All Forum Posts by: Robert Stamper

Hi, 

Has anyone used Zillow Rental Manager to manage rent payments and applications?   We just listed a property on Zillow.   From what I can tell, the first listing is free and subsequent listings are $9.99 per week.   That might seem expensive, but if I were looking for a rental, that is where I would start.   That seems like a reasonable fee to me for a rental listing that hopefully lasts no more than a couple of weeks.   Others may disagree.   

What about accepting applications through Zillow.  We use Cozy and they charge the renter $40.00 which makes some potential worry that they are throwing money out the window when they apply to many apartments/homes for rent.  Zillow appears to charge the renter $30.00 once then they can apply to unlimited rentals for the next $30 days.  That seems better from the tenant perspective.   Has anyone used this service?

What about managing rental payments on Zillow?   I'm considering Buildium.  That costs $47/month and is probably worth it.   It appears that the Zillow service is free to the landlord and they make their money on non ach transactions with the tenant (credit/debit cards).  

What does everyone use for advertising rentals?  What does everyone use for managing tenant payments?

Thanks!

Robby

Hi Ryan, Welcome to BP. My wife, Sarah, and I are investors in RVA as well. We have a similar BRRRRRRRRRR goal and are finishing our first BRRRR as we speak. Good luck.

Robby Stamper

Thanks Jennifer.   Yet again I learned something.   I was not aware of the employer contribution and was also not aware of limit being per person, not plan... THANKS!

Thanks for the quick/great responses.  I love this community! :)

Thanks @Brian Eastman and @Daniel Dietz.   That's a great idea to roll into the 401K solo.   Here is my thinking.   401Ks and IRAs are difficult to get your money out of.   But, in 401K solos, you can lend to yourself.   My wife and I are building a portfolio of rental properties and I don't want to get so levered that a downturn could break us.   If we had $100K each in a 401K solo, we could each lend ourselves $50K in times of dire need (like 2008).   That would be $100K in reserves for making mortgage payments when times are tough.   I kind of assume that in the worst situation I'm collecting only 60% of my rents.   So, to whatever extent 60% of rents doesn't cover mortgages, that $100K would be a reserve.   I'm also seeking out non recourse lenders.   That makes bankruptcy less likely.  If we had 1000 doors we could easily be bankrupted by a downturn.   If we had 1000 doors financed through non recourse loans, we could not be bankrupted by the 1000 doors.   I want to grow, but I want to be conservative.   I will probably pay up for non recourse loans, but the downside protection is probably worth it.   Another source of non recourse loans would be private promissory notes.   Just thinking out loud regarding why I want 401K solos versus 401Ks or IRAs.   Thanks again for the rollover idea

Hi everyone. Are 401K solo contributions limited to the amount of income made in the single member LLC?

Example. Let's say I made $1,000,000 on a W2 job and made $10K on a single member LLC.   Could I put $50K in a 401K solo or would contributions be limited to the net income of the LLC ($10K)?

Thanks in advance!

Robby

 

Welcome to BP!  I'm in RVA as well

I agree with Michelle, I do the drive to DC 3-4 times a year from Richmond and I never enjoy it.  I couldn't imagine doing it 3-4 times per week.  However, my neighbor works in DC and does the commute nearly daily. 

I moved to Richmond in the early 90s from the DC/Baltimore area. The quality of life here is much better in my opinion. The traffic is an order of magnitude better! The neighborhoods are quite diverse here if you are considering BRRRing here. They range from student housing, to gentrified neighborhoods, to neighborhoods in the path of gentrification, to low end suburbs, to high end suburbs. If you find a property you are interested in, I'm happy to give you a little local knowledge about the area you are considering. There are a few REIA meetup groups as well and the info you get there is great.

Robby

Hi Ryan,   What about this?   I don't think you want to get rid of that bedroom.   3 beds rent for more and sell for more.   Weird configurations don't rent or sell well. 

How about this?  Move one wall and some doors.  Reconfigure the bath...  One of the bedrooms gets smaller, but the dining room gets bigger.