All Forum Posts by: Chris Maudlin

@Michinori Kaneko and @Simeon Miller thanks for the feedback!  @Michinori Kaneko great idea on the facebook page, I will post the question on the site. 

This is my first year as an out of State investor with just the one property. I am filing in Indiana this year primarily to log the loss I took this year.

I now have a duplex as well and am planning on looking to add a CPA for my 2020 taxes. If anyone has a recommendation for a CPA I would appreciate it!

Thanks again!

Hey BP, I live in CA full time and have a rental property in Fort Wayne, Indiana. 

I am working on completing my first year of tax filings and am a bit stumped.

I ended up with a net loss on the property however I am not able to take the loss on my federal return. 

When completing the Indiana return I am being advised that I need to enter my "rents" as income which does not make sense to me considering I have a net loss.  

My thought would be to enter a $0 for income and then in the "Indiana Net Operating Loss Deduction" enter the full NOL. 

Does this sound correct or am I unable to list the full amount of my losss since I am not able to take it on the Federal return and it is more then the capital gains loss I am showing on the federal return? 

My thought here again was to file the State return showing the loss this year so in future years when i have a profit I am able to utilize the prior losses. 

Thanks in advance for any help!

Thanks @Account Closed! A bit of an update on this one. I searched around with a couple of agencies and unfortunately all the other agencies that deal with general FEMA came back at the same price.

I then went back to my agent trying to see if there were any other options. She was able to find a private insurance company (Argena Flood) where the annual premium was close to $900 less and the deductable was only $5,000 vs the $10,000 on the FEMA policy.

While this was a nice win, I really want to see if I can get the property moved out of the flood zone. My property is the first or last proeprty in the flood zone depending on how you look at it. 

Thanks again to all the responders here!

Thanks @Sam Brust & @Jason Bott!

Hello BP!  

I currently own a SF in Fort Wayne and have flood insurance on my property as it is litterally the last house inside Zone AE. The premium on my current policy went up from $1,600 last year to close to $2K this year.  Sadly this is with a $10K deductable on property that I purchased for $58K. 

I am looking to see if anyone has recommendations on an agency that works with investors or has any suggestions on who I could work with on getting this premium lowered?

Thanks in advance for any assistance! 

@Eric Geers, I am a Socal resident and currently invest in the Fort Wayne area.  I work in the Irvine area.  Have you started investing in the Fort Wayne area yet?

@Derek J. what did you think of the book by Nancy Neville? Also where were you able to find it?  I am searching around however I can't seem to find any place to purchase the ebook. 

Thanks! 

Thanks @Todd Rasmussen, @Jason Bott, and @Taylor Roeling for the feedback.  At this point I still do not have answers however the picture will start clearing up in the next few days.  I will be sure to post the updates once I know more. 

Hello BP Community! I recently purchased my first SFH in January, have a tenant that moved in at the end of March and was excited to get my first check from my property manager for the April rent, until I received a call from my PM today that the water pipe coming into the house has burst.

At this point I am not 100% on all the specifics as I am a long distance investor in CA and the property is located in Fort Wayne, IN. However from the initial call with the plumber who responded to the call the leak is between the street and the main city water line and the house and most likily right outside the house.  The basement had four inches of water however that drained out once the city turned off the water at the street.  Unfortuantly the leak has caused the front porch to destabilize and seperate from the house. 

According to the plumber, the city of Fort Wayne requires replacement of the pipe all the way back to the street.  Due to the shifting of the front porch he does not want to replace the pipe in the current location and is recommending laying a whole new pipe and drilling a new line into the house. He is quoting me $8,600-$11K just to run a new line to the street and I will still be looking to stabilize and fix the foundation on the porch.  

My questions to the BP community are:

1. Has anyone dealt with a similar issue of having the water pipe break leading to the house? 

2. If so was the damage and repair to the external pipe covered by your homeowners Insurance policy? 

3. If you did have damage from an external pipe that caused additional damage or foundation issues were these items covered by insurance?

Thanks in advance for any feedback or advice!

Hi Thuy, and congrats on your first property!  I am an out of State investor in the Fort Wayne Area and Vicki Roy is managing my property in the area.  i would highly recommend her, she ahs been a real pleasure to work with.