All Forum Posts by: Elizabeth Z.

Thanks for your reply @Taylor Brugna. I'll have to look into it further.

I normally do my own taxes and report my rentals. However, I recently sold a rental property and decided to have my taxes done by a tax service company. After reviewing my taxes, I don't see anything being reported on the sale of the property. I called the preparer and he said that another form used for 1099's was used. I don't see it flowing into my 1040. Anyone familiar with how to report a 1099S? I thought it was reported on schedule D and should flow to line 13 of the 1040. Anyone else have theirs reported differently? I'm just afraid they may not have been done correctly and would end up owning late or penalty fees. 

@Austin Fruechting Congrats! Hope I can do the same one day. Very inspiring, it's encouraging me to take more risk because I tend to play it safe. 

Loved the article! Motivated me to go back to the corporate world lol so I can qualify for more loans

@Mindy Jensen thanks for the advice! I did have a 5 month contract with the agent but I'm trying to cancel it since they didn't like me putting it up for rent. I plan to just rent and hold for now. I normally rent out my properties but my investor wanted to try flipping. Guess I'll be sticking to rentals! lol

@jamesc thanks so much for your advice! The listing agreement doesn't say anything about not being able to rent. I have dropped the price on the house already but at this point I'm just going to pull the listing. Truth is they haven't done much marketing on the house. I have checked the relisting clause and I can't relist for 6 months after the agreement is over. Which is fine, I'm thinking of just holding it for now. Will definitely make sure it I get out clean from the contract. Thank You!!

@maxtanenbaum yes, that must be it. But I once sold a property with tenants, so I guess it just depends on the type of buyer.

I currently have a house for sale but there hasn't been many showings. I decided to put the house for rent since I only have 2 more months on the contract with my realtor. I figured, that way I have time to find good tenants. I have done this before and has worked out. I simply let the tenants know the house if for sale and do a month to month contract with 30 day notice if the sale goes under contract. Also a 48 hour notice if there will be a showing. I also give them the option of staying if the house doesn't sell and doing a longer lease. Well today my realtor informed me that I can't  do that and will have to take the house of the market if I'm going to be advertising it for rent. Is there a new rule stating this that I'm not aware of? What are your thought on this matter. 

Facebook, Craigslist, Zillow, and signs on property are the most common ones and work well. But depending on the area, ads at laundrymats, currency exchanges and train stations work great. You just need to make sure ads are allowed. I once had a property in a neighborhood with a lot of 2 and 3 unit buildings and an ad on laundrymats worked great!! For an area with condos/townhouses, train stations have worked for me. 

Definitely a lot of red flags. I'm always suspicious of tenants that are eager to move or that sell themselves as great tenants. Always makes sure to verify all information given.