All Forum Posts by: Account Closed
Account Closed has started 4 posts and replied 43 times.
Post: Reserves
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
Thank you for the advice. That is a good strategy that I will follow.
Post: Reserves
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
Originally posted by @Peter MacKercher:
Instead of using a static dollar amount I set aside 10% of profits into a sinking fund to cover expected (new roofs are the big ones) and unexpected expenses. I think that's a good percent to start at.
Thank you for starting this thread. I've been asked this question a bit lately and it is a great find on a Friday afternoon.
Peter, are you talking gross or net profits? I was thinking about holding $1,500 for each unit which roughly covers a little over 3 months of rent for that specific unit.
Post: Investing in Provo, Utah
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
Hi Jacob,
I recommend avoiding aspen ridge property management. They manage a lot of properties in Provo and provide poor customer service.
Post: 1031 Exchange and VA Loans... Any thoughts?
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
I'm glad I found this thread. What would be the benefit of refinancing out of your VA loan?
Post: Investors in the Greensboro NC Area
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
Hi Matt,
I might not be in Greensboro, but I drive through quite a bit and I'm looking for opportunities on the east coast. Lets connect.
Post: BRRRR...Debt to Equity
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
The BP real estate podcast covers this on about every episode. They suggest being careful on the size/time of the renovation and suggest doing smaller projects that have a quick turnaround.
Post: Capital Expenditures to Increase Rent
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
Post: Best Passive or Hands Off Real Estate Investments
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
@Kevin Powell
I simply looked on realtor.com and the MLS until I was able to find a property where the numbers worked for me, required little or no renovations, and/or was rented out. However, i'm sure there are companies that provide this service. You just need to decide your own level of comfort and how much you actually want to do yourself.
Post: Best Passive or Hands Off Real Estate Investments
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
Originally posted by @Tom Ott:
Originally posted by @Kevin Powell:
I am wondering the best passive way to make some money in real estate for the typical 9-5er with not much time. I work hard, just have to find whats suitable for my time. I work 9 hours and commute for an hour and a half. So just wondering what's the best way. I'm looking to generate some capital in california where i live and work. All help is appreciated
A great way to earn passive income with RE is to invest in a Turnkey. Make sure it is from a TRUE Turnkey provider. The company should own the property first. They do the entire rehab while they own it. Place a tenant PRIOR to closing. After you close on the property they should also stay on as the property management and NOT just push you off on some other company when they are finished with you.
I 100% agree with Tom. I bought a turn key and I have property management. It hasn't taken very much of my time and has provided me with an above market return.
Post: Soldier looking for advice with first duplex or four plex.
- Accountant
- Panama City Beach, FL
- Posts 49
- Votes 18
Hi Ricardo,
I'd suggest finding a mentor and networking with people in the area to better understand the area down there. Have you searched for any meet up groups in the area?