All Forum Posts by: Axy Parikh

I will be soon closing on a Condo in Florida. I am a local but First time buyer of rental property. I appreciate your thoughts/comments on the following items:

- I believe that a separate account needs to be setup for Security Deposit and Collecting Rent. Do you have any advice about the account type and bank to use for this?

- Any tips/suggestions on what type of insurance to buy for a Condo and the level of insurance needed? Any recommended companies/agents to buy it from?

- How do you inspect the property during the rental lease period? (and how often and what do you look for in such routine inspections)

- The condo is already on lease for next 6 months. Is there any paperwork that I need to do with the current tenant? (i will be assuming the lease from current seller)

- Any other advice or items I should be careful about in this situation of acquiring tenants along with the property. Note: I have met the tenants and have looked at how they are maintaining the property. It seems alright.

Thank you !

I have my eyes set on a property (Bank Owned) that would only accept cash offers. Bank wants to sell only to owner who would reside there. In your experience, does this eliminate lot of competition and increase scope to bring down the offer price?

I want to make an offer, however I am falling 40K short (after cash out refinance, 401K loan, etc). What are the best options to borrow this kind of money at a reasonable APR? Please provide recommendations of someone you might have used/have experience with in Florida (preferably Central Florida Orlando area).

From my research, I came across Signature loan and Personal loan as two items that could be used. Not sure which is better and if there is any other option out there.

Thank you Basit ! Exactly what I was looking for.

I am investing in my first rental property and need help navigating a few basic questions:

- If I make improvements to this rental property, how is it taxed? (Is it considered expense and can be deducted at one go? Is it part of standard deduction?)

- Need help with a rough calculation of income and expenses from tax perspective (Rent: 1k, Property Cost: 100k). Expenses - 300 HOA, Interest 290, Property Tax 100, Insurance 60. In this case my profit will be 1000 - (300+290+100+60) = 250/Month which is 3k/Annum. How does standard deduction, other expenses (like repairs) affect this inclusion of 3k to my income?