All Forum Posts by: Tod R.

I'm over 21 but I'm sure I'll have to convince them that my youthful appearance is deceptive!!!

Sounds like we need to confirm with our local authorities. I like form Jeff Sielicky mentioned. However, I assume if it's established that it's the landlord's responsibility then you most likely cannot avoid such liability with the tenant acknowledgemnt. Andy Collins, what city gave the class?

Welcome to BP Kerwin Cabrera

1. Yes. We managed a 300+ unit complex that had a handful of units they would strip appliances, toilets for other make ready units that also had bathrooms covered in mold. Leaks had gone unrepaired for months due to lack of funds.

2. This is probably too complex to answer here. I'm assuming you are the genral partner/managing member. Basically, your jv/llc agreement should speak to how major decisions are made. For the most part, our agreements give the gp/managing mbr authority to execute operations as long as its in the approved annual budget, or within a certain percentage/dollar amount in excess of budget.

3. I agree with Eli C. Your agreement should have a buy/sell or some sort of right of first refusal scenario.

Keep us posted as to how this progresses.

Tod

Hi Lynda Poe, you and I spoke at the Summit. You are always welcome to the DFW meetups. I would just be careful if you plan on going to an Austin event Bryan Hancock and crew may not allow anyone north of the Red River...

Hi George Moehlenhoff I know its a little stale, but I just saw this post.

I had the same dilemma but went the opposite way. Have you seen the upload in the Fileplaces/Presentations ? (actually I haven't been there lately, so I'm glad to see there are more presentations to review) I thought John did a great job laying out the strategy.

Tod

Capital improvements are not included in NOI but are included in cash flow. However, if their FS literally describe the line items as "roof contractor" or "plumbing contractor" that makes me wonder if they are potentially combining capital improvements and repairs, just as Ann Bellamy mentioned.

Appraisers/analysts will include in the NOI a capital improvement "reserve" based on age, condition & market to cover estimated capital expenditures, just as Nathan Emmert mentioned.

Often on larger projects, the lender or equity partner requires a Property Condition Report in addition to the appraisal. This report will state the condition/remaining life of major components of the property and determine the amount that will be required to be escrowed.

50% of business meals are deductible.

Hey Mike Jakobczak, would you expand on the details of your short term loans?

Thanks,

Tod

http://www.biggerpockets.com/forums/52/topics/67928-property-management-software

Our company uses Realpage on bigger multifamily units. That along with MRI seem to be the favorites among the big institutional owners. However, it's pretty expensive. We use Timberline for office properties, also expensive.

I do think it's important for a PM co. to use a professional and versatile package that integrates the property management module with accounting/payable modules. I think you'll find different clients will emphasize different reports. That's where Excel comes in handy!

Tod

I agree with Jon. If you are the sole owner of the s-corp, then it all gets rolled into your individual return anyway. If you do take a decuction make sure you actually pay yourself fair and reasonable compensation, with support.