All Forum Posts by: Justin H.

Hey Guys,

I'm pretty well versed with doing my own taxes, using turbotax or whatever.. I have the 2008 home and business edition here.

This year I bought my first house, a duplex. I live in the lower, and the upper is rented.

Can someone walk me though what to do with the taxes?

I'm claiming half of the mortgage interest on the schedule A, half on the schedule E. Same with the taxes, and PMI.

I write off half of the water bill.

I put about 5 grand into the house. I have every single receipt for that 5 grand.

Most items were buying supplies to repair the house myself. Paint, little tools, gutters..
Do I claim these items under "supplies" or "repair"..

I bought about 1900 dollars in new appliances for the rental unit. I am on the page where I depreciate the items. Can I just lump the 5 appliances together, and call them "appliances" for 1900 dollars, or do I need to do them one piece at a time...

Example Stove for 350 dollars or whatever, then depreciate that over 5 years..

My final and most important question...

I understand that I can depreciate the rental unit. Would I put the purchase price for the rental unit to be exactly half of what I paid for the house?

I'm pretty confident I can get the taxes done myself, its just the depreciation that is stumping me for right now...

As it turns out, I'm going to be claiming a loss of about 1200 dollars for this year on the unit. This was because I only got 5 months of rent out of it, and we totally refurbished the entire place.

THANKS.
Justin

SONYMA gave me a 5000 grant to cover most of the closing costs, inspection, they even filled the escrow account for me.

If I sell within 5 years, I pay back the 5000, otherwise it is a gift.

Yes, I am strongly considering having my father in law manage the property for 10 percent of the rents. He does a great job, and I trust him a thousand percent.

I just do a cost-analysis of what water usually costs in the building..

I add that money into the rent, and divide it among the tenants..

In my 2 family unit, its about 11 bucks per month, or 44 per quarter.

Nothing huge, but why pay for it.

I give the interest in a christmas card at the end of the year.

Usually comes out to be 20 bucks or 30, not much but always unexpected by the tenant.

If you have the means to empty the coins yourself, or your property manager will take care of it, then buy coined laundry units USED.

I see them all the time on ebay.

There is an up front cost, but you don't split the coins with anyone else.

The house I bought is missing some storm windows.

The frames are still good, so I don't want to buy frames with storm windows, I just need the inserts.

Anybody know where I can buy these?

I'm trying to avoid buying the whole storm window set with the frame.

Been a while since I've posted..

I'm 26, needed a place to live in right now and a place to invest in for the future.

Its a duplex in West Seneca, NY. Pretty good area, sort of on the buffalo fringe, but West Seneca insane taxes keep the riff-raff out. (about $2300/year in taxes) after STAR.

Paid $46,900 with some buyer concessions going on there, financed with a SONYMA loan at 5.5% 30 year fixed. Came out of pocket with around 1500 at close, walked away from close with a check for 600.

I've had the house since June, we put about 5000 into the house, doing most of the sweat equity ourselves. Place looks great, we rent the upper for 525 per month, water included.

Mortgage is 608 per month (nearly 50 percent taxes), I live with my girlfriend and we both pay $41.50 per month to live there.

We are considering a move to Arizona VERY soon. Our lower unit is upgraded over the tenant unit and the lower unit has off street parking, and laundry. We think we can get $600 for the lower.

608-525-600== It should Cashflow 517 per month.

I'd be stupid to sell the house, but another exit strategy would be to sell it. The property 3 houses away (not as upgraded as ours) is listed for $89,900..

Comments Please,

Thanks,
Justin

Right now I'm just starting out.

Looking for a duplex to purchase, and finance with NY SONYMA or FHA mortgage.

I work an entry level job at a global bank, so I qualify for all the lower income mortgages, and I am a first time buyer.

I am looking in the Buffalo, NY area.

Right now I need a place to live in half of it, and rent out the other half.

Is there a formula that I can follow to figure out what to offer, or what a deal is?

I'm trying to cover the mortgage with renting out one unit, and myself living in the other side for nothing, but is there more to it than that?

Thanks,
Justin

Hey Folks.

I'm 25 years old. Looking to buy my first property.

Right now I need a place to live, so I'm looking into the New York Sonyma loan (google it, the forum won't let me post hyperlinks yet).

Anyways. I want to purchase a 2 family home in Western New York, using this low interest loan.

I would occupy 1 unit as my main residence, and would rent out the other side.

A few questions for people who have dealt with this program..

Do they allow half of the multi family home to be rented out, or are they focused on only owners living in the home?

The property I am looking at is two properties on one lot, basically a house and a carriage house next to it.

My strategy is going to be to live in one unit for a while, then cash out the equity and rent both units out, and buy another one.

I'll have to get some specifics on the program to see how long I have to live in the house.

Thanks,
Justin

As the subject states..

I see that you folks have compiled a great list of direct links to banks to search their REO sites.

It seems that every property listed on these bank sites, are also listed in the MLS.

If this is true, then what would be the point of seeing properties on the bank site if they are just on the MLS? To determine what bank owns what property?

Thanks,
Justin