All Forum Posts by: Andy Wu

I have 40+ rental properties and I managed them all myself.  In addition, I am a real estate agent and buying several properties each year for myself and have a W2 job. 

Will I qualify Real Estate Professional?

I do materially participate and work 2000+ hours in real estate. However I didn't have a detailed log for the hours. 

I spent a lots of time in

1. finding the deals, 2. applying the loans, 3 managing the remodeling (5 remodeling each year), 4 managing the rental properties, 5. rental property tax preparation.

Does anyone know portfolio lender in OH? I have 20 loans and can't find any more lenders willing to do the lending. This is the baggiest problem in BRRRR.

Thanks,

Andy

I am buying a single family house with 2700 sqft above ground living space (5 bed and 2.5bath).

In addition, the 1200sqft walkout basement is a in-law suite, with a kitchen-living room, laundry room, mechanical room, family room and a bedroom.

Current the house has two AC but one furnace. all utilities are not separated. 

Should I converted the basement in-law suite as the 2nd unit?

After conversion, the rent for the house is about $2100, and basement unit is $900.

If no conversion, how to rent it out effectively to have max rent?

Thanks for all replying. I found Huntington can do one and only one Heloc for rental. 

Looking for other banks. I believe those banks are there.

1. If I can't get all the repair receipts in 30 days after tenant moving out. What should I do?

2. I paid the tenant to move out 10 days earlier (prorated), so I can have new tenant move in. However, the house was so dirty and has bedbugs. New tenant refuse to move in.  Can I get the refund rent back as the house is uninhabitable for bedbug issue.

No body answer this?

I think realtor is doing you a favor. May 31st is the best time to find new tenant. 12 month lease from now is a bad choice.

I paid my tenant to move out 1 week earlier (prorated rent) to have the house for my next tenant. However, the house was dirty and the carpet was not cleaned. Future tenant denied to move in and the house is vacant. Later we found there were bedbugs in the house. The bedbugs were treated and the house is inhabitable for 1 week.

Can I deduct the prorated rent I paid earlier to tenant? 

Thanks for all the input. Tenant finally response and will do the final walk through on Friday. Problem Solved.