All Forum Posts by: Ahmed Tausif Aijazi

Hello Juan,
I m also from Kalamazoo and a newbie like you. I have a couple of SFRs too. Lets plan on meeting sometime. Who knows where things can lead. Also I would suggest to join KARHA. That's a great resource to network.

I am very new to RE Investing and renting properties. I just finished renovating my property and ready to market for rent. My Question is what kind of insurance do I need and what kind of coverage should it have?

And can anyone refer me to an agent for that?

I forgot to mention, I bought in Nov this year and it is in the process on renovation after which I plan to rent it out.

Hello all,

I am a relatively new RE Investor with a property that I purchased this year with an intention to make it a rental. It needs some fixup. I know that I cannot take a deduction for the fixup as it will go towards the capital cost of the property. My question is do I still need to file the schedule E as part of my tax return and show this property as a rental with no income no loss or should I not mention it at all until it is in market for rent?

Thank you Aaron McGinnis for this detailed reply. As I do more research I agree more and more with J Scott that it is difficult to find all three characteristics in one single contractor. As I am starting out, I don't have enough funds and I am not a big fan of loans. So I am looking for cheaper and better right now.
As per suggestions from others I am looking for more bids and will decide after that.

Thank you everyone for the valuable response. I will now look for a few more (may be 2) bids and will see how it goes from there.

Thanks again

Hello all,
I'm in a relatively new REI with a goal to buy distressed properties and holding them to serve as rentals. I recently closed a deal and the property requires a fix-up (kitchen, flooring, ...)

My question is, I showed the property to two contractors, they both gave me a bid for labor. Bid for one of the contractor (lets say C1) is 4 times higher than the other one (C2). After talking to their clients, I came to know C1 is more reliable in terms of time, efficiency and commitments but expensive whereas C2 is less reliable in keeping his promise for rehab time. He takes job on multiple sites and try to multi-task. I may have to chase him to complete my job. Not to forget he is much cheaper (4 times less). Both of them gave a time frame of 3 weeks and lets assume the finish quality is the same for both.

Please advise, based on your experience, which one is better? and why?

Thanks Jon, That helps
I will definitely consult a CPA but now I know what to ask
Thanks

Hello all.

I am extremely new to real estate investing and closed a deal recently. It requires some fix-up after which I plan to rent it out. My questions is

1. Can I deduct the fix-up / repair costs on my taxes?

2. If yes, since I bought it in November and the repairs will take a month or so and finding a tenant will take a few more weeks so I am expecting to collect my first rent in January. Is it still possible to put all my repair costs in this year's tax return with a loss, having no income or should it go to next year's return or should I just leave it and do not mention on my tax return?

Any help would be appreciated. Thanks in advance

I am extremely new to REI. I have a very basic question. What does a title company do? and what should I be considering before I select one to close a deal?