All Forum Posts by: Kip Cline

So excited to attend my first conference! Anybody from Northern Michigan or the UP going?

Is the 10% penalty waived only if the IRA is repaid within 3 years? I don't intend to repay the account and will use the money for real estate. I know I will have to pay income tax on what is withdrawn, but will I have to pay the 10% penalty as well or is it completely waived?

I signed 1 year lease with a tenant in early December 2018. Today she sent me the below message because she was unable to get the internet provider she wanted. She rents the upstairs of a duplex, that’s was never registered as a duplex when built a long time ago. The bottom tenant has the internet provider she wants (charter) and she unable to get it upstairs because they can only have one account per service address and there is only one electric meter. She is threatening to bring me to court if I don’t pay her back her December rent and January rent which is everything she has given me. She has not given me a Security deposit yet. What can/should I do? I also pay all utilities and lawn/snow removal.

“I have sought counsel and I’m moving out. The contract I signed said I was responsible for internet. I tried be responsible for getting my own internet, only to find out that Charter cannot install service because your house is designated a single residence and unable to have another meter added. This is unacceptable. I am paying for my own apartment...I should have my own address and mailbox and able to bring in any cable service I choose. You should’ve informed me of both issues. I expect a full refund of $1260 by tomorrow. I will begin moving out tomorrow, as well. I need to hear back from you this evening so I can seek further counsel if necessary.”

I am buying a house to fix up and rent. Are supplies such as paint brushes, blades, and other miscellaneous tools and supplies used to fix up the place deductible in the current year, or do they get added to the basis of the property and deducted with the purchase price along with other material used in the fix up?

@Nick Rose thanks for the info. It sounds like what I'm looking for. @Les Jean-Pierre can you send me the model of what you have. Your layout is similar to mine. Thanks again!

Thanks for all the input. It is forced air heat. I guess what I'm looking for is a way to sense the heat upstairs and downstairs, probably one spot each, instead of the basement. @Nick Rose will the ecobee work without having an internet connection in the house? Do you need to install dampeners with them?

I bought a 4 unit apartment building. 2 units upstairs and 2 down. There is one furnace that heats the whole thing thy the landlord pays for. The thermostat is currently in the basement where the tenants can't mess with it but turns on and off based on the temp in the basement which is much different than the second story making it hard to regulate. Is there a way to add sensors in each unit and still have the control in the basement? What would be the best way to heat this building? I'm curious what kind of modern thermostats there are. Would in need to have internet to operate wifi thermostats? I don't have internet, each tenant pays their own.

Thanks Andrew! To qualify for the conventional loans do I need to live in the property or can I qualify for them as an investor?

@Christopher Phillips Combination of single family, duplex, and a 4 unit

What is the best way to get long term fixed rate mortgages on rental property. I have several rental properties that I paid cash for and I would like to refinance into 15-30 year fixed rate mortgages.  Banks I have talked with want to do mortgages with 5 year balloons. Is there a way to get 15-30 year fixed rates.