All Forum Posts by: Jim S.

If it's has sat for 5 months you are doing something extremely wrong. 4b2b and only 900 sq. ft? Way too small for most. Condition??? Price for your area & size? Credit over 650? Sounds like you are asking for a top quality tenant but your not providing top quality housing. I apologize if I am wrong.

It sounds like you need to replace some windows and maybe some doors if new weather stripping won't fix it. I have some 1900's houses and the windows/doors don't do that.

When we build our houses we run the water pipes where "they won't freeze". None in outside walls and don't get to close to outside walls, none in the attic. If yours come up out of the ground and then into you house the only thing that will stop them from freezing in cold weather is use heat tape and insulate them.

You can still write off your business expenses but I don't believe you can write off the purchase price. When you sell you can deduct your purchase price from your selling price. Owning property free and clear is not a bad thing. It makes your net income very high per property but limits how many properties in your portfolio. It all depends on what your goals are. X amount of dollars per month with minimum # of properties or maximum portfolio.

The first year do or attempt to do your own taxes, then set them aside and go to a CPA with lots of questions. The next years use your CPA forms as answer sheets and just put in the appropriate numbers. If you understand your taxes it will help you on self management. After a year or two you can decide what if any you want hire out.

If you tried being reasonable and they won't budge. Let them out of their lease. I wouldn't mention court at this time. Apartments are renting extremely fast right now. Good chance to get the rent price up and get a better tenant.

I received a Christmas card from me sister on Jan 9. It was post marked Dec. 15.

I really don't see what is so scary about someone having machete much less a sleeping bag.

Ignore him and keep his app. as proof he disqualified himself by not completing the app. If you show it to him make sure he sees you showing it to someone else just before him so.........someone else was ahead of you. Darn.

You can have a 20 year old building that needs major work or a 120 yo building that needs nothing. A 120 yo neighborhood might not bring in as much rent as a 20 yo neighborhood. You have to look at everything as what needs or will need repair/replace. It all depends on what & when things were updated. And of course how good of job was done at that time. I have 2 duplexes 120 yo. Great rentals/income. Very little repairs/maintainace.