All Forum Posts by: Rick Richard
Rick Richard has started 2 posts and replied 10 times.
Post: Best rent portals these days??
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- Votes 5
Innago works well for me for a few properties. Everything from marketing via Zillow, Realtor to leases digitally signed, to rent collection to my bank account, works without much training or help needed.
Post: Selling Property Perfect for Short Term Rental
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- Votes 5
Quote from @Mike Grudzien:
I wish I had a better answer, but there is a current trend to the bottom with STRs (some markets are exceptions). With inflation and tariffs, travel is down.
Mike, do you have source for travel being down? What I'm reading, it's up from 2024. https://www.hoteldive.com/news/summer-2025-travel-preview/74...
And price inflation is the lowest since 2021, so tariffs are not producing the price inflation the media wrote about. https://tradingeconomics.com/united-states/inflation-cpi
Post: The Villages, Florida - house hack
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Post: Short Term Rental Potential in California
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$12k a year for CA Fair Plan? Has it gone up that much from 2022? From google...
In a 2022 interview with KCRA, a FAIR Plan spokesperson stated that the average cost of a policy is about $3,200 per year
Post: Best Property Management software to use??
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- Votes 5
I like using Innago. Reasonable fees for renters...$35 for app, $2 for ACH rent deposit. Chat feature has answered every question so far. Will post open properties to most major sites including realtor.com
Post: Inspection Contingency and Known Defects
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I'm ready to sign an offer to purchase on a property that has water in the basement/foundation cracks. The offer includes an inspection contingency. The contingency states Defects do not includes those the Buyer had actual knowledge or written notice of. (I do have written notice of with Condition Report). My question is if inspection turns up foundation damage will cost much more than what I expect and budgeted for... E.g., will cost $20k, when I estimate $10k.. may I legally void the offer after the inspection? (assuming Seller will not cure).
Post: How to use real estate to offset some of the tax hit on a private equity payout
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Quote from @Mason Liu:
You are going to need to consult a tax professional on this. The K1 could show you have ordinary income, deductions, capital gains etc depending on what the investment opportunity was and how they managed and exited the investment vehicle. Depending on what type of income/payout you received from the deal (as shown by the K1), there may be chances to offset some of those tax concerns from the K1 with real estate or other vehicles.
You should be receiving some type of quarterly statement from the GPs of the deal showing how they are doing and what the NAV of your LP ownership is, including income you've received. You can share that with your accountant and start to have a conversation now of what your tax liability (if any) from this deal may look like and start to develop plans on how to potentially mitigate those if they are substantial.
Thanks, we've asked and paid 3 CPAs, 1 was a "tax strategist", no strategies or real understanding from any.
Post: How to use real estate to offset some of the tax hit on a private equity payout
- Posts 10
- Votes 5
Hi, my wife is expecting a K1 equity payout this year. Can we use our current investment propeties or purchase another investment property purchase to at least slightly offset the tax hit?
Post: What's the best strategy for snow birds
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Quote from @Shawn McCormick:
If you are planning to buy in a 55+ community, you won't be able to STR it almost 100% of the time unless it is some obscure place.
Hmmm.. I own a home in The Villages, I can short term rent through Airbnb 100% of the time.
I subscribed to rentredi 4 months ago, to market, then collect rent on a single family home. Marketing went well, with it being pushed out to realtor.com, etc. We got the tenant through rentredi/realtor.com. However, not trying to set up autopay through rentredi has been a nightmare. Clunky website, almost nonexistant online support is making me to find a new rent payment site.