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All Forum Posts by: Rich Schmidt

Rich Schmidt has started 2 posts and replied 102 times.

Post: Bookkeeping for rental property

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by Ed O.:
I'm too young to not know what saas means. Does this mean it's a nightmare to export data?
thanks for the heads up and explanation!

Saas = Software as a service. In other words, it's "in the cloud" instead of on your computer and you pay a subscription fee to use it rather than making a one-time purchase.

Post: HOW DO YOU RUN YOUR BUSINESS?

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by Martin CS:
I think I am getting tired of the daily dull routines that I been going through lately. It would be nice to change the environment. What are your thoughts?

Have you tried coworking? Gets you out of the house, lets you see some other faces, and it's probably quieter than a coffeeshop.

Google found one in your area: hive4a.org. Only $25/mo.

Post: Rental Property: Taxes and Insurance

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by Jimmy Ma:
Thanks for the help. I looked online at the county's tax assessment website and it seems that my friend's houses are both taxed equally. The house he claims residence in has an exemption of over 50%, possibly due to an automatic homestead exemption.

If there I buy a house as a rental property, would I be able to qualify for any property tax exemptions? I am also on file with my mom's house as an owner. We are probably getting the homestead exemption as well.

There might also be a mortgage exemption you could file for. Those same people in the county administration you talked to before should be able to walk you through it, if it exists in your state/area.

Sorry, I didn't see this until now. You may have already decided.

We put heated floors in our main bath & kitchen when we redid them in our last house: the kitchen in '07 and the bath in '10. Then this past summer we moved and started renting that house. So we haven't had a lot of time with them... but we sure enjoyed them while we had them! I don't know if our tenants are using them or not. I'll have to ask.

I forget the brand name, but it was cheap from Home Depot or Menard's. Easy Heat? It came as a wire, not as a mat.

What Joel said. Tell them you look forward to getting the adjusted "estimate" that doesn't include the last part of the job. As in any negotiation, you want them to put a number out there first.

Post: Am a landlord but renting house to live in

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65

Since this thread is over a year old, I'm guessing Jessica has already taken whatever action she decided upon. If she were still around (and it doesn't appear that she is), it would be interesting to know what she decided and how it's going...

Post: How I turned $1000 into Five Million in Real Estate in My Spare Time

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by Jon Klaus:
Sorry, I was holding my iPhone. Just listen to the audio?

I came back to it later & was able to finish it. :) Maybe it's time to order a cheap iPhone tripod off Amazon? :)

BTW, thanks for the introduction to Nickerson. A little Googling makes it sound like he's one of the few "gurus" to have played it straight & not relied on gimmicks.

Post: How I turned $1000 into Five Million in Real Estate in My Spare Time

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by Jon Klaus:
What were William Nickerson's key strategies? Leverage and pyramiding.

http://www.youtube.com/watch?v=EzxrxiSFx50

I'm having trouble watching the video due to the constant motion of the camera. Are you holding it in your hand? If not, what's causing that constant motion?

Post: Wise Rental Repair/Maintenance Tricks

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by Joe Edwards-Hoff:
What about yard work? I am managing a single family home right now to a bunch of college kids and I have not come up with an effective plan yet. do you pay someone to do the work or do you have the tenants do it? If they do the work, do you supply the tools? I once had a landlord who was going to hold back deposit funds if the grass died.

I do the yard work on our two single-family rentals... but that's because they're right across the street from me, so I might as well. It's a selling point for tenants that they don't have to mess with it. I've told them they can mess with it if they want, and one tenant would mow the grass sometimes, just because she enjoyed it.

If we had a rental further away, we'd have the tenant do it... with something in the lease to say that if they didn't keep the grass cut, and I had to deal with it for them, that they would have to pay for it somehow. Maybe I would structure it as them getting discounted rent for doing it themselves. If they chose not to do it, they could pay the higher rent.

Post: Wise Rental Repair/Maintenance Tricks

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by Jason A.:
Yes carpet needs replaced every 5 years or so, but hardwood doesn't always hold-up great either.

We bought the rental house next door back in summer 2007, and the previous owners had put new carpet in it before the sale. We thought we'd need to replace it by now, but it still looks OK after cleaning. We'll probably have to decide what to replace it with this summer, if our current tenants move out at the end of their lease. We're on our 4th tenants, so the carpet has survived a lot of turnover.