All Forum Posts by: Derek Larson

@Carl Fischer -  thank you.  That helps.  Actually we sold in Phoenixville sort or in you neighborhood.  thanks again.

Having a small freakout moment.  And if we would have know we might have done something a little different, but maybe it doesn't matter.

We were relocated out east, bought a house, then were relocated back the midwest for work.  Here's the question.  Out east we owned our house for 2 days short of 2 years- closing date to closing date.  We did have a decent amount of gains in that 2 year time.

Anyone know if we were moved for work, if we would be responsible for capital gains- we did purchase another house back in the midwest.   Or if 2 days short matters?

Thank you.

@Cherie Orellana @Joseph Copella . Thanks for the info.  I have everything put together for minimum standards, questions, applications, etc..  Signed up on Cozy but looks like I can't go any further until i have a property.  Just wanted to learn it all before i get it and start advertising and talking with tenants.  Trying to make it look like it is not my first one. lol

I don't have a property yet, but getting my ducks in a row.  I plan to use Cozy because someone at a meet up showed me the benefits.  

I understand that potential tenants fill out rental history, job income etc.  Then can pay for backround check once I approve.  Do I set up questions (like screening ect), or is that already in Cozy?

Thanks

@Ian Imlach I haven't, this may be in TC.  Honestly, I only vaguely heard that term, had to google it.  So, can't speak much more than East Bay Township.   We do need a "local agent" listed on the license (someone that lives within 35 miles)- that is a little annoying.

   The address to our property is TC but it is considered East Bay Township.

There is a $500 fine per day for breaking some of the rules- so i just play by them.  some of my neighbors have gotten some notices etc...  Funny thing is they haven't rented there places out in years. - needless to say they are still working out their systems.

@Lane Griffith   I have a place in Traverse City.  This is my first year.  Did well in the fall, winter- has been very slow- however I have not pushed pricing much.  We have enjoyed it ourselves this winter.  Next year we will do a few things different to attract more in the winter.  But it won't make a huge impact compared to the rest of the year.  We have had it for 8 months and loving it.

@Ian Imlach there is an ordinance in East Bay Township- it cost $350 a year and there are some inspections and forms you need to complete.  It is more than other places, but not that bad to get through. 

Mount Pleasant- seems like there are always a ton of student housing going up and it has been like that for years.  However, CMU enrollment has been down for couple years now, as well as a lot of other universities in Michigan.  CMU just recently mandated first two years to live in dorms.  So some of the student housing may be in some hurt.  Just my casual thought of the area, not an investor in the area. 

@Paris Scroggins

In Midland here. Been looking Bay City. Haven’t looked much Saginaw. Not familiar much there. But game if I had a connection there.

Thanks all for the info.

I just got done listening to an episode on "Get paid for your Pad,"  They had a tax guy on there talking about tracking your deductions.  

1. Shoe box of receipts.  (not so good)

2. Spreadsheet (Better but messing and time consuming etc.)

3. Separate Credit card for all things deductible 

I land at number two, and try to save all the receipts in shoe box. I bought my STR late last year so I don't have much for taxes and I don't think my CPA will hate me too bad. But I would like to go the route of number 3. Especially since he said, you can make the decision at the register if this is for the rental or not. Then you could have this learn what items are then supplies or maint ect..
During peak it is easy with my PM buying all supplies ect.. but off season and shoulders we use it every other weekend, we are most of the time using the supplies and the off season guests, Cleaning, toiletries, coffee, etc.. Then it all separate from personal as well not intermixed.  

So... My ask is...  Does anyone use/recommend  a Credit Card that has a way to categorize purchases like this so I can track my expenses this way. 

Also, I still prefer to pay the bill from my main checking account then my separate rental account.  Does this matter?  I don't have to, just prefer.

Thank you.