All Forum Posts by: Matt Henshaw

@Ron Quinn I appreciate your words of wisdom spoken from the side of a contractor.  Often times the posts on this site are only spoken and looked at from the investors side.  Your insight is important if we as investors want to be successful.  I feel true success is when all parts of your team feel like they are valued and profitable.  If this doesn't happen on most of your projects......your team will not be together very long :-)

@Dan Krupa I appreciated how you are always willing to give back to the 'community'......good information!

Two of my rental properties received hail and wind damage during the summer. I need help answering an insurance/tax question for which I am getting varied responses from the ‘experts’. Both rental properties had a claim filed against them and received payout.

Property 1: Claim for $21,000 was paid out to fix/replace roof, guttering and siding. Roof and guttering were replaced for a total of $9,000. Siding will not be replaced until early spring due to back up of contractors and winter right around the corner.

Property 2: Claim for $5,000 was paid out to fix/replace roof and guttering. Roof and guttering were replaced for $4500. The amount was $500 less than the amount provided partly due to the fact I helped with the installation.

Question, how do these two claims impact my taxes for this calendar year?  Thank you in advance!

@Jace Im You indicated real estate attorneys....can you provide more insight on what specifically you are needing?  There are many capable attorneys in the area, but it all depends on your needs.  Julie Anderson is great if you need an attorney for leases, evictions, contracts, and foreclosures.  http://mokslaw.com/

Julie Anderson is very popular in the area.   She has provided many workshops within the past year regarding real estate law.  She also provides a lease who many of the surrounding landlords utilize.  Below is her website:

http://mokslaw.com/our-resources/

Try selling the property as stated .....renting as @Jay Hinrichs indicated could be an option, but only if the outlook for the area is primed to move upward because the amount of money and risk of renting would not be a good return on his investment.  Also, having the mortgage (with hardly no equity) and looking at purchasing a house at his new destination could be hard to do.  Could also refinance to get a lower rate, but he was already at 30 year.

Maximilian,

When you refer to 'out of state investing' I assume you are looking at turn key type properties.  Although you can still find attractive deals, the profit margins are getting tighter due to a number of reasons.  I always think for someone brand new, purchasing a local property and managing it yourself is a great way to learn the business inside and out.  It is only then you can decide if expansion (and in what direction) is something you want to do.  But I do understand your current location does not allow for this type of experience so moving forward with a turn key type property would be better than doing nothing.  Please make sure you run your numbers and feel comfortable that your exit strategy is doable.  Best of luck.

I wish I started out that early.  Make sure you follow through.....start analyzing now.  I think you might be a little optimistic with 4-5 properties in a year and a half with going to school full time (accounting especially), but more power to you.  Get that first one under your belt and the rest will be much easier.  Good Luck!

Welcome, David.  The one thing I would recommend is to listen to every single podcast.  Sounds like a lot of listening, but well worth it.....again, welcome!

If you did 'cash for keys' you are basically giving them cash (after they give you the keys) and stating you will 'not' take them to court.  If you do go down this route make sure and have written signed documentation stating such.