All Forum Posts by: Bruce L.

Just wondering if there are any disadvantages to remove my taxes & insurance from my escrow?

Main reason I ask is that I have one property paid off, so I pay my T&I myself, and another one with a mortgage. My insurance agent is telling me that since one property has an escrow and the other doesn't, that I would have to get two separate insurance policy. I think I would rather just pay the T&I myself, but wanted to ask you all what you thought about it?

My mortgage servicer is BofA, hopefully they don't make it hard for me to remove my T&I from escrow.

Plus I get points paying my insurance with my credit card :)

Thanks.

As long as the tenant is paying you rent and not damaging your property, I wouldn't worry about it.

I would gladly have your tenant over a tenant that I have to chase the rent.

PS.
Now to Jan. is not a good time to find renters in LV.

Hi Charles,

Could you please explain the tax savings that adds to the cash flow?

Thanks for the replies guys,

To answer some questions
I do own a primary residence where I still pay a mortgage at a very low interest rate.

My rental that is almost paid off was a primary residence at one time. I just put more money to pay it off.

My ultimate goal is to have enough passive income to live off of. That magic number for me is $100K net in today's dollar. I want more passive income, but at the same time learn what I can do to minimize taxes if possible.

Is there a way that I would be able to use the pre tax passive rental income to buy more properties or am I only able to use my post tax income?

Hi Guys,

I have one more payment in December of this year and one of my rental properties will be paid off.

What things do I need to plan on in the future now that the property is paid off?

How will this affect my taxes? I believe passive income will be treated as ordinary income. I currently have a regular 9-5 job and in 25% tax bracket.

Is there anything I could do to be better prepared?

Would you buy more properties so you have the interest deductions to offset the passive income?

Thanks.

Yes, the bank did not drop the price, so I ended up just eating the cost. I closed about a month ago and now trying to find a renter.

Hi,

Other than the bathrooms, has anyone installed tile on the second floor of their property?

I have a townhouse that was built in 1980 and looking to replace the carpet with 20"x20" porcelain tile, I want to install it on the steps (about 15 steps), 2nd floor landing (hallway) and restrooms. The main reason is because I don't want to always have to replace carpet.

Has anyone had any issues with the tile cracking? Subfloors unable to support the load, or anything else?

It may depend on the installer, but my installer will be using cement board with masonry screw and I heard you want to put thin-set between the wood sub-floor & cement board as well as between the tile & cement board.

Thanks.

Please tell me where I said it did it?
All are questions to this forum, not statements.

"Dare I ask if you profile your prospective tenants?
What are the best tenants you have found?
Race, Age, Income, Etc.? (Yes, I know you're not suppose to.)"

I did not say I do it. I take the first person that meets my requirements.

"From my experience, dual income, blue collar family with kids are best."

Here's a sample of what is on BP.

http://www.biggerpockets.com/forms/4WarningSignsofHighRiskTenants.pdf

Dare I ask if you profile your prospective tenants?
What are the best tenants you have found?
Race, Age, Income, Etc.? (Yes, I know you're not suppose to.)

From my experience, dual income, blue collar family with kids are best, but please share your experience.