All Forum Posts by: Dan Graney

Beginning wholesaler looking to talk to attorney to find out how to legally wholesale properties in Michigan. Also looking for Michigan specific assignment forms.

Thank you all for your input, I appreciate all of the great advice and look forward to working with some of you in the future.

I am looking to invest in the areas around me. I live in Davison Michigan which is about a half hour East of Flint. Was thinking of looking for properties in my home town, Grand Blanc and perhaps Oxford. Was wondering if anyone had any tips on strong markets in the area.

Thanks Jon

Greetings,

I have read many times that getting a good accountant would be one of the first things to do as I step into the world of real estate investing. I found one but he told me since I bought my first property on December 23 2015 it would not be worth the money I would pay him to do my taxes this year, I can just do them on my own.

I have done this many times in the past but I have a few questions about what is deductible from 2015 that led up to the purchase of my first investment property.

Going to try to keep this brief, thank you in advance for any advice

Are these deductible:

Rich Dad course which lead me to bigger pockets

Bigger pockets book and Pro subscription

Home purchase cost above and beyond what is normally deductible for a purchase of a home. Since I am doing a house hack am I considered to be "buying a business asset" at the same time as I am buying a residence. Specific example, I had to get an inspection on this property, this will probably not be a deductible expense for the home purchase. Can I write off half of the cost because of half of the house is going to be an income asset?

Also when am I considered to be "in business". Was told by the accountant that I do not need to get an LLC yet. Am I in business once I start pursuing a career as a real estate investor, just prior to Rich Dad course, or am I only in business once I buy an asset.

Did not think about that, Good point Greg S.

Thanks for the advice so far. Posted rules sounds like a great idea. I am also going to have two locking cabinets.

One thing I forgot to mention. Her parking area is in the rear of the property where the laundry room door is the most practical way for her to enter the house. There is not a sidewalk for her to use that goes to the front door. I actually have to walk around the house on the grass and go in thru the fence to get to the laundry room. But hey, I don't have to drive anywhere or get quarters.

Also the downstairs unit is a lot nicer and more spacious so I charge more for the lower unit. More than I will charge for the upper when I move out. If you were to see the space you would see that it really feels like part of the lower unit and I promoted it as such when advertising.

Greetings,

Well I bought my first rental unit, a duplex and am living upstairs. I have a tenant who is moving in the beginning of next month. I am trying to figure out how to share the laundry facilities.

The laundry room is on the lower floor and is pretty good size. It's big enough to double as a mud room and storage room. There is an outside entrance and a locking door between the laundry room and the lower living area.

I have already discussed it with the tenant and have a verbal agreement that it will be shared but want to put something in the lease. It is my washer and dryer, goes on my water bill and will be using her electricity. She is fine with that part of the trade off.

What I proposed is that I put in the lease that the upstairs tenant, again me for now, will have use of the laundry facilities for a predetermined period of time. Say one week night and one half day on the weekend. Aging she is fine with that, and I am sure that there will be an amicable work around should either of us have an emergency or want to switch the schedule.

There are two things that I am concerned about. First is I have not seen this kind of situation discussed so I am looking for reassurance that I am not being foolish or short-sighted in my plan.

The second is that both of my sons live close buy and neither of them have laundry facilities so they have been using mine. I would like them to still be able to use my washer and dryer in my house and would definitely make sure they used it only during my allotted time but...

Is this too much to ask of a tenant?

I would of course introduce her to my sons so she would not have complete strangers using the laundry facilities, but she is a young lady with a young daughter and I always want to lean to the conservative side to protect her privacy.

Also part of this equation is that I have never lived under the same roof with a relative stranger so this is all going to be a bit weird to me. Probably not as much to her or my sons because they have all lived in multiple apartments.

Thank you in advance for any tips or advice.

Greetings,

Well I bought a duplex and am living upstairs. I found and went thru the approval process and have a tenant who is moving in the beginning of next month. I am trying to figure out how to split up the yard responsibilities.

The lower unit has a small fenced in yard which will be for her use exclusively , but there is a pretty big yard outside of the fenced area and she will be free to use most of it. I told her I was unsure of how I was going to handle the lawn maintenance just yet. I am thinking about paying my son to mow it or possibly a lawn service.

Do I pay the whole thing, make her responsible for mowing in her area, ask her to chip in for the lawn care? Not sure which is the best way to go, looking for advice.

two more responses in the last half hour. Good problem top have. Thank you for the advice so far