All Forum Posts by: Jeff Takle

There's a relatively new one called RentSlicer.com that seems to have better fidelity with the data than Rentometer. Not sure if it works in Canada though.

You're a real bleeding heart TC!

:lol:

I have some 110v appliances but when I went in to Home Depot to start replacing them the guys looked at me like I had two heads...apparently everything is on 220v now.

Not to be stupid, but normally I contact a licensed plumber to come in and hook up any gas appliances. Costs $100. But, then again around here people don't bring their own appliances so it's not a normal turnover cost. I specifically would not allow a tenant to hook up gas lines themselves.

-Jeff

Two questions:

1. MikeOH, what is the two step process that you outline in your book? (Sorry, haven't read it...yet)

2. Isn't there a benefit to calling the police, just to initiate a paper trail in support of a future eviction? And, if you have an anti-drug clause in your lease plus one or two recorded calls to the police, I would think you may have enough to successfully process an eviction.

Your thoughts?
Jeff

You don't need that many responses if you're not trying to prove statistical significance. You can ask open ended questions, as them to comment on their least favorite part about their home, most favorite, etc. That's useful information even if you only have a few units.

If you're surveying 50+ units then for your own sanity you'll probably want to standardize the answers more.

Don't make this more complicated than it needs to be. Get a free SurveyMonkey account for small scale surveys and put something together. Send out an email to your tenants with the link and a $25 rent credit. Well worth the money and a good idea.

-Jeff

John,

I use it a bit -- getting more involved as time goes on. I've found it helpful in connecting with various real estate professionals...agents seem to be the ones most likely to be on there...self promotion and all.

There is an interesting group -- overall opinion still undecided -- called OpenMLS that has a group on Facebook as well as in SecondLife. I've joined both and started attending their stuff. I'm generally uncomfortable with the whole idea of real estate on SecondLife, which is exactly why I'm forcing myself into it. A little disruptive technology never hurt anybody, eh?

I think at this point, I haven't found anyone who's figured out how to really capitalize on FB for RE. People are still figuring it out.

-Jeff

Welcome! I own property in Somerville right down the road; don't know Lowell well but I'm sure you'll find folks to collaborate with on a general level.

-Jeff

I can't resist, and yes I clearly have a bias, but I wanted to share a great quote I picked up from a property owner when we were assembling the right mix of features. He said,

There are other considerations that Intuit (Quickbooks and Quicken My Rental Property Manager) don't address, namely:

1. Advertising vacancies on the web
2. Running credit checks
3. Collecting rents with ACH and credit card
4. Providing landlord forms and resources
5. Helping suggest maintenance vendors
6. Providing a maintenance request system...

My very genuine question back to you all is:
[size=18]How important are these 6 features listed above versus having a detailed and robust accounting package?[/size]

I like all the info above -- good summary, resources, and advice.

Just a short add-on. You don't need to be running a corporation or LLC to qualify for the solo 401(k) and the much better contribution limits. If you buy and sell properties at all, you are running a sole proprietorship; you are in business as a real estate investor. If you can file a Schedule C with your personal taxes this year, and a Doing Business As (DBA) form for $10 at the local county courthouse, you can apply for a Solo 401(k), which--as mentioned above--has MUCH higher contribution rates.

Solo 401(k)s are as easy to start as a normal mutual fund. So, IF you want to put a lot more towards your retirement, look into it. Worst case, you have a fantastic resource down the road with which you can make smart real estate buys!

I went and got licensed to do the job myself. It seemed to me the fastest way to shave 2-3% off purchase price and save 2-3% on selling price. Second only to doing smart tax planning, I saw this as making the greatest improvement to my margins and return on investment.

Some people are also their own handyman, title company, mortgage broker, etc. Guess you have to decide how far up and down the value chain you want to stretch. If you truly know what you want, and you understand the market well, and you've developed a network of people who know what you like to buy / rent / sell, then I don't see the value in paying anyone else for agency. Whatever legal risks you incur by being the agent are overshadowed by the payback IMHO. And I haven't found buyers/sellers to really care that much if I was the buyer & agent.

Just my $0.02.
-Jeff