All Forum Posts by: Amby Bhagtani

Cashflow with current interest rates is super hard and unpredictable. The properties I have held for 10+ years are making a lot of money but the newer ones aren't. I believe this is a game of being patient --- long game of 5-10 years to see cashflow especially if you are financing.

6 Votes

Hi - I Am looking to move the property from my name to a LLC in Ohio. Does anyone have experience with this? I have a few questions. Thanks !

1 Vote

Hello - I hired a property management company in Dayton, Ohio area for my quadplex. They seem to be spending like crazy without my approval. For example: 375 dollars for fixing a door knob, 180 dollars for changing a lightbulb, $400 for faucet replacement. How do people find the right property managers for their area? I am an out of state investor.

1 Vote

Dayton, Ohio

Quote from @Bill B.:

If it’s only a drywall ceiling that collapsed with no damage to be vehicles/property or injuries I would be hesitant to make a claim. After the deductible (which should be $2,500-$5,000) it could only take a couple years for higher premiums to to exceed the claim. Especially if you have multiple properties with the same company.

I’ve only had one collapse. Weirdest thing. Draining the pool down the sewer system too fast created a “downdraft” that caused an upstairs toilet blow water past the wax ring. Caused enough water damage to cause a partial collapse. (Went from no water stains to waterfall in 30 minutes and stopped as soon as pool guy stopped draining it.) weird stuff. Wasn’t very expensive but was pry 10 years ago and our garages are only level 1 finished drywall/mud.

Thanks for the response. Can I ask how much you paid to repair it?

The property manager for now suggested cleaning up, putting in insulation and then do the dry wall later

0 Votes

I acquired a property 6 months ago and today I heard from my property manager that the ceiling collapsed. Luckily no damage / injury but has anyone faced this situation before and does insurance cover these scenarios? It wasn't due to a storm or anything like that

0 Votes

Quote from @Michael Plaks:

@Amby Bhagtani

1. Depreciation does not work on its own. It's one of the deductions. You take rental income and subtract all deductions, including depreciation. If the result is a negative amount, you have a loss. Then the question is: can this loss offset your W2+SO income?

2. You're usually allowed to take up to $25k of a rental loss if your income is below $100k. Between $100k and $150k this $25k allowance gradually shrinks to $0, and if your income is over $150k no rental loss is allowed.

3. 1st exception: you have a spouse who does not have a full-time W2 job and spends a lot of time in real estate. Then maybe your spouse can qualify as "a real estate professional."

4. 2nd exception: short-term properties, aka AirBnB, with some conditions and restrictions.

This was a very basic introduction, and you/we would need to know a lot more before arriving at a conclusion for your specific situation.

Very helpful @Michael Plaks. let's chat when/if you have a moment. I will DM you shortly.

0 Votes

Hello,

I make a money through W2 as well as stock options. Right now my taxes are high, due to stocks. I am curious does depreciation of rental assests reduce the total taxable income?

Thanks,

Amby

1 Vote

Quote from @Bob Stevens:

Quote from @Joe S.:

I have been investing for years, so I may know a little something…

In my experience, at least in Texas the taxes increased faster than rent increase. However, I do have properties in Mississippi. Taxes are not so bad there. Turnovers, repairs, property management fees, vacancies, and evictions all but eat up the cash flow.

Are there any properties that make money ….. well sure, but not quite like is being Marketing from those that have a financial stake in the game of making it sound easy..

The reason I’ve made it as an investor is because we have done flips etc. to offset not being able to depend upon the rentals. Keep in mind this is from a single-family property standpoint. I’m not experienced in apartments.

Just sharing my viewpoint and I don’t have anything to sell anyone so it could make my viewpoint a lot less glamorous.

HMM I just picked up 7 more, SF ( I can provide 100s of examples) all in 80k or less, I have others that are all in 65k, ALL rents are from 1100- 1400, All have taxes of not more then 1500, So all net about 9- 10k, not really sure if we can get better. I do have one all in 45k, rent is 875, No these are not in war zones, Its all about knowledge,

All the best and Merry Christmas

Hey Bob - Where are you purchasing these properties at? What markets?

0 Votes

Quote from @Dave Skow:

@Amby Bhagtani- the broker you are using either misquoted originally ....once the transaction started , he likely quickly found out the actual cost ....a commercial appraisal is definitely more in the 2K + range and not in the 650 range

Thank you I actually paid them the appraisal amount too, I am still learning so I was surprised but this first commercial experience :)

0 Votes

All Forum Posts by: Amby Bhagtani

Amby Bhagtani has started 35 posts and replied 112 times.

Post: Landlord friendly lawyers for Ellis Act Eviction in San Francisco / Oakland

Post: UNpredictable Cash Flow

Post: Move property to LLC

Post: Property Management Company charging too much

Post: Ceiling of Garage Collapsed

Post: Ceiling of Garage Collapsed

Post: Depreciation against W2 - Income

Post: Depreciation against W2 - Income

Post: Less cash flow than all the hype would suggest.

Post: Appraisal Amount Increased