All Forum Posts by: Joshua Spivey

Do energy efficient upgrade tax credits (for new windows, doors, heat pump, etc) work for rental properties? 

I have a property I purchased cash underwent reno and was listed in available to rent in Nov. However I didn't get a tenant until Jan '24. Would I be able to deduct depreciation against my personal w2 income without having rental income for the year? 

I'm a travel nurse that bought a cash property in 2022, spent most of '23 doing Reno and repairs. Placed in service in November but no tenant until Jan. 

I hired a CPA referred by a RE agent friend of mine, but he's been less than great. Poor communication, a few mistakes on returns he's sent, and then worse communication after I mentioned these mistakes. Overall, I've lost confidence that he is doing a good job and wonder what else he has missed if I was able to catch the mistakes. 

Anyone know a good CPA that has experience in these areas?

So long story short, I hired a contractor to do a whole house partial renovation back in June, project was slated to take five weeks and complete on August 7. It is still not done. My contract says that I pay him 50% upfront and 50% after final walk-through upon completion. Two weeks ago he asked for a progress payment and after poor quality work and making decisions about multiple things without consulting me, I told him I would stick to the contract and only pay him the remainder after everything is done.

This past Friday he sent me a text message saying that the work would be completed this week and wanted to schedule a walk-through with me. I sent my family over to do a preliminary walk-through without the contractor, and they found that the floors were not leveled according to contract, the exterior wasn't primed and painted, etc., multiple sticky notes were left throughout the house on things that needed to be fixed still. I responded on Monday telling him to see the list and sticky notes provided for him at the property for things that still need to be completed. Yesterday he stated that he would not be able to finish the job because he is taking a full time job out of the area, gave me "credits" off the final amount for what was incomplete. Today he sent a "Work Complete" invoice with those changes, and is stating that multiple subcontractors have yet to be paid, as well as materials he paid for with his credit card. He stated that liens will be placed against my house and the inspector will not give the certificate of occupancy until all debts are paid.

I'm looking for an attorney to help me in this situation. Either by writing a letter stating that he needs to finish the work in a timely manner, or submit all invoices, receipts for materials, etc and I will pay them separately from him.

Anyone know anyone?

Thanks

Josh

edit: wrong forum

So I'm working on my first BRRR property and have encountered my GC asking for a progress payment that wasn't contracted in. We agreed upon a 50/50 payment deal. I was originally told that this project would be done on August 7, after about 4-6 weeks of work. But with so many subcontractors ghosting my GC, becoming unreachable, and/or general issues within the renovation, we still aren't done. He's also not done things we agreed to (place a sealant over suspected asbestos tile flooring before LVP), or chagned plans without notifying me (Locations of mini-split heads to different ROOMS, rather than more central areas).

So today he asks me for a progress payment "so he can pay the other subcontractors and recover cost of additional materials he's incurred."

I paid him $26k back in JULY when the project began, and I'm slated to pay another $26k when the work is complete (about another week [more at this rate or speed]).

What should I do?