All Forum Posts by: Shawn Pottschmidt

I have been listening to ORAAT podcast lately, they are talking potential sub 7% in 2024.  for us investors that will be higher obviously.  

I'm in the same boat and have funds locked up in a HELOC. I often get anxious and think I will miss out on a deal. In my area properties are reducing prices and staying on the market longer. So we might have opportunity to low ball and pick up deals, thus the need for the refi.

For me I like to preserve the cash flow so keeping things in the HELOC until rates are better makes sense.

best

I’m sure it’s listed somewhere on the Internet, but I’m honestly too lazy to go and do all that digging.

Does anyone have a decent guide or list of items and services that can be included as bonus depreciation on a remodel for a rental property.  Or maybe it would be easier to list things that cannot be claimed as bonus depreciation on a remodel for a rental property?

Thanks for your help

I’m local and manage my own long term rentals.  What sort of work would you anticipate  needs to be done?  Or do you need someone at the ready while it’s occupied?

Can you apply funds from a property you sell into a refinanced property or only at the initial purchase ?

and this is a 1031 not the elusive 1021.😂

We should all be hoarding cash and building a war chest.  25k to cover 5 properties.  Roof or furnace failure makes me squirm a bit but a cash reserve helps me sleep at night.  

@Heriberto Villa I think you need to escape from New York (Pun intended). My agent here in Indiana had the best year of her life as an agent in 2020. She has been an agent for 30+ years.

To my surprise, after 8 months I found out last week that the 2 people who signed the lease do not live there. Their daughter lives in the house with her boyfriend. I’ve never felt the need to just drop by unannounced as I’ve never had any issues. The few times that I have ever entered the property I have given them 24 hours notice. When I go there I meet the lady who signed the lease.

Last week there was a plumbing issue (toilet backed up and overflowed ) with minor damages. I proceeded to tell them that they are responsible for it and that set them off. During all this the neighbor whom I’ve known for four years told me who was actually living there. I kindly ask them to leave since they were in violation of the lease terms. 

Has anyone ever had to prove that people were or were not living in a property? if so, how did you do it?

(I’ve already checked county records and they have a house in their name)

Thanks

@Justin Johnson American Express has a card that earns cash back and you only pay interest for 15 mo. I used it on a BRRRR recently. Sort of nice keeping everything on one card to keep track of expenses. Just an option for you.

@Andrew Walatka

Go to the northern Indiana REIA meet ups. 3rd Thursday each month. Currently doing zoom conferences so that may be odd considering you don't know anyone.

There are areas that some consider a "war zone" if you catch my drift.  In the future if you like let me know where your properties are located so you don't make that initial mistake.  

As for the water damage, is it worth the expense? Unless of course you have enough money to put into that and are looking for a certain return.  

My point of view is strictly BRRRR oriented so I look for things that bleed money and avoid them.