All Forum Posts by: Daniel Baker

Hi everyone! 

Looking to hire a professional to help with my taxes this year, i've always done them myself but fear I'm leaving money on the table. I have a w-2 income and own three properties, all long term rentals, that I've had for a few years. Are there any quesitons that I should be sure to ask or anything that maybe you wished you had asked about sooner? Look forward to the discussion.

@Charles Perkins Thanks. It does seem like I was thinking about it wrong. I should look at the expenses vs the income (rent collected) and not the selling price of the property. 

@Jaron Walling I bought the property for 67K. I've spent aproximatly 61.5K on expenses over the years, Interest, Property Tax, Isurance, HOA and various repairs and upgrades. If I sell the property for 130K, after assciated closing costs, I will basically break even. Unless I'm looking at it wrong.

Hello Everyone,

Joined a few years back and really like listening to the podcasts on my way to work. Lots of good information and entertaining too. 

Little about me. Right now I'm living in Baltimore, still working 9-5 W-2. Currently own three properties but looking to make my first sale. Didn't get into rentals on pupose but it's working out well and I want to continue to learn and develop my portfoilo. Thanks everyone. DB

Hello everyone, 

Looking to get a little insight into what things I should take into account when selling a property. Short version... I have owned this property for 8 years, 7 as a rental property. Monthly cash flow is positive. There is an offer to buy but if I include everything I've spent over the years, mortgage P&I, taxes, insurance, HOA, and recent repairs, I will just break even. How much net profit in general should I look for on a long term buy and hold rental property like this? Thanks in advance, look forward to being a part of the BiggerPockets community. DB

Hello,

I have a rental property that has increased in value by at least 40k. I would like to access this money but the bank said they can't do a second mortgage because my first is 70% of the homes value. What is the next best option?