All Forum Posts by: Carol Lyons

Hi BP Members,

I currently own a multi-family and I am claiming my direct expenses using the Schedule E for repairs, depreciation, etc. However, I need to keep my expense low on the Schedule E for bank purposes; I am hoping to purchase another bank financed property in the next year.

I have a lot expenses from traveling to Investor groups and training materials that are not a directly related with my property, but are business expense (if things go well I will have my first rehab project in the next couple of months). Can I use a Schedule C for these expense even though I have not officially created an LLC?

How would people claim these expense?

-Carol

Hi Joe,

Thanks for the information. It is good to know that I can use a HomeStyle loan for a property other then a HomePath property. 

Do you know of any banks in the New England that deal with this type of loan? I think I found a few banks that deal with this type of loan but they are in FL and CA.

Thanks,

Carol

Hi BiggerPockets Members,

I am looking at purchasing a Fannie Mae home and was wondering if the HomeStyle Loan (for second homes or investment properties) was still available and if so, has any investor used this type of rehab loan.

Thanks,

Carol

Hi Folks,

It has been great reading all the information that has been posted on BiggerPockets. However, I have a question.

My tenant would like to paint the apartment a different color; she doesn’t like the color. I am okay with her changing the color, but I want to make sure that she cannot deduct the expense from the rent she owes as the apartment does not need to be repainted.

Does anyone have any advice, forms, etc.?

Thanks

Carol