All Forum Posts by: Joe M

I recently purchased a small 535 sq. ft. condo in Fort Wayne Indiana.

Anyone has recommendation for a handyman/contractor in the area? I need to install Hardwood laminate floor. Paint the walls. Install counter tops and cabinets.

Also, If someone can send me form/sample contract which I can use to hire a handyman.

Thanks,

Recently my all cash offer on one of the forclosed property got accepted. Bank gave me just 3 days to get property inspected. I tried to negotiate but they did not accept my request to increase the inspection window.

Due to personal issues I could not get property ispected. And Igot property inspected 10 days after the offer got accepted.

I am going to lose 1K earnest money. Thats ok. Expensive lesson learned.

My Question is:
I have 3 other rental properties, So at the time of filing taxes can I deduct this lost earnest money as a business loss? If Yes, Under which category?

Also, I have been driving around looking at various properties. Can I claim all the mileage unser my rental business?

All the properties are under my name with 2M umbrella.

Thanks for your help.

I'm a newbie landlord in Fort Wayne, Indiana. I have one property and about to purchase 2nd.

Can one of you please send/point me to a copy of Lease agreement document? And also Renter application document?

Thank You.

I will be going to my first Property Tax Lien questions this week in FOrt Wayne Indiana.

I have made the short list of properties from the list published by county. I did the 'Drive-by' on all the properties and also looked at the assessed values on county site.

Questions:
- Are there any other due diligence steps I can take?
- If the current owner files for the Bankruptcy then what happens to my lien?
- Once I get a lien against a property, Should I get insurance against the property?
- What are other scenarios where I can loose my principal?

I wish I would have discovered this website earlier. There is so much information and everyone is very helpful.

Here is my situation:
I became landlord about 6 months back. I bought my first property as all cash deal.

I paid 105K for a duplex which is generating about $1200 in rental income every month.

Now I got my feet wet and I have been thinking about getting couple more properties for rental. I have about another 100K saved for my next rental properties.

Question 1: Should I do a cash out refi on the rental I already own?

Question 2: I have been offered 5.00% 30 year cash-out refi with 2K closing cost. to take out 75K from the property I own. Do you guys think 5.00% is a good rate for investment property? Can you please suggest some investor friendly banks?

Question 3: Should I try to spread out my 100K cash savings on down payment of multiple properties or just buy 1 property and pay cash?

Please let me know of your opinion.

This is my first post as I have just recently discovered this site. I spent last week reading all past posts.

I have 1 property as a rental. And I am looking for 2nd property to add.

When you go to look at the property, do you guys follow any check lists? What do you guys look at ?

I am looking at various properties, and before I spend money to get the property inspected, What are the due diligence steps I can take to find if there are any major issues with this property or not.

Thanks for your help.