All Forum Posts by: Bill Briscoe

I'm just trying to find a decent tenant application. That should be a more generic form that doesn't really vary much from state to state. Its not like you can discriminate based on race in some states vs others so in practice (even if not in theory) the application really shouldn't have to be all that different across the US.

If it helps, I'm in a non-rent controlled area, as is over 60% of the nation.

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I can't find a good tenant application sample on the fileplace. Can anyone direct me to one that asks all the pertinant questions? I don't want to waste time reinventing the wheel. Thanks

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Originally posted by K. Marie Poe:

Next you are going to tell me that you can deduct your holding cost interest on a flipped property even if it doesn't close that year.

-Steven

Uh oh. You mean you have to deduct holding costs the year the property (goods) is sold, and not before? For reals? :)

That is assuming you are holding the property to flip. If you are a buy/hold investor, once you make it available to rent, you start deducting all holding costs as they occur.

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Steven,
Is the bonus depreciation available for buy and hold investors - assuming I file on a Schedule E, not Schedule C? Obviously tools and such that don't go with the house fall under Section 179. What else can I depreciate fully or mostly the first year?

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Originally posted by Ryan Richard:

Depends on your net worth. For $55 I would get the extra coverage though.

Can someone explain what net worth has to do with anything? I may misunderstand the mechanics of liability insurance, but I thought that the liability limit is the max the insurance company will pay out if you are sued. If I am sued for $3M and only have $1M in liability insurance, the insurance only pays the first $1M, then my LLC or personal assets are attached, right? Supposed I only have a net worth of $250K, then I get a judgement against me for the remainder of $1,750,000, right and I have to either pay that off over the rest of my life or file bankruptcy? Am I missing something here?

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OK, lets see if this works.

Here are a couple blank lines above this sentence.

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Originally posted by Jaren Barnes:

Hey everyone! So yea my question is pretty straight forward. I want to get into multifamily, but I don't have cash to start with. I hear about (and see, I've recently jumped in full-time into REI) hard money and private lending funding rehab deals all the time, but I haven't heard anything on how to utilize them for rental properties.

How does it work in terms of your investors? How do you pay them out, when rental property have a long term ROI? Is it even possible? Thanks!

Yes, I know a guy who has banks bring him deals just to take over the payments and manage the complex. But he had to build a great track record first. You don't start out with 100 unit properties with OPM. You have to start with something smaller.

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Originally posted by Brandon Turner:

Let's have a quick contest here (for bragging rights!)

Post a photo of your favorite kitchen remodel you've ever done! (before and after, or simply just after)

Or - if you don't have a photo to submit, simply click the "vote" button on your favorite one and we'll see what was the most popular!

Go!

http://www.trulia.com/homes/Oklahoma/Tulsa/sold/474392-2129-E-56th-St-Tulsa-OK-74105#photo-2

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Originally posted by Anthony McDougle:

@Gautam Venkatesan --

However, my concern is this -- I feel like terminating or rejecting a lease for no other reason than "I'm the new owner and I say so" is morally wrong -- like I'm upending someone's life for the sake of my own convenience.

No, you would be terminating because you own the property and want to live there yourself. Big difference. That is certainly your right and your tenant would understand. It happens all the time to renters I know - the owner sells the property and they have to move because the buyer wants to occupy themselves. If a tenant really wants to live in the same place for decades they should buy, not rent. You have to pay for control.

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Originally posted by Henry M.:

Here's a website I found helpful (Make sure to scroll down link's page to view all):

http://www.homewyse.com/costs/index.html#landscapeOther

From the price check on a toilet seat: "To avoid costly problems and get quality work at a fair price, have Toilet Seat installation completed by a licensed and bonded Plumber." .................................Really?

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All Forum Posts by: Bill Briscoe

Bill Briscoe has started 28 posts and replied 160 times.

Post: Rental application forms and lease agreements

Post: Rental application forms and lease agreements

Post: Meals Tax deductions at 50% or 100%

Post: Meals Tax deductions at 50% or 100%

Post: Is 1 Million Liability enough?

Post: Problem with Forums

Post: Is it possible to invest in large apartment complexes (100+ units) using other people's money?

Post: Contest: Submit Your Favorite Kitchen Remodel Photos! (And Vote For Your Favorite!)

Post: Buying & Increasing Rent

Post: REHAB COSTS - MATERIALS & LABOR - ZIP CODE