All Forum Posts by: Quinton Thomas

 I know starting off in real estate is increasingly getting harder due to rates. Have you thought about doing partnerships on deals? lower out of pocket cost and if it's your first deal less stress if something goes wrong. seller financed homes. Tax liens or buy land and use it as collateral to build a home from the ground up.

It should be the same for as a regular tenant. The only difference is, you would also provide POC for tenant (might just be for AL but tenants had certain agents they were under) the notice as well, so they know what's happening as well.  

Hey Kyle, sorry to hear the situation that you are in. Would agree with what Jon said. it's a part of real estate. eventually it would have to be redone some point in the future. If you do go with the selling route, I'd recommend going "sold as is" or build you asking taking in consideration of the repairs needed. 

another option depending on financial situation consider financing the repairs? That's depending on the extra cash flow the home brings you and how much you have after all expenses on the personal side. I personally finance 95% of my renovations via credit, lines of credit, or loan's. which I pay them off quickly. 

 Sorry to hear about the issue are dealing with. With my house being broken into and having whole A/C unit stolen lol. Best advice is having the quote of repairs as soon as possible. That way you could just send that over to them and based on deductible and insurance. they will approve it and send funds via direct deposit or check. speeds up the process of getting funds since they have a figure to get it back to livable conditions.

I ended up going with ADT. They have live monitoring for only 25/month. I'm going to be looking more into SimpliSafe systems.   

Good afternoon, hope everyone's new year is starting off great! I just wanted to know what other landlords are doing about security systems (If they have one or not). Do you all install security systems on each house or how do you go about protecting your assets? 

 Yeah, I talked with a CPA back in August and told him that I would be one of his clients. Since, then recently I've been trying to get in contact with him... nothing. However, did give me some homework to do such as set up a P&L spreadsheet as well as keeping records of all my purchases. So, more need to just find someone to help file and more ways to save on taxes.

I'm Curious to see how other REI handle their taxes and when do they start the planning process. I've talked to a few CPAs in my area and very few of them know the many tax benefits that come with RE. Any recommendations on CPA's who are familiar with RE investment strategies?

Do you have it written down in the lease that you had the tenant sign on if they were responsible for them to cover repairs if situations like this appear? also I don't believe you should have to pay because the work was not yet approved by you. My PM always waits until my approval before proceeding with repairs. However, I also have it written in my lease that for tenant damages they are responsible for them. 

I can completely understand where you are coming from with the constant discouragement. My dad is the same way, he has multiple SFH paid off in full and collects rent. However, when I first got in and did my first flip it was discouragement until he saw the check afterwards. Then I recently got my first rental. Again, telling me I shouldn't buy the home, bad area, troubled tenants.....etc. which I did have some hiccups, but that's part of the game and also have insurance lol.

I just had to come to the fact that at the end of the day my goals and dreams are mine. Even if he's not the biggest fan of what I'm doing at the end he still supports me.

For context my dad was in the military, and always did the safe thing to do. maxed out 401k match, he never invested on his own and the home's that are being rented out were bought as primary homes and when he moved since they were paid off, he just rented them out. never were bought for investments.