All Forum Posts by: Gabriel C.

thanks a lot John for the quick reply.  I will check with other independent Agents.  

I have a condo rented for about 5 years now. the HOA has a master Insurance policy, but i also need to get my landlords insurance. When I call American Family insurance, they gave me a business owners insurance. I told them i dont have a LLC, that i am just a landlord on my own. But they told me that it is ok and it is the same thing, as long as i am getting money for rent, it is considered a business. With this policy i dont need an umbrella because it has a liability up to $1 Million. I asked them many times, why they dont give me a regulars landlords insurance, and they keep telling me this is the same thing. I am very confused. they yearly premiums are very affordable $500/year. Is this in fact the same thing? the condo is in Missouri. thanks a lot in Advanced

very inspiring Sunny, great example of success... congrats!

Thanks a lot guys, i will be working on this with my CPA. Thanks for your time!

Hello, I have a W2 and i own only one rental property. It is a Condo. I usually use a CPA to do my taxes, but this will be my first year as a landlord. The condo is on my name and not an LLC. I put down 20% to acquire the condo, and i spent around $1k for repairs. My net income is about $4k last year. How should I file my taxes? As a business or a personal investment property? What should i deduct, and should I deduct depreciation? Any advice will be welcome since This is my first time doing it. I am sure my CPA will advice me some but, some of you have been doing it for many years and very successfully. Thanks a lot in advance.

In Missouri, we don't have to do any inspections in the house to list it.  the buyer on the other hand has to make sure they do the inspections.  in this case the buyer did a building inspections but not termites which is only $55 more.  I fixed what they asked me to fix with licensed contractors.  provided all receipts at closing. 

unfortunately later she found out that there were termites, but that is after closing.  I had no idea there were termites.  I understand is an unfortunate situation for the buyer, but there is not a lot I can do about it since I didn't know.

thanks everybody

thanks a lot Russell, good piece of advice !

thanks everybody for the advices and comments, I appreciate your time and concern.  my lawyer is aware of the situation now and we will wait for her first move.

Gabriel

thanks a lot every body for your comments, I really didn't know about the problem and I feel really bad for the new owner.  believe me, I really put myself in her shoes and I would be really sad if that happened to me.  If she would have paid for a termite inspection the story would have been completely different.  I feel a little better now but we will see what happens.  she sent me a letter telling me that if I don't pay her the $13K in two weeks, she will file to send me to court.  should I answer her letter or should I just wait until she sends me to court?

thanks

Hello fellow investors, I am just starting investing and I am on the process of acquiring my first rental property.

But my real issue right now is that I just sold my primary property (a condo) here in Missouri.  when I bought the house 7 years ago, I did a building inspection, a termite inspection and a radon inspection. Termites and radon came clear, and some cosmetic issues that at the time the seller repaired.  Now 7 years later I sold my house, the new buyer only did building and radon inspection.  A month after closing, when the new buyer was working on the house she found termites and termite damages.  She is demanding a refund of $13K for damages and she accusing me of not disclosing the termite problems.

I had no idea that my house had termites problems and I never noticed any damage in any of the wood structures in the house.  what can I do, what do you suggest I do? does she have a case? she is threating me with sending me to court.  can somebody help me? I have been really stressed for this situation because that was never my intensions.

thanks everybody !

Gabriel