All Forum Posts by: Jane A.

@John S.   Your cash flow has dropped because you did refi with cash out.  Now with these two properties, you will be earning equity and appreciation, and you could use your cash out money for investment.  I would agree with @Bill B. approach to your numbers.  Do not see any big reason to unload this portfolio except if you just want out of this business altogether.  Next step may be to hire PM company to be less involved in this part of your business, so you will be able to focus on other opportunities. 

I moved out of state and continue to manage most of my rentals myself with help of reliable contractors.   My Insurance company demands to hire PM company or they would cancel the insurance. What insurance company will be better for out of state landlord?  I do not want to be under the pressure of this demand.  

@Stephen Glover   CONGRATS ON SUCCESS!!! 

My tips to prepare for appraiser visit - I prepare and print out the comparable analysis (supporting my value) and full list of upgrades we done to the property and give it to appraiser.  One more thing -  I could list the property by owner, receive emails with interest, even better - receive the signed offer and show it to appraiser as well.  

We like COZY as well - it looks beautiful, easy setup, does a few important things, making our life easier.  I used it from my Mobile Phone - looks normal.   You could attach picture of the property, the Lease, manage account balance easy, add/remove fees, and tenant may use the Credit Card for rent payment if they have emergency (Cozy will charge them some fee).  

Lees Summit MO, Blue Springs MO, 

contact the realtor Lee Anderson

They do property management as well

These are both nice towns with great schools, and you still could buy for about 100 times monthly rent.

If you want cheaper, you could consider

MO: Raytown, Grandview, Belton

If you are out of state, I would not recommend to consider KC MO or KC KS because acceptable and bad neighborhoods could be just next to each other and you would not know 

@Greg M.   OMG, such a pain, I started liking one-story buildings :))) bathrooms on the second level could make so many damages potentially

Hello everybody!

I need your help, please.

After long term tenants the unit needs full renovation:

full interior painting, new carpet, some times new interior doors :)  vanity and toilet. 

I am confused when what is the best way to put it on the tax return:

It looks like all the new carpet, appliances, repairs, supplies we could expense during the same year.

What to do with full interior painting?  How to depreciate it?  I use HR Block software and do not see where to put it. 

My old business tax people from HR Block used to depreciate full renovation project (which could cost me around 6K) under real estate property for 27years.  I would agree that a new roof, windows, new tile, new kitchen cabinets will be considered as improvement and depreciate for 27 year or so.  But I do not see how interior painting should depreciate for 27 years.  We usually do it every 5 years or so. 

Please advise

@Dave Fontana thank you very much for sharing your experience, did I understand you right - you are providing PM for some of your rental business?

@Junior Soares  sounds as a solid system, by the way, how much does it cost to file taxes for all of this? and legal expenses to support this legal structure every year?  Does it make any difference if some of  properties in different states?  THX

@Dakoda Spencer

for how much could you rent it for?  find the partner to get it into rentable condition and split the income or just borrow.  Sometimes you could make a deal with tenant, who will rent for less than market but will update your property (be sure you have good liability insurance and tenant is professional insured handyman), talk to attorney.