All Forum Posts by: Anna Smith

I am looking for a good CPA in Memphis who knows about real estate investing and military taxes. We only own a couple of houses, so corporate tax is. It necessary. Thanks, Anna

Tell me about pre-foreclosures and foreclosures... when I search Zillow, I see a few of them in the area I wish to invest in. What is the first step to acquiring a property like this? Do I call a real estate agent, the owner, the bank that might own it, the county? Can I still purchase it from the owner or, after it has gone into foreclosure, do I have to wait for an auction? Thanks, Anna

I would love to know more! From where I sit, it's terrible. We were losing money on a house as accidental landlords. But you can only write off so much each year. Ten years later, our house will sell below what we paid for it and in addition, I have to pay the government $30,000. I truly don't understand its advantage. I am reading and asking, but haven't found any satisfactory answers yet.

We became accidental landlords ten years ago. It has been a terrible investment. We are thinking of selling it and am embarrassed to admit I didn't know about depreciation recapture till recently. WTH? We would now like to become intentional landlords. I know I can do a 1031 exchange, but am not sure if I am up to it right now. Did everyone know about this but us? It changes my perspective on investing in real estate. Please someone tell me why this is a law?

I would be interested in knowing more. We are looking for three or so properties in the Memphis area to total $375,00 or more for a 1031 exchange. They probably aren't in the area we are looking, but let's talk. Can you PM me some details?

We are selling our money pit of an investment property. We bought for $400,000. We will likely sell for $375,000. We've owned it for 10 years. It has been a rental for 8 years. We need a professional to help us with depreciation recapture and possibly a 1031. Who do I call? Real estate tax attorney, CPA, or...?

I would decide what you are willing to pay, and offer that. Don't be curt or give a big explanation as to why you have discounted for this or that. The landlord can take or leave that number. If he decides to put it on the market, he'll have an agent soon telling him a possible list price. Add into your number the additional cost for you to move if your offer is rejected. Alternately, if you LOVE this house and can't imagine leaving it, factor that in to the offer and work with the landlord. His price of $315,000 was him probably thinking you really want to stay and he can make some money off the situation. After all, it is business. Good luck!

I haven't personally house hacked, but it sounds like you are on the right and starting early. Good luck!

Double check your math, I think your estimation of your mortgage payment is very low. Just principal and interest at 3.9% would make your payment $1837. Add in mortgage insurance, property taxes and home insurance, your monthly payment will be more like $2500. I may be incorrect, so double check. That is an important number to get right.

Sri Voodi this is my fear... I have a friend whose child was severely injured in a pool accident. I am worried, if there were an accident, I could be held liable for medical expenses or damages. My husband is against it, but I was hoping someone would have a law or personal example of how the landlord could not be held responsible. We will probably skip this one. Thanks.