit card fees, because you did not receive them.

From the funds in your OPERATING account, you would pay any expenses on behalf of the owner, including your management fees - which you woul transfer to your PMC account.

Owner will be paid from Operating account.

Your vendors (office expenses, auto, etc) would be paid from your PMC account.

Year end, you are require by IRS to send a 1099 with GROSS amount collected on behalf of owner. Owner will need an Annual Owner Statement from your acconting system, reflecting those gross collected amounts and all expenses, including your management fees. It's up to their tax professional on how to present that info on their tax returns.

Don't forget to NOT get desperate and lower your screening criteria!

This could result in a bad tenant and thousands of dollars lost via eviction.

It's better to have a vacancy than a bad tenant.

@Nathan Gesner too funny!

Hopefully, she'll just move this time.

@Richard Fisher all PMC software I've seen only offer Cash-Based setup, not Acrrual.

Some of them synch with QuickBooks, maybe other accounting software packages.