All Forum Posts by: Alexandra Winkler

Hello BP Community! 

I will be closing on my second property in a month. Do you typically have a separate bank account for each property or do you have one main operating bank account? 

Thank you for your comments ! 

Allie

Hi Kislay ! 

Newer investor here. I created a multi member LLC and ran all income/expenses through the LLC. However I did not (oversight) transfer the title to the LLC. The title is held under personal names.

How would I report this on my taxes this year? Do I still file the rental income/expenses under the LLC (Form 1065) which will then pass through and depreciation on schedule E?

Any guidance is helpful. 

Hello BP Community!

Is anyone able to direct me to the NY State Tenant Laws? 

Allie

Hello BP Community! 

Is anyone able to direct me to the NY State Tenant Laws? 

Allie

Thank you both for the reply!

@Larry Turowski - The property is in North Winton Village in the city. We did install a sump pump and have a dehumidifier going, but not automatically draining. Our biggest issue now is that water is coming in through two of the blocks and the basement floor isn't graded toward the sump pump. We really don't have any opportunity for #4 because we have a driveway on one side, deck on the other, and covered porch on the front. We will take a look at the one side that's exposed. In your experience how long does the dry lock hold up? Is it something we need to redo every year? 

Hi BP Fam! 

My significant other and I would like to rent out a house in Rochester, NY since we have a low interest rate. Our mortgage, PMI, taxes, and insurance is just under $1,300. It's a 4 bedroom 1.5 bath 1,538 square feet and a decent size fenced in yard. After doing research comps rent for $2,100-$2,300. We noticed some water/small flooding in the basement and had a few people come inspect the property. The previous owner painted over mold and did not do any kind of waterproofing. The lowest quote we got to install a waterproofing system and mold remediation was $19,000. We are debating on selling the house as is, or performing the waterproofing and financing over 5 years and accounting for the monthly payment as part of the rental's monthly expenses. After accounting for vacancy, potential waterproofing payment (~205/month for 15 years, no prepayment penalty), Capex, and repairs the net cash flow would be $303-$363/month. Do you think it's worth the headache to do the waterproofing and continue to rent the house out or should we sell and get out now?

Thank you in advance for your thoughts!! 

Allie

Investment Info:

Single-family residence buy & hold investment in Oakland.

Purchase price: $501,000

Turnkey single family home rental