All Forum Posts by: Account Closed

Ok all good techniques...thanks. Still wondering though, can anybody answer my question? I'm very confused when it comes to taxes as this is my first year as an investor. Please help!

If I use all my tax write offs and reduce my taxable income to 0 will that reduce my buying power in the future? In other words...will banks still count the income from my rental property when trying to qualify for a mortgage in the future even though my taxable income was 0 the previous year.

I think ill cash in on some favors and have a couple buddies help me. When i said i want to do it by myself i really just meant without hiring anyone i can't pay in beer and pizza. Definitely great advice on here. I like the curtain idea so my tenants cant bother me and i'm thinking of a way to avoid getting a plumber and electrician...maybe just shutting off gas completely and going with electric oven range. That way i can hire one guy and have him update my panel board while he's there. I know I have a lot to learn but the best way to gain experience is just to do it and learn from your mistakes. I'm still deciding what to do with the floor. I think my plan Is to demo the kitchen completely Friday night & get it clean. Then Saturday morning do drywall touch up and paint. While i'm doing that the electrician can do his thing assuming there aren't major issues. Then when hes done ill tile my floor. Sunday ill have appliances delivered, layout where my cabinets will go on the wall then start putting them in. Once they're in ill layout and cut the counter top and put in sink and faucet. Then ill do the back splash and install appliances. Am I on track with the order of things?

The reason I'm doing this is because my tenants have lived there for 14 years and the previous landlord did no updating. If I update the kitchen I can raise rent by 100 a month and make my tenants happy. I want to make this place 100% before moving on and buying another property. Renovating will also increase the value of the property and make it easier to rent down the line.The existing kitchen is insufficient. The other side of the duplex will be vacant during the renovation so I can have my tenants use that kitchen if needed. I plan on doing the work in June..just asking questions now to iron out details I'll be sure to post some pictures throughout.

Upper cabinets first that's no secret guy. And you can learn a lot on the internet via YouTube videos a forums. Instead of pop quizzes do you have any advice ? Obviously I've never done this before it's my first Reno on my first house I'm just wondering if I don't do it in a short time frame how will I do it without disrupting my tenants lives . I don't want them to have to eat out for a week.

Thanks for the feedback. Whenever someone tells me I can't it always motivates me.. and I think I'll need a lot of that plus coffee. I'll look into the permits because I want to do this the right way. I'm not too worried about the backsplash I just want to get the main stuff done like appliances cabinets and counters so that it's functional and my tenants can cook.

Well im sure it wont be easy but its all the time i have to work with so we'll see how it goes. what would i need permits and inspections for just the gas line?

I plan to renovate one of the kitchens in the duplex i own but i have to do it while my tenants are still living there...and in one weekend. Has anyone had experience with this situation? I'd like to do the cabinets, counter top and back splash by myself to save money. I have to relocate the gas range and refrigerator so I think i should probably hire a plumber and/or electrician for that part. Would i call the utility company to re-route the gas line?

@Grant P.Thanks for the feedback! My agent is playing a duel agent on this deal and he has the commission written up at 10 %.. so that would be the 28,000. I guess i should have mentioned that. I did forget the brokers cut though. He's with Keller Williams and i think they take 30% of the commission so 8,400. Regardless.. i'm left with a substantial amount of money to come up with myself..about 36,400 considering the brokers cut. Just trying to stir up some creative ideas on how I can put as little of my own money into this down payment as possible. hmmm

@Roy N. Thanks for the feedback! My agent is playing a duel agent on this deal and he has the commission written up at 10 %.. so that would be the 28,000. I guess i should have mentioned that. I did forget the brokers cut though. He's with Keller Williams and i think they take 30% of the commission so 8,400. Regardless.. i'm left with a substantial amount of money to come up with myself..about 36,400 considering the brokers cut. Just trying to stir up some creative ideas on how I can put as little of my own money into this down payment as possible. hmmm