All Forum Posts by: Gail Aiken

Hi  we joined the pro membership last night and my account is not reflecting this, and not letting me post to the markeplace.

Any thoughts?

Looking to buy a duplex that has tenants that I do not want to contine with and they only have been there a short time - less that a year.   Do I have to remove the current tenants after the purchase or could this be a provision of the purchase offer that the current owner must give the current tenants  30 days notice to end the month to month lease due to the change of ownership.

Looking to purchase a property at a tax sale in New York.  I have viewed the property from the outside and had a paralegal check the county records for liens, mortgages, etc.  I understand that I could have a problem selling the property if financing is needed within the first year and will require some additional work with an attorney.  Any insights you can share with me would be appreciated.

We were thinking about bidding on a property at a upcoming tax sale that we have viewed from the outside.  I had a paralegal do a search of the records at the County office.  I did not do a title search.  Please advise me if I am setting myself up for a big mistake.  I was reading that there could be problem selling the house because of the title and getting title insurance.  Thanks for setting me straight.

We bought a foreclosure with disgusting cat urine odor.  No carpets - all hardwoods.  We have mopped and cleaned but the odor still remains.  Has  anyone used this product or  can you represent another product that works.  I think we will also purchase a black light to find the areas.

Thanks Steve!  Do  I report this sale on Schedule D under Part II?  Do I had the $9731 to the 72K for my cost basis?  If not, where do I put the $9731 in expenses?

My brother and I inherited my mothers home in December of 2014 and sold one year later in December 2015.  We did not live in the house but it took us a year to clean out the house and basement.  We had an appraisal done after their death and house appraised for $72,000 and we sold for $70,000.  We had to pay $3000 in sellers concessions and other sellers expenses including commission added up to $6731 for total expenses of $9731.    Can these expenses be divided and added to our cost basis for a loss?  

Looking to purchase my first investment property.  I want to run this by some of the experts to see if this makes sense.  I am looking to purchase a two family and want to purchase with cash for $45,000.  The home is rented with long term tenants who want to remain.  After expenses and just assuming each unit will be vacant for three months, I will net $600 per month.

Because of our tax bracket (35% total) , I do not want to hand this profit over to Uncle Sam and NYS. Since I can invest in a 403B plan a work, I plan to take the monthly profit and put it into the 403B plan; thus no extra income tax due.  I do realize that I will have to pay taxes on it later but others are telling me I should take out a mortgage to deduct interest.  This does not make sense to me.

Your thoughts?