All Forum Posts by: Harman N.

I'll be there!

I guess the question I was trying to ask is, are there state-specific laws pertaining to real estate which a CPA needs to be familiar with, or the main RE-related tax nuances all part of federal tax code? 

Hi all,

For out of state investors, is it best to have a CPA based in your home state, or your investment state? Which tax laws are more applicable?

- Harman

Hi all,

When buying a rental property, are the rents, security deposits, and taxes credited or debited to the buyer? I just bought two rental properties this month, and the close was handled differently:

• In one case, I was debited the rents from close date through end of the month, credited the property taxes, and separately mailed checks for the security deposits (essentially a credit)
• In the other case, I was credited the rents from close date through end of the month, credited the property taxes, and credited the security deposits

Wondering what's typical, and reasons why it may vary. 

- Harman

What are the odds!!

$37 x 12 x 2 = $888, $50 x 12 x 2 = $1,200. So the quotes I'm getting then don't seem all that unreasonable.. 

Hi all,

What's the average cost of insurance per unit on 2-4 unit properties, in your experience? Of course it depends on location, value of the property, etc but looking to get some data points for triangulation.

I'm closing on a duplex in Columbus (my first out of state rental!) for $110k, and am getting insurance quotes > $1k.

- Harman

Hi all,

What's the average cost of insurance per unit on 2-4 unit properties, in your experience? Of course it depends on location, value of the property, etc but looking to get some data points for triangulation.

I'm closing on a duplex in Columbus (my first out of state rental!) for $110k, and am getting insurance quotes > $1k. 

- Harman

Thanks Remington. That certainly makes a lot more sense. Still a really good deal, especially if you buy in the right location and significantly add value, the benefits would be significant over a longer holding period. But probably more of an added bonus if you happen to buy in the target neighborhoods, than a reason to specifically focus on them. 

Hi all,

I read the Columbus housing incentives (article here, PDF of policy here). Does it mean that if you rehab single-family in the Ready for Revitalization (Hilltop, Milo-Grogan, Near East, etc) & Ready for Opportunity (Linden, Hilltop) neighborhoods you don't pay property tax on it for 15 years? That seems like a phenomenal deal. For multi-family there are other requirements but for single-family it just says "new construction and rehabilitation" and doesn't list out any other criteria..

Also, do you know how it defines multi-family in this case; is it 2+ units or 5+ units? 

- Harman