All Forum Posts by: Derek McGillicuddy

I wish I could offer you some advice but I am looking into a similar storage idea. I am curious if its better to have an open large building to store boats/ snowmobiles/cars etc and charge so much per linear foot or have individual units? What do you charge?

If I sold I would not list it with a realtor. The market is strong enough that I do not need one. My initial investment was 22,500. I did pay close to 5000 in closing costs, Total investment 28,000. I make about 185/mo, which is a little lower than what I would like. I bought the property because I knew it was undervalued and had grown up in the area and know that the market is turning around and appreciating quickly. So I wasn't as concerned making 10-15% cash on my initial investment because I knew I would recoup it. If you hold the property over a year you will have to pay capital gains tax which I believe is 15%. I was thinking I could recoup my original investment and use the profit towards another deal.

Looking for some advice. I bought a rental property(SFH) last year and got a solid deal on it(90k), 10% less than market value and that was with a highly conservative appraiser. The market is heating up around me, I am wondering if I should try and sell after owning a year or wait and hold it for long term gains. I really think I could sell for around 120k so around 30k profit. Any advice would be helpful. I could recoup my initial investment of 25k and use the profit on this property for another building.

Thanks

D

Looking for some advice or just answers . Selling a property and buyer is asking for seller to pay closing costs. Does a FHA loan require sellers to pay closing costs?After agreeing on a price if the appraisal comes in low does the seller still have to pay closing costs due to the purchase and sales agreement or is all that void and you start renegotiation due to the bank not loaning the buyer $$ due to failure of appraisal?

Looking for advice. I currently own two homes I would like to rent(not currently rented). What is your experience with forming and LLC or not. Is there a lot better benefits with taxation with being an LLC. I have also read up and found a lot of people go with umbrella policies vs LLC for personal asset protection. Any advice welcomed.

Looking for some advice from fellow BP er's. I bought my first rental looking to see what cash flow should be on a single family home. Put down (25 percent) on 89k for the investment property. Id prefer to have someone in my rental that I know from the town but would have to sacrifice on cash flow( maybe 100-125 mo), living in a blue collar town its tough to get top dollar rents. Is it worth renting to someone you personally know vs vetting someone you dont know? I know there is tons of variables just looking to see some peoples thoughts. If i could rent it tomorrow for $775 to a local vs $900 and have to wait and find a tenant. Whats everyones thoughts?

Thanks,

Derek

Just put a property up for rent. This is my first time renting and have a few retirees interested. How do you verify income? Its assumed they would get social security. Does the application process on a site like Zillow do the credit report and background checks have more information in them like that? I know this seems very stupid to ask but I had to try. Thanks.

@Brent Shields

Thanks Brent.

@Natalie Kolodij

I guess what I’m trying to ask is last year I paid over 30k in state/federal income tax. By owning a rental(s). I can reduce that state and federal income tax by up to 25k?

I’m looking for some advice. How much does one property reduce your state/federal income taxes? How much does 2 properties reduce it? I know this is a largely variable question, just looking for advice/ guidance, if it’s worth keeping the property or selling it.