All Forum Posts by: Andy Vasquez

Less than enthusiastic?... pictures and price all that matters. If the listing is full of bad cell phone pics I'd take them down and get better photos. Set a high standard unless the location dictates otherwise. Rents have softened a bit in some of the major metros. Something to consider.

Thank you! FB did the trick!!!

1 Vote

Washington, DC

Quote from @Cody Neumann:

I always list mine on Facebook Marketplace and always have great success

Thank you so much for this advice. After putting on FB and using the boost function for three days, I had two people fighting for it.

1 Vote

Washington, DC

I messed this up. I typed P&I when I meant just principle. I reworded my questions below.

Quote from @Andy Vasquez:

Hi All,

New to the game here. Really appreiate this community and everyone's never ending help.

I have been living in my current home for 3 years. I am renting out starting June 24. Is it safe to assume that the loan interest, taxes, and PMI are deducted from taxable income.

My mortage is $4200 per month. I found a renter for exactly 4200 per month. $1300 principle and the rest is interest, taxes, and PMI.

1. Is it fair to say that I would only be paying tax on the $1300?

2. For things such as repairing the garage door and pest control, do I subtract the cost from the Principle I recieve in rent ($1300) i.e, $1300 minus $30 (pest control) minus $40 (garage door sensor) = $1230 taxable income for that month?

0 Votes

Washington, DC

Hi All,

New to the game here. Really appreiate this community and everyone's never ending help.

I have been living in my current home for 3 years. I am renting out starting June 24. Is it safe to assume that the loan interest, taxes, and PMI are deducted from taxable income.

My mortage is $4200 per month. I found a renter for exactly 4200 per month. $1300 P&I and the rest is interest, taxes, and PMI.

1. Is it fair to say that I would only be paying tax on the $1300?

2. For things such as repairing the garage door and pest control, do I subtract the cost from the P&I I recieve in rent ($1300) i.e, $1300 minus $30 (pest control) minus $40 (garage door sensor) = $1230 taxable income for that month?

1 Vote

Washington, DC

@Jaron Walling, I like the direct feedback. Thank you for your help.

I previously rented out rooms while living here, so the tax man will get his $$$.

I locked in at 3.25% for a 30 year mortgage. I thought even if I get $4000 a month (mortgage is $4200 w/taxes, insurances, PMI) I would be in good shape considering the Cap Accum and someone else paying for my equity. Do you think my thinking is wrong?

1 Vote

Washington, DC

Quote from @Jack Seiden:

Quote from @Andy Vasquez:

Quote from @Jack Seiden:

Quote from @Andy Vasquez:

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

Honestly Zillow is by far the most popular site for rentals, it’s probably a little overpriced, D.C. rents are a little soft atm. If you send a link I’m sure we can help you see if it’s, pictures or frankly in this market it might just take time.

I forgot to add the link to the site. Please see below:

https://www.zillow.com/homes/3...

A couple of issues, Your rent is wayyyy too high, and given than every month your vacant costs you money, I’d probably want to be somewhere around 1k less just to get it moved (I’d have to run more specific comps but that’s my general sense d.c. is pretty soft atm) as others have mentioned pics aren’t great, credit score requirements are too high, three landlord references is too much and frankly many people especially in Columbia heights which tends to be younger may not have them, and one other side note your security deposit is both too high and illegal, security deposit cannot be more than 1st months rent. But the single biggest issue here by far is price.

Thank you! I appreciate your feedback and I will adjust the security deposit.

My mortgage is $4200. I currently live there, so not missing out on rent in the traditional way, but want to move to a cheaper place to help me save to build a portfolio.

1 Vote

Washington, DC

Quote from @Jaron Walling:

@Andy Vasquez Looks nice! Geez rent is crazy in DC!

In my opinion I'd remove or move photo #1 to the end. This needs to be the best interior photo you have which is the living room or kitchen; not a photo of outside landscaping. Photo #10 (vanity) is awkward. Nice bathroom but the photo angle is terrible. I'd replace it with another photo. From my experience 700 credit score limits a lot of applicates. Our properties are in C/B- class neighborhoods though. I'm sure it's different than downtown DC. You could lower to 650-680 and see what happens. Depends on you standards.

Thank you for your feedback! I updated the photo's based on your two suggestions.

1 Vote

Washington, DC