All Forum Posts by: Dennis Nemitz

I am going to buy a property in Arizona. I can buy it as a second home for 20% down, then rent it out weekly. My bank will allow it as long as I live there part of the year. Or, I can buy it as an income property with 25% down and use it the same way. It seems like it would be better to buy it as an income property for the tax benefits, what do you experts think?

I grew up in Casper and Sheridan, and now live in Billings. I bought my first property about 6 months ago. It is going well so far. I fortunately bought it for a really good price and am able to cash flow really well. Casper seems to be booming right now according to relatives who live there. It has always been a bit of a boom and bust town. My thoughts would be to only buy if you get a really good deal that will not break you when Casper is in the bust cycle. You need to be very far sighted which can be hard when you see an economy going great guns in an area. Just be very business like in your investing. The secret to any business including REI is to buy low and sell high. In my case that means low mortgage payments, and much higher rents. Good luck.

In Montana, we have to put a certain percentage down to avoid mortgage insurance. That could factor in for you.

I only have their posts on fb. I have seen cats around the house. I will go over there for an electrical repair in the next couple of days.

I suspect that my tenants have a cat which is against the lease. How do you guys find out? There is evidence of this on their facebook page and I see a cat in the yard, but they say it is the neighbors. Would you automatically evict?

George, how did you know I was a drill sgt?!

I am thinking of buying a condo in Mesa, furnishing it and renting it out on a weekly basis. Do any management companies do such a thing, and does anyone here have experience with this?

I am interested in having a concise list of deductions for landlords. Today at the accountant, I found out about the ones below:

1. Mileage

2. Rehab Materials

3. Money paid to contractors

4. Taxes

5. Closing costs

6. Depreciation

7. Screening costs

8. Interest Paid

Any others would be appreciated.

I bought a duplex recently. I got it for a good price, in a decent area. The area dictates the quality of renters. Then you just have to crunch numbers. Also, it will cost more to fix the problems than you think, so estimate rehab cost high and hope for a nice surprise. I saw a piece of advice on here that I have used more than any, it was that if you are not embarrassed by how low your offer is, then you offered too much. My property has about $450 per month positive cash flow, which I am happy with thus far.