All Forum Posts by: Eric Geurkink

Please send recommendations for St Paul MN property management company

I searched archives but they are >4 years old

Thanks in advance!

I’ve searched the threads and tried to read up on this.

I have to sell because of a divorce.

I bought In 2018, depreciated on taxes but made too much to deduct

I realize I’ll have to pay 25% on depreciation recapture but I won’t make this money back on capital gains

- is this just the breaks? Or can I deduct the deprecation loss elsewhere?

@Natalie Kolodij what if you have no gain, what if you sell at a loss? After depreciating, but not being able to claim? Thanks!

@Ashish Acharya thank you very much @Ashish Acharya!!

I bought a duplex this year and formed an LLC(probably unnecessary for one property, I know). The duplex is still in my name though. I need to file LLC Taxes and personal taxes, correct? I'd like to use my tax preparer (non CPA), who does rental taxes for others, and has filed LLC taxes for an older non rental company I used to have. Still, I have a feeling I might be better off switching to a CPA with more rental experience. I'd like to use one for my rental and one for my personal.

Any concerns about this? What questions to ask? Thanks!

Just seeing this now. I’m a twin cities new investor who just bought my first duplex in May in west seventh. Interested in the next meet up!

Eric 

can anyone recommend a good real estate lawyer in MN twin cities area ? Evictions and leases? Thanks!

When giving a notice to be out before end of month,

do you request a prorated partial month’s rent for that final month? I’m in MN.

Background:

I closed on my duplex and will keep one tenant, Gave notice to one who had issues. Closing was late in day on 31st which was deadline for delivering notice. I posted on her door and she stated she didn’t see it till the 1st which was too late. Discussed with her that this may or may not hold up as an objection and asked what we could agree on. She said she would be extremely difficult to find  a new place in the next 26 days with the weekend. I suggested that even though we could potentially stick to the original notice but I’d be OK if she could be out the last weekend of July. (This is a difficult deadline). She said she would be out sooner if she could find a place sooner.

I’m sending the new notice tomorrow but wondering about partial month payment.

Thanks!

Great point. It doesn’t need a rehab but needs repairs already from them.  im thinking of taking the (less convincing) tactic of saying “I have a no pet policy and gonna to have to raise rent by 25% (also true per market)”.  Any other thoughts on this kind of “sideways” approach ?

Ok thanks everyone! I’m looking into local laws. We need to give 30 days notice. So instead of waiting a month, I’d like to do it on day of closing. So Kelli, I don’t think it’s possible to collect rent then give notice, id always be a month behind given grace period and need for 30 days. 

Also keeping in mind that this guy is not on the lease. And I am keeping the upper tenants provided they’re ok with rent increase.