All Forum Posts by: Haiyang A.

Thank you for the clarification. 

I have a tax-related question. I acquired an additional property in October last year and incurred rehab costs in the last two months. Since it’s not my first property, I think I can deduct operating costs on Schedule E without worrying about “date placed in service” issue, but I also read it here on the forum that the related rehab cost should better be placed on line 19 (Other list) on Schedule E, otherwise, it may affect Debt-to-Income calculation when it comes to refinancing. How will a bank view this in relation to underwriting a loan? I don’t really understand this part. Should these rehab costs then be placed on Schedule E line 19 (Other list)? Any inputs will be highly appreciated.

Thank you @George W.! I guess I will also need the compressor in the outside unit, which is currently missing. The HVAC person did mention about high pressure, and that was the reason to replace a larger diameter line.

The condenser in my outside AC unit was stolen (there is literally nothing inside the case). An HVAC person says that since my AC system was on R22 and shows it's age (outside unit was pretty rusty), he recommends replacing the whole system -- new outside unit, new lines, and new air handler. I am sure that the new refrigerant type (R410?) and system would be more efficient, but it will cost quite a bit more. Do I truly need to replace the whole system, given that the inside coil and blower fan, in my view, doesn’t look too bad? And input on this would be appreciated!

@William Durel Thank you! I'd appreciate a referral.

I am looking for a flooring guy, preferably someone who use dust collection system, to refinish about 1200 sqft of flooring in a house in western part of Cincinnati, OH. Any recommendation would be highly appreciated! 

This helps a lot! Thank you, @Ron S.!

Thank you for the clarification! @Chad U.

I forgot to ask my overage question. If the overage is high enough to pay off all liens, would the homeowner receive the rest, if any?

Thank you for the input on state income tax! I have a question related to overages. At sheriff sale auction, a lot of properties are sold back to the bank rep, who typically bids quite high. I am under the impression that the bank will not let the property go under their judgment amount. Is this the norm? In other words, if one's maximum budget/bid is lower than the judgment amount, attending the auction is a waste of time?