All Forum Posts by: Tim J.

how many properties and units do you have?

Wow. Sounds like a PITA.  Absolutely idiotic to try to skip a payment and apply payment to most recent one.  that's not how it works.  As soon as they get behind again FORECLOSE ASAP

Politicians seem to love fanning the flames of class warfare and blaming landlords and property owners for the ills of ****** zoning regulations.

I read an article recently that some municipalities that banned STRs are reconsidering.  The ironic thing is that in some resort/highly desirable locations where the cost of housing is high, when STRs are banned, the houses in question typically get bought by people as a second/third/fourth vacation home and then let it sit vacant.  So that further drives up demand for scarce rental housing...  

Politicians have been making idiotic housing policy - starting with rent control - for over a century.

The idiots still don't understand that when you screw with a free market you get lots of unintended consequences - and many times you end up with the opposite effect of what you are trying to achieve - NYC is one shining example of this...

Sigh

What's the cost (in $ and headaches and lost rent) if you don;t fix it and it fails when you have tenants?  Do you want the additional work of getting serviced each year?

If you DON'T fix it before leasing it, then at the very least, set aside at least $2500 per year and when you get the $10k then do it.  Also have a contingency plan and risk reduction plan.

I vote to yank it.  It is noise and so incredibly self-serving and obvious.  I can't see how it benefits anyone.

It may be a cliche, but I do know of a few anecdotal instances of doctors and dentists who invest through a partnership.  Typically there will be a partner who handles the deal flow and logistics and the folks who went to med school are usually LPs/"silent" partners.  

Quote from @Justin Holley:

I have had a lot of issues with Stessa support.  Their communication is slow at best and you have to ask to speak with a person and hope they provide the Calendly link to schedule a time.  

No Bill Pay for the Cash Management accounts... Basically you have to funnel money around to use these accounts for anything other than simply savings.

They promoted their move from Blue Ridge Bank to Thread as one that would allow for Bill Pay, but it hasn't happened. 

I am considering moving to RentRedi.

I tried RentRedi - it definitely was NOT Ready!

I can't recall all the reasons I rejected it but one HUGE primary flaw that is so fundamental it made me question everything else about their software - there is no concept of a portfolio.  

E.G. I am a member of 3 different partnerships (and manage all of those properties).  I also manage properties that are exclusively mine.  Some of the entities own multiple properties and some of the properties are multi-unit.  There is no way to set that up in their system under one account.

Given that brain-dead view of the world that is a hard "No" from me.  
It may be fine for investors who manage only their own properties, but definitely not "Ready" for prime time IMO

@Gerald Maczuga

You should contact a tax specialist, not an online forum.

Of all the nonsense I have heard about real estate investing, using the notion of "protecting assets" as a reason for leverage is one of the dumbest. 

Quote from @Joe S.:

If you want to make money with the degree, why not choose a degree that makes good money and simply invest in real estate with the money you make?

This is the right answer.