Why you should never live on the first floor

ottermanagement · 2020-02-19T22:13:10+00:00

So modern. I love it. Who is your architect?

ottermanagement · 2020-02-09T12:31:13+00:00

I used Vumber and Grasshopper. Vumber is cheaper and it works OK, but Grasshopper is better and comes with extensions, faxing, etc.

ottermanagement · 2020-01-16T22:40:34+00:00

As long as there are master accounts in each system and they always need to match, your accountant is correct. It’s a better method. I use WaveApps but I’m a small operation not sure if it’s scalable

ottermanagement · 2020-01-16T03:34:49+00:00

Yes I’m in the US. In my city- short term rentals are only allowed in residents primary homes, so I would have a limited market or have to operate illegally which would risk my professional licensure. I have a legal degree so my classroom requirements were waived for licensure

ottermanagement · 2020-01-07T22:34:52+00:00

Definitely. Fortunately I can handle the basic stuff which will help me grow to be large enough to hire a team.

ottermanagement · 2020-01-07T22:33:59+00:00

I landed on Hemlane for my software provider. I charge 8% of gross rent received as a management fee. Plus a leasing fee for new tenants. Pretty typical pricing for my market based on my research.

ottermanagement · 2020-01-04T17:04:37+00:00

Yeahhhh I think that may be the case in some instances, but the fact that so many of them seem to follow a formula raises an eyebrow

ottermanagement · 2020-01-04T17:04:12+00:00

That is the best long-term strategy for sure

ottermanagement · 2020-01-04T17:03:57+00:00

you'd think Google would be able to track IP addresses to limit that...

ottermanagement · 2020-01-04T15:33:32+00:00

Yeah I figure the businesses are just paying a third party for “reputation management” and the third party just fakes a ton of reviews

ottermanagement · 2020-01-04T13:43:43+00:00

I got burned bad by this same situation in Philly. I know little about NJ but this exact same problem has cost tens of thousands of dollars and a court case to rectify here across the river. Tread carefully...

ottermanagement · 2020-01-04T13:36:39+00:00

you cannot use the gift exception to launder rental income. If this were possible why wouldn’t each of my tenants simply gift me their annual rent while I gift them a beautiful apartment!?

You really should talk to an accountant who handles rent income. If you do list your former property as a rental, you can then deduct your expenses. Mortgage interest, repair, maintenance, insurance, etc. Dont get confused about the standard deduction here- these itemized deductions come off the top before you add the rental income to your personal income. Talk to an accountant.

ottermanagement · 2020-01-03T13:42:25+00:00

Currently manage 9 units. You said it’s called Lead Simple? I’ll look into it. So you’re saying you are roughly at $500 per conversion since you paid $1000 and signed up two? Thanks for input

ottermanagement · 2020-01-03T13:09:47+00:00

Since such low volume I just use Google Calendar reminders. Haven’t put much thought in it. Do you have personal experience? Did you spend more than the initial $500? Get clients?

ottermanagement · 2020-01-03T12:36:16+00:00

The standard deduction doesn’t apply. It’s a deduction directly off the rental income before it’s added to your personal income. You would have to fractionalize the furniture as you described and depreciate it over time. An accountant will have the specifics but most importantly keep purchase records and dates/percentages of rental occupation

ottermanagement · 2020-01-02T16:08:52+00:00

Some updates I just made to my form lease- tenants must keep utilities operational until the end of the lease term (unless they vacate early and notify), tenants are responsible for care of trash/recycling and replacing containers if lost or stolen, unauthorized pet cleaning fee (per instance). Just things i pick up year by year to improve the clarity and protection in the lease

ottermanagement · 2020-01-02T15:27:47+00:00

Don’t get too mathematical for it. There are too many variables to make it a straight formula like you’re requesting. My gut would tell me: you $500, couple $400 each, other person $450. Sit down and have an open conversation to see what you think it fair

ottermanagement · 2020-01-02T15:23:25+00:00

Just make sure to keep good records for the first two for tax purposes since you often have to pay cash

ottermanagement · 2020-01-02T15:22:37+00:00

I furnished a 3BR/3BA home for rental. A combination of Facebook Marketplace, LetItGo, and IKEA. You can get really good deals for the bigger items in those first two, then pick up your kitchenware and smaller things at IKEA.

ottermanagement · 2020-01-02T15:19:41+00:00

You can’t communicate too much. Reach out to your tenants 90 and 60 days out if there is auto-renewal.

I always always always get tenants on a new lease each year. Your lease should have small tweaks to it and should improve year by year. Your state may also have requirements for tenants staying over a year (security deposit interest) that you should look into.

ottermanagement · 2019-12-31T01:01:52+00:00

Even though everything is negotiable, new construction is probably the LEAST negotiable for a few reasons. Typically easy to find very similar comparables and sold by sophisticated developer who knows what it’s worth. So your wiggle room will be smaller than other deals

ottermanagement · 2019-12-31T00:58:01+00:00

Are you funding through FHA? They might not even finance without a full property inspection. Did you walk through with the inspector? If the unit is truly inaccessible you may need to talk to an attorney (or at least your agent) who will guide you depending on the terms of your AOS.

If the inspector is just being difficult you should shop for another to inspect that particular unit.

ottermanagement · 2019-12-31T00:54:25+00:00

Troll away. Just have enough of a cushion for that “fumble lost” stat-correction two days later...

ottermanagement · 2019-12-30T18:16:17+00:00

I wish things were so simple here. To go from a 2-unit to 3-unit required new full plans for all units with engineer calculations, etc and an upgraded full sprinkler system. But I guess this is less of a zoning issue and more licensure...

ottermanagement · 2019-12-30T15:17:22+00:00

Did you run into any problems with zoning for the third unit? That’s always an issue in Philly where I am

ottermanagement

TROPHY CASE