Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Charles H.

Charles H. has started 27 posts and replied 91 times.

Post: ONLINE Renovation architect for design idea?

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39

Hello,

one of my renovation would benefit from a new kitchen layout. The issue is due to the floorplan, I am having issues having an idea on how to reorganize the kitchen.

Does anyone know or recommend an interior renovation design that could provide a design idea? Obviously I will be ok to pay a fee. Does this service exist?

Thank you.

Post: New Investor Need Advice on Credit Card Debt

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39

How much is on the CC ?

I would potentially use a bridge loan in between to pay off the CC using Lending Tree for example. Not going to be cheap, but get the loan through there, pay off the CC to raise back the credit score to the 700s and then refi the home to payoff the bridge loan.

Post: Huntsville, AL SFH returning 5.8%

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39
Quote from @Brian Piechocki:

There is no loan on the property? I imagine it would be extremely difficult to make this cash flow with today's interest rates.


 No loan.

Post: Orlando, FL SFH attached rental

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39

For sale my SFH attached rental in a prime location of Orlando next to Hospital city and in front of the new US Tennis Association HQ.

I built this house and only reason I am selling is to move to bigger deal. House is now vacant.

Monthly Rental income: $2400+

Taxes: 7000$

HOA: 5000$ (Includes landscaping, painting of the house when necessary, alarm, cable, internet and amenities).

Insurance: 1500$ (statefarm)

Net: 15000$ a year before depreciation 

For sale for 453,000. Pictures available here : 

https://www.zillow.com/homedetails/11964-Inagua-Dr-Orlando-F...

Post: Huntsville, AL SFH returning 5.8%

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39

I am selling my SFHs for bigger deals. No issue with the house, I actually built it 2 years ago so it has the 8 year warranty for structure. I put a lot of upgrades in it when purchasing it. 


Located in Huntsville AL, center for Aerospace and Military engineering activities in the USA.

Tenant occupied since 2022. Never heard anything from him beside paying the bills. They want to renew for 18 months or more. I am a landlord since 2010, I consider them a "perfect tenant".


Numbers:

Income: 1950$. Offered new rent for $2050. I am still undermarket but it wouldn't be smart to lose this person.

Taxes: $1950

HOA: $600

Insurance: $1007 (statefarm)

NET: 21,050$ a year 

Reach out if interested :

For sale for $360,000 which is a 5.8% before depreciation.

https://www.zillow.com/homedetails/161-Riverfront-Dr-Madison...

House next door sold for 174$/sqft @ 350,000 1 month ago. Assuming similar pricing, and they didn't have upgrade, this would be $366,000.

Post: Selling 2014 SFH 4/3 in Savannah Hilton Head MSA with long term tenant in place

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39

I am selling a beautiful home in Bluffton SC, 20 minutes from downtown Savannah and Hilton Head. I am selling under price in term of $/sqft since there is 1 year lease remaining on the property. Listing is here : https://www.zillow.com/homedet...

Priced at $617,000

Monthly payment $2710 from tenant (undermarket)

Expenses: $1048 ($500 Property taxes (if not a primary residence), $200 landscape maintenance, $148 HOA, $200 insurance)

Post: Tax return following death in family - Assets in revocable trust

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39

Hello,

so I am working on the tax return for my mother who passed this year. I understand I will do a 1040 for my mother up until her date of death. The confusion comes with the rental income coming between time of death and transfer to my name.

From what I understand, I need to file a 1041 ?

If true, how do I show the expenses of the rental?

If someone is a pro at this, I am willing to pay for help.

Kindest regards,

Charles

Post: Rental income during estate - Taxes

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39

Hello,

so I am in the middle of my mother's estate. This is under a trust, so no probate.

She passed on september 4th, the trust administration should take 2-3 months until all the assets are under my name.

Question: when tax returns must be done, there is an option to say the person passed. But who gets taxed on the income occurring during the 2-3 months until it's titled to me? Will it be part of my mother's final income tax?

Thanks for your help.

-Charles

Post: Overcontribution on Roth IRA - need help to fix

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39

Hello all!

So somehow, I didn’t notice my AGI would be above the IRS Roth limit (198,000 AGI) and I had contributed 6000 into my Roth in 2020.

So my tax program is telling me I have to pull 1250$ + any earning made on it. And looks like I’ll be taxed on the earning made.

What strategy would you have in my situation ?

- remove the excess and earning and pay 10% earning ?

- if not, is it possible to make the excess and earning part of 2021 contribution ?

- invest in some sort of tax advantage account before April 15? (I already maxed out my HSA, my wife has some room I think).

Any other idea ??

Thank you all,

Charles

Post: 4 rentals 2 paid off! I need examples of scaling done right? TY

Charles H.
Pro Member
Posted
  • Rental Property Investor
  • Huntsville, AL
  • Posts 93
  • Votes 39

After my wife and I got laid off in May 2020 (former company playing the COVID card), I understood even more the need of cashflow. I was fortunate that all my renters paid, but if some started to bail, then it would have been a little tricky. Now that I found a new job, I am focusing on paying off properties to get the cashflow (even though it will not help to scale up).