All Forum Posts by: Tim J.

Quote from @Eliott Elias:

Why are you looking for an investor buying all cash? That is likely the least sophisticated investor you will meet. 

That's a pretty naive statement.  Can you explain?

What questions do you have about buying with cash?  I did 4 deals last year with partners that were all cash.

I am also curious about why some folks are trying to convince the OP not to buy all cash.  Strange.

In any event, BUYING all cash can be a powerful way to get into more and better deals.  After the property is closed you can refi, and re-deploy the cash for other deals.  Buying all cash give A LOT of weight to offers - and allows shorter closing times, lower price and essentially puts you on sellers' and realtors' speed dial for deals.  

If you are talking about handling the books for rentals, then definitely use software that was made for real estate...

Stessa, Buildium, and others

a search of t his site will yield a host of questions on this topic

Your PM should provide you a year-end statement you can give to accountant or use on your taxes.  

Are you talking about expenses that are not known to your PM?  If so then these may be simple enough to be tracked in a spreadsheet.

Quote from @Theresa Harris:

Quote from @Tim J.:

Quote from @Theresa Harris:

Do the tenants have insurance? I'd have them file a claim. Had they been in the home, the water would have been noticed right away.

Why should the tenants file a claim?  Nothing of theirs was damaged.

 If it was due to neglect by the tenant or something they may have done, your insurance company will go after their insurance for damages.

That is pretty flimsy.  I don't think it works like that in the real world.  Unless the damage is significant it is not worth an insurance claim.

Uhh,  are you learning/practicing to use ChatGPT or something?  or is this meant as a serious post?

Quote from @Theresa Harris:

Do the tenants have insurance? I'd have them file a claim. Had they been in the home, the water would have been noticed right away.

Why should the tenants file a claim?  Nothing of theirs was damaged.

Ugh.  Get software that was designed for rental management, not a general purpose accounting software.  Switch as soon as you can

Stessa
or
Buildium

I would have put in the purchase contract for the house to be delivered vacant, or retain some amount in escrow to cover costs of eviction/repairs/damage/etc

Most jurisdictions don't require lawyers or significant money to go to small claims court.  Not sure where that 3200 came from. 

If you are willing to spend the time you can pursue in small claims.  

If you can discover where they live and if they work/where they work or if they have a job, then it is worth pursuing in small claims.  

If they are uncollectable then don't waste the time.

You did get their SSNs and their employer info on their rental application, right?

What is your question?