All Forum Posts by: Gagan P.

Thanks, the assistant said the attorney is searching for one, but no luck thus far. I found one site that claims that their "lease agreement tool ensures compliance with" the state's laws for all 50 states.

I'll wait until this evening for the attorney and give this a shot if no luck.

I'm actually all over the place, Austin being one, and not far from Buffalo on the Canadian side being another one, so I'll be managing the property myself. I searched and a couple of threads suggested one site but they only have hardcopy forms, and the leases I found online in PDF or Word format were from 2013, before NYS changed tenancy laws.

Does anyone have a lease template they can share for Upstate NY that covers current regulations? Including pool or snow/lawn addendums if any?

Any tips for someone new to the NY rental market

Thanks

Makes sense, thank you. And the reason for quoting the word allowed is because some of the IRS info packages actually say we allow you to do so, but skip out the recapture part (essentially trying to make it look like "oh hey, look at what we let you do, it's amazing if you wanna do it", but not mentioning the "even if you don't, you still gotta pay for it at recapture").

As far as land, good point. Though in regards to that, if a tax assessor say has  a property assessed at a mil, with land portion of that mil at $100k, would you be required to do that or could the land portion be higher if land nearby might say actually be selling for $250k? I know most assessors are pretty close to accurate on stuff like that, but it does happen from time to time :)

 Thanks. Not so much the net business income, but more so if depreciation can be carried forward and not used in a particular year (since income even without depreciation would be below the SD amount).

Or is depreciation mandatory (in the sense that it can't be carried forward) until income is brought to zero?

It seems to be better to use it on sale rather than when there isn't enough income otherwise to be taxed (as it would be below 10k net for example). I scoured the IRS's site and couldn't find anything that specified, other than "we allow you to take depreciation" (by allow of course they mean "require").

Just had a random question pop up into my head.

Given that the IRS requires depreciation to be taken each year, what if a person's only income is rental income, and the AGI, is below the standard deduction amount. Can the depreciation just be carried forward instead? Or does it need to be applied until income is zero?

Example:

Net rent is $10,800

Standard Deduction (using 2023 number) is $13,800

Depreciation is $5,000

Does the depreciation need to bring the Net Income down to $5,800, OR can the standard deduction be used, and carry the depreciation forward?

I'm guessing the former, so the IRS gets more money in the end, but the latter makes sense since the depreciation didn't actually reduce taxable income in the year it had to be applied.

Thanks :)

Apparently for accountholders to use Zelle they need a SSN. Anybody know of a service that'll collect for a nonresident and either issue a 1099 or ACH the funds into landlord's account, rather than using Zelle?

Anybody know what to search for when looking for a template? Lender is individual, not institution and not regularly in the business of lending.

Good points. I don't have the numbers in front of me but if I recall correctly, I believe the 40 was just on the station side. As far as HBU, I'd need to check again. It's the entire property not just business, so some future value.

According to one of the suppliers they project about 60k gallons a month, though apparently margins (if I'm reading the rack rates right) currently in the area are only about 15 cents/gallon, which is nothing if it's a $1.2mil property that also needs $200-300k on top for pumps (tanks are from 2015 but dispensers have been removed), inventory, and startup costs. Store sale according to seller was $45k/mo, which again I think is on the low side of what it should be, though I also don't have actual possible C Store projections for the area.

@Tim Delaney That's exactly what I'm wondering. I've reached out to a wholesaler to get an MPSI (convenience/retail/gas analytics) on the address.

As far as successful, I do have some gas station experience, though the site only had a traffic of under 10,000 vehicles a day but fuel volumes of 925k gallons annually (from about 600k when taking it over). This site is 40k+ vehicle traffic. 70k gallons a month (840k a year) seems on the high end compared to lots I've seen for sale, but given the traffic difference is lower than I'd say I'm probably used to. The store is where I think the difference can be made.

You're right about the equipment. Tanks were installed in '15 (there was contamination in 2014 and it was fixed by removing/replacing tanks, and State website shows it was cleaned up). There's no dispensers, but the rest of the equipment most definitely needs a full check. And of course pressure test on all lines/tanks.

You bring up a good point on electric vehicles. The thought there is twofold. There's lots of parking that I don't think is necessary, nor are there many electric car charging locations nearby. The nearest Tesla supercharger is 10+miles away as well. So if it's possible to get them in for 4-6 spots, and then another 2-3 spots for fast charging for normal vehicles, it could be a bit of added revenue (from the fast charging fees plus ideally Tesla customers purchasing goods in the store).