All Forum Posts by: Mike Testa

I’ve been watching a new condo building and its sales. It’s a 7 story modern place. I know the builder wanted to sell 2 more units in December to hit the 75% sold mark. He made it. Now I noticed he has removed the remaining 25% of the units from the market at the moment. Why did he do that ?   

awesome answer and information .  Thanks so much Matt.  I"m going to have to read this at least 3 times to digest every step of good advice.  thanks a lot.  happy to be neighbors. 

Thank you Johann

Thank you Mike McCarthy 

Thank you both for the advice on security deposits.  I’m still hoping for advice on my operating account question.  How Do people earmark money for different things like cap expenditures, repairs , etc.  Do folks have multiple checking accounts?   If you have just one checking account how do you keep track of amounts that are earmarked for certain categories? Or do you even bother to do that ?  I think I’m having a hard time wording this question.   I only have 4 units now but if I soon add another 5, I’m trying to prepare for that and be better organized with budgeting, & tracking.   

I learned some formulas on this site. Like what percentages to estimate for repairs and cap expenditures etc.   I have 1 business checking account and 1 savings account for my 4 family building.  I keep the tenants deposits in the savings account and the rest in the checking. Do you guys suggest that ?  How do you track (if you do) the separation of funds earmarked for cap expenditures, taxes , and repairs and all those separate categories?