All Forum Posts by: Hiro Kitagawa

@Joe Funari thanks will check then out!

@Anthony Kwon @Lucia Rushton thanks! Looking forward to speak with Lucia

Hello all. I work for a real estate startup company in Dallas TX area. I'm looking to speak with property management companies here, specifically in Collin & Denton county. So far we have properties in Plano, Frisco, Carrollton, McKinney, and Flower Mound. Does anyone have any recommendation? 

Thank you in advance!

Hi all. I have a rental property in the sate of Kentucky. The tenants in my condo (upper unit) left the water running while filling a bathtub, resulting in water leaking into the downstairs condo.

My tenant has $300K liability insurance, but apparently it doesn’t include any negligence water damage. The lower unit owner has contacted her insurance company as well as Serv Pro to assess the damage.

I called my insurance company and they said that my insurance would cover my unit, while the lower unit owner’s insurance would cover her damage.

With the above in mind, I’d imagine her insurance company would look for someone to collect the money from. Would they come after me (the owner of upper unit) or the tenants who caused the damage?

Thanks for your input in advance!

Thanks for the input.  Would you recommend speaking with a real estate attorney, or a general claim attorney?  

Hi all, I would like to get some opinions from people who may have had a similar experience.

I hired a general contractor to work on a $30,000 rehab job.  $15,000 was provided upfront as part of 203K loan.  He did about $6,000 worth of work per bid, though he claimed it actually took $8,000.  Even at $8,000, there’s $7,000 of work remaining, with nothing to show.  At one point GC mentioned he didn’t have money, and would need more.  It was clear he spent my money on something else.  He tried to resolve it, but the communication continued to be poor, so I terminated the contract.  

Now, I’m at a point where I almost accept the $7,000 - $9,000 loss.  However a few of my friends mentioned that I should take him to court and get the money back.  That brings me to here.  

I do know that he has no W2 income, so we cannot garnish his wage.  He is also not paying rent according to the landlord.  Basically, he has no money to return now.  

With above in mind, what should I expect if I were to seek legal counsel and potentially take him to court?  

@Yonah Weiss I appreciate your input.  So the benefit does apply to, say, a newly purchased duplex that I'm renovating, is that right?

@Yonah Weiss I asked a CPA about bonus depreciation and this is what he said:

"The new tax law changes bonus depreciations for qualified improvement property paid for starting 9/28/2017 and on, however rental real estate is not “improvement property”. The changes only effect tenant improvements to nonresidential property. SO when a tenant rents a space and fixes it up to be a restaurant, the improvements they made get the new 100% depreciation for 1 year only (then 80%, then 60%, onwards) So I’m afraid this law change will have no effect on you depreciation wise."

It sounds to me that he's saying, I as a landlord of a residential property would not benefit from this tax change because it wouldn't apply to me.  

I would like to get more opinions.  What are your thoughts?  

@Tyler Kastelberg great point.  I remember hearing that a few times.  As far as the people running the Airbnb rentals, I can ask around, but as far as the city itself being supportive or not, where would you go to find that out?  

@Myka Artis that's a lot more money in STR than I had expected. Wow. By the way I see you have a website, Sharebnb. Do you still have a podcast channel?

@Myka Artis @James Carlson @Account Closed thanks for all the great info.  I'm curious, why did you guys go with Airbnb route as opposed to traditional lease rental?