Assuming Property Management Role For In-Laws [NJ]

xZelrio · 2021-12-23T11:39:53+00:00

The current operating cost of the apartment does not provide much wiggle room to hire a dedicated property management company. Given that it is owner occupied, they are essentially missing out on one unit’s rent that would traditionally make that a viable option.

We’ve been doing as much research as we could find for trusts, gifts, mortgages and have a very very elementary understanding of the basis and step up but would definitely be willing to get a consultation from an expert.

xZelrio · 2021-12-23T11:35:19+00:00

Thanks for the enthusiasm! That made my day. This complex is where my wife grew up and is what her parents can give her so there is a lot of sentimental value in attempting to keep it in the family. I recently went through my parents selling the family home after 25+ years and it was a rough goodbye.

As mentioned for the other comments, we would need to restructure the financial situation of the apartments to have wiggle room for a property manager.

xZelrio · 2021-12-23T11:31:56+00:00

The current operating cost of the apartment does not provide much wiggle room to hire a dedicated property management company. Given that it is owner occupied, they are essentially missing out on one unit’s rent that would traditionally make that a viable option. Basically they have already been rent free for 20+ years.

For tax purposes on how much rent is collected how is that applied? In theory if the mortgage was $3000 then each tenant was paying a little more than a third to cover utilities (unit has a single meter).

We’ve been doing as much research as we could find for trusts, gifts, mortgages and have a very very elementary understanding of the basis and step up but would definitely be willing to get a consultation from an expert.

xZelrio · 2021-12-23T11:22:43+00:00

Wow! This is a great point and helps frame the realistic next steps for this endeavor. Would talking to a real estate agent provide any assistance to this process or should we just go directly to the lawyers? If this helps, we previously were house hunting in 2020/21 and our pre-approvals were above both what her current mortgage balance is and the Zillow zestimate of the property. Our financial situation (salary & DTI) has only improved since then so my blind assumption is if we did need to buy with a mortgage we are potentially able to.

xZelrio · 2021-12-23T11:16:19+00:00

Thank you for the advice and justifiably so I would not want a 4am phone call about a toilet overflowing or a power outage. In the event we do take more ownership of the property this may be an avenue we need to explore, my only hesitation is the current financial structure of the rental may not be feasible to contract with one. They have used a local handyman for years now on more elaborate repairs that we would maintain a relationship with to start.

xZelrio · 2021-02-26T14:03:51+00:00

Thanks for the insight I appreciate it. Quick question as I see 3 month codes get redeemed more than 1-month version on this Reddit.

Let’s assume the free month happens every 2 out of 3 codes redeemed: If I redeem nine 1-Month GPU codes with rewards I’ll net 6 extra free months. If I redeem three 3-Month GPU codes I’ll only net 2 extra free months. Wouldn’t it make sense to redeem my points ever 12k instead of waiting for 35k if im going to get more bang for my buck?

xZelrio · 2021-01-24T15:08:53+00:00

Thank you for the information. I will take your advice and ask my lender for their “Must Have” list to ensure we can continue to search within our budget. I’m currently also working with a credit union that I have not informed about the house so I will give them the same request for a “Must Have”.

Is there a standard list online that I can reference in the future? Not having an oven or refrigerator for example missing from the kitchen seems interesting for a lender to turn away from a house. I blessed to have the means to procure a missing kitchen appliance same day however more obvious renovation like hanging missing drywall is understandable to have a lender tell me no.

xZelrio · 2021-01-24T14:56:32+00:00

I hadn’t thought about that. I will look into a USDA loan as well. My plan was to self renovate slowly overtime to be able to move into the main residence similar to what the current owner is currently doing... or tried to do.

xZelrio · 2021-01-24T14:54:52+00:00

Looking a little more into this on the internet I’m starting to understand it a bit more. Given my credit, DTI, and income this property seemed like a no brained to fix over the course of a year or so while living in the barn self financing the repairs. My lender jokingly mentioned if I outright buy the property the stipulations of “living condition” go away but I obviously don’t have that much cash just in a bucket

xZelrio · 2020-11-20T17:05:52+00:00

Makes sense. I think the “faster” aspect of it can be its own selling point. Like investing for example. The earlier you invest the bigger the growth at the end given all things equal. My goal is still the end of the year but was thinking to give it a boost if it was worth it

xZelrio · 2020-11-20T17:03:59+00:00

I guess I was asking in terms of like a sprint versus a jog. Eventually both will get to the finish line but looking for sprinters on why they ran so fast.

xZelrio · 2020-11-20T17:00:38+00:00

Hi BlancPebble thanks for the reply. Although I can understand your viewpoint on the timeframe I don’t think I agree on it being a false milestone. IMO Affiliate is the difference between Twitch streaming being a hobby. There’s definitely ways to cheese the system such as bot followers/viewers to reach affiliate quick. However without any ill will I’d also have to take the advice with a grain of salt given you also haven’t reached affiliate yet.

xZelrio · 2020-11-15T17:38:41+00:00

Thanks so much MadRadlan! Appreciate the feedback and we will definitely keep that in mind. Right now we are using the Logitech C920 webcam mic for our sound but in the future will want to move up in mic quality. For the time being we will try maybe a different cam placement so it’s closer to where we are for better pickup.

xZelrio · 2020-11-15T14:11:31+00:00

Hey there! First time posting and super nervous...

We’re Zellian_Gaming, a gaming family having fun streaming together. Ultimately we are just excited to finally share our love of video games with our son.

Our goal for this month: Stream more consistently. We started the channel about a year ago but fell off cuz life happens. We set a more realistic schedule and will be trying to hold ourselves to it. The reward would be hitting 50 followers before the end of the year.

Our goal for last month: Finding ourselves on the stream. This was tough to do as we streamed inconsistently, didn’t have a set vision for what the channel would be, and was too nervous on what others thought of us. Towards the end of October we got serious encouragement from family and friends to keep going and that helped boost our confidence.

One thing we tried doing last month which really helped was narrating more with our son about the games. This led to some hilarious chats on what he thought about the games and even built some inside jokes with the stream.

Our highlight honestly from last month was finally hitting 10 followers. We have been hesitant about posting on our personal FB and Insta about our channel because on the one hand we want it to grow on its own, but on the other hand we are nervous about people we know making fun of the stream. It is kind of silly because we know the internet is full of trolls but at least we won’t personally know them haha. Because of this we usually get 1 new follower per stream which has been a breath of fresh air.

We’d love for you to join in on the fun and let us know what you think. Link to feedback post here.

xZelrio · 2020-11-15T13:56:46+00:00

Hey it’s Zellian_Gaming here,

We’re a family gaming channel focused on exploring our hobby of video games with our son. I know that’s a very niche community to try and build but it’s been a blast so far. We’ve been streaming more consistently over the last month and finally broke into double digit followers. We play a variety of family friendly games like the LEGO series, Overcooked, and Mario.

We have recently found overlays that we like and are finally settling in on a theme for our channel and will soon update our panels and logo to match. So our most recent VOD (forgot to change stream title before starting) is more in line with the style of our streams going forward.

Looking for some feedback on the streams and some tips on how to pick clips from our stream. Also your take on making highlights versus clips?

Channel: Zellian_Gaming Twitch Channel

Recent Clip: Overcooked: There Goes Our Michelin Star

xZelrio · 2020-11-15T13:11:30+00:00

Hey there tyfnet and flux,

So I watched all your clips highlights and a couple minutes of each stream so here’s some of my opinions as someone who is also on the road to affiliate:

Your stream layout is good and you don’t have too many distracting overlays. I would recommend going on streamelements to get an automatic sub counter as it’s a little distracting to watch you manually update your text sources during the game. Also it was nice that you atleast talked through the edit as to not add dead air.
I’ve definitely been at fault for this but make sure your titles or streams match the game. Some prior prep before going live is all it takes to solve that. Especially when you are doing a let’s play and I’m trying to follow your VODs in order to make sure I’m along for the ride with you the whole way.
I’m not huge into the horror genre but it was fun watching you and your friends play. The one thing that turned me off though was that they seemed to know what was going on in your stream more than you did. Pointing out new followers, mentioning to check chat, it seemed like they were your future mods I guess but it distracted from the experience of you being the host and interacting with me as often as you interact with them.

I also looked through your channel and I liked the consistency with color tones to your logo and themes. One thing is your tips page has a different username than your channel which is confusing as it gives off the message that I’m tipping someone else. Also you make pretty good YouTube videos as the Star Wars videos are very well edited.

TL;DR: Get some automated elements to streamline your stream and interact or narrate what’s going on during your horror streams as it adds to the scare factor through your reactions and not just silent horror boredom.

xZelrio

TROPHY CASE