All Forum Posts by: Dolly Caswell

Hi BP Experts,

I've been reading a lot about notes and note schools and have read a lot of the free stuff available online and my primary question is - where are the notes for Alaska?? I went to FCI Exchange, loanMLS.com and loanmarket.net and all of them had zero notes in Alaska. We do have a state backed (funded?) mortgage company, Alaska Housing Finance Corp (AHFC) here, and the usual banks and credit unions, but there must be some sort of market for notes in Alaska outside of the state. Maybe no one wants them because we are "that mysterious frozen land up north" in which case, send me your Alaska notes and I'll have a look at them! ha ha

Seriously, what happens to Alaska notes in a FNMA pool of mortgages that get sold? I'm sure Mr. Smith in FL or Mr. Brown in CA or Ms. White in GA isn't interested in having to foreclose on a property in Alaska. (I hope there isn't a Smith or Brown or White on BP!! it's only intended as an example) But I live here, and I know the greater Anchorage and Mat/Su Valley area, where I'd venture to say 80% of all the Alaska loans, notes, etc. are securitized.

There are at least two corporations who sell notes, and presumably buy them here too. But do they have first pick and do they get them all? Who would I talk to about finding any notes at all? I know, someone is going to ask me what I want to buy, 1st, 2nds, performing or non-performing. Heavens, I'd just like to find anything that the security is here...in my back yard.

@Kurt Kline, how does one become a "private money lender"?

@David Faulkner, you are amazing!! No doubt your car is clean as well. Good for you, we should all think further ahead as you've described. I get caught up in the passion of "the deal" and want to fly into doing something about it. Fortunately, I'm debt free and can...now if I could just find some deals in Alaska.....

Scott W. thanks for your input. I'm not trying to get the professional exemption, just a little owner with a property and would like to buy more, but I need to know how to treat them tax-wise in the future. Fortunately, Brandon Hall, CPA from DC replied and provided info!!

@Brandon Hall, thanks for your info and no, I don't think I'm trying to be a "real estate professional" which I've read about.  I'm just a property owner with some income that I'd like to write off expenses against. @Stone Teran, I appreciate your definition of passive activity. I'll have to read Pub 925 again. The word "passive" is what throws me, sounds like I'm kicking back in the hammock, sipping tea and someone else is taking care of business...which is NOT the case! haha 

I've read some marvelous advice here about a variety of topics, so I'm going to ask this question that is puzzling me about the tax deductibility of my rental expenses.

I've been told that I can't deduct expenses due to my rental units (including depreciation etc.) UNLESS I am the property manager and have documented that I have spent more time managing, fixing, cleaning etc the property than all the other people COMBINED. For example, if I have an electrician, plumber and painter who work on my property and they each put in 100 hours per year for a total of 300 hours, I have to document that I've spent more than 300 hours in the year in order for me to qualify as the property manager in that tax year.

There is apparently a remote tiny exception in the IRS tax code that allows me to spend only 100 hours per year, again providing no one else spends more than that working on my property. The issue has to do with deductions on my taxes and if I don't have the maximum hours then I'm not considered the manager and can't deduct the expenses.

Can any of you explain to me if this is so or not and help me better understand the deductibility or non-deductibility of expenses? Oh, by the way, I own one property in my IRA, which has a PM (because the IRS requires a PM) and no, I realize those expenses can't be charged against my taxes, but I have another rental that is not in my IRA and I think I'm the manager of it, but am often reminded that I must do this 100 hour thing!!

The one rental not in my IRA is not in any kind of LLC, or S Corp or any legal category like that. I have recently established a new corporation because I want to be buying more rental real estate this year but so far it's just a lot of paperwork with no assets or anything in it.

Hey Ralph R, I think you should be a teacher!! What a great post.

Hi Tully, I live in Eagle River and agree with you, our market is overvalued. However, I keep hearing about slope layoffs and state budget issues that may begin to change the market here. I'm looking also, but having trouble with values and how high can rents go? This is a great website with a lot of information, I'm sure you'll gain a lot of knowledge here. 

Yes, my question precisely, what type of home is it and what is it REALLY worth? Sq footage, age, nbr bedrooms, baths, sq foot yard, garage or carport, etc??

 Wow! Charles Parish, your first paragraph that starts with "Seller Financing" is a stunner. I'd like to know all about all of that! Some of that I know, but certainly not all of it! And Tax Sale Poaching, sounds like fun! I'm waiting to hear/read more!