All Forum Posts by: Andrew B.

Perhaps I worded that incorrectly; but you know what I meant..Thanks for the link Steven; awesome.

Hi Ian, the way you explained it really made sense . You see, I never understood that! Thank you!

Thanks,

One quick other question...

For expenses and all costs associated with the rental property..(mortgage tax etc) Anyone know what percentage you get back?

Thank you for all your help!

I just thought I had to do it with all the receipts because I am so late and I have to mail it in (usually I do it electronically with no receipts if its done within the time frame allowed).

(I'm in Canada if its any different)

Hi All,

I just have a fairly simple question. First off, landlording has been great for me so far in the year and a half that I have been doing it (knock on wood). The problem is I have not done my taxes for 2011 ( due to an illness and move across country).

My question is when claiming rental income I assume I need to submit monthly rent receipts which I have never made or given my tenant. (he just gives me post dated checks).

I do understand I am probably doing this wrong and I should type receipts monthly for the past year hes been renting. What exactly should these receipts consist of? Can I make them pretty simple?

If it came down to it I could show my monthly deposits in my bank account but what do you guys think?

Thank you
Andrew

Hey Guys,

Long story short I was injured at work a few years ago and I have nerve damage in my arm so I am being retrained from workmans compensation for a new career because I can no longer work in the construction trades industry.

I want something to do with real estate but I do not want to be an agent, I was thinking about going to school for Business at least for general education just to learn basic skills.

I would like to invest in real estate property of course for my own pleasure and I will do but if im getting schooling and training ALL PAID for and paid while attending I might as well use it to my advantage.

Workmans comp is also willing to place me at any job place that is willing to train me and pay the same as I used to make, so do you guys have any suggestions of organizations that I can advance VERY HIGH over time

I was thinking developing , what other career choices can you guys throw at me? Something working for someone else but can branch off to my own gig when I go big.

I've always had an amazing interest in real estate since I was 14, I've been on these forums for 5 years and now I'm 23.

I have the drive and resources now and need to act.

I also made my first deal a year ago and own a 4 year old condo so investments from here on out.

Thanks guys I know I blabber but I need help, Im confused , its a hard time!

I spoke to some family down home that are very much into real estate and they are going to talk to some friends and see if they can find me a good property.

I have to paint the sparebedroom this weekend and I think im going to take the advice you guys are giving me and sell it, I am not losing yet.

Will be listed early next week with any luck.

Sorry guys I have the figures all messed up. Here are the ACTUAL

I originally bought the place for

222,000$

I owe 214,000$ as of right this second.

I could sell for 232,000$-240,000$

I lived in this place for a year and put a total of about 12,000$ into mortgage insurance and downpayment/lawyer fee's etc to get into the place

I dunno, maybe I should get looking for a new place back home already? And sell and transfer the mortgage right away.

Payment + Tax- 1085 /mth
Condo Fees : 253/mth

1338 total

The most it would rent for would be 1400, likely 1350.

The only reason why I'm considering keeping it is because I will have to pay a 3000+ penalty for paying out the mortgage to soon. So I figure if I keep it until next spring 8 months X 200 loss = 1600.

Then I will have found a property in my new city and transfer my mortgage.

Sorry if I sold it right now after all fee's I'd be up about 5 to 7 thousand. but if i waited till next spring I could probably get more.

The penalty will be somewhere in the range of 3000$ if I wanted to get out of it aswell.

If I transfer it it will not cost anything. I was thinking of buying a duplex back home.