All Forum Posts by: Joe Kato

Have 3 rental properties, using one as Air BNB.  Use an old truck for daily home depot runs for repairs and maintenance of properties.  Also drive to Air bnb almost daily to clean unit.  Last year only wrote off mileage for trips to properties, store, city hall, etc.

Looking for the brains on this board to share ideas how to structure a vehicle purchase/lease for a write off for my business. Real estate investing is a side business, no LLC or partners outside spouse and myself. 2015 tax reported >$20K income on schedule E. How can I best get a newer truck for business use. Whether lease, buy, new or used, what is best way to save money?

thanks

any new updates to this topic as we approach year end? Can I write off a work truck as a sole proprietor? Really need an upgrade..

I'm a landlord and property manager.  Have pretty good luck with my tenants, but one property we manage have a tenant that let lease lapse, didn't communicate, so we had to evict.  Got judgement last week for final eviction end of this month, but he didn't pay rent for 3 months.

Now trying to get small claims suit filed before he flees the premises.  Can I represent the landlord in court as Property Manager, since she doesn't want to face the tenant herself.  Should I get Lawyer for this, but hoping to file and go to court ourselves.  This in in Connecticut by the way.

We have over $4k in rent/court/attorney fees from eviction, but tenant doesn't have a steady job as far and I know that would be able to garnish wages.. anyway, its the principle of it that we want to file claim against him.

Thanks folks.. Yea I am trying to keep it legal.  So is there a statement I could prepare and ask tenant to sign stating he is moving out so we can stop with court proceedings?  If he moves out willingly this weekend, I am only lost AUG/SEP rent, should I press on with courts?

We gave him required 30 day notice on Aug 3rd.  Notice to quit  was complete SEP 3rd.  had to wait 5 days, then go to court to fine.  I don't want to stop the process until itenant confirms they are leaving and I can change locks..  But I don't want to impede on his legal rights

We have a tenant that had a lapse in lease, didn't sign the newly offered lease, so sent him notice to quit after avoiding our communication attempts.  Went to court to take next steps, but now he appears to be moving items out.  Is there a way I can have him confirm he is moving out so we don't have to continue with eviction process?  He still didn't pay rent for AUG and SEPT.  Can we take him to small claims court to try to get rent from him?

This is in Connecticut BTW.

thank you,

Have two 3-families with all separate utilities. NOI was $12000 per year per property before $7K mortgage interest.. Ready to sign a purchase agreement on a 4 family. agreed on price, selling for $150 less then at 2006 peak market. think I can get $12000 with heat as is budgeting $5k oil bill for heat.. Any thoughts about if this is a money maker or money pit? Brought a realtor in and she said she can rent heated apartments all day long no problem, but since there are 4 gas lines in the property for 4 separate domestic hot water heaters, was thinking to switch ti individual boilers for each unit.. Hope this 4 family doesn't consume all my time for the 15% ROI I am conservatively estimating..

Pat, Is the truck a write off because you are full time real estate?  I am not yet full time, can I still write off a vehicle purchase against my annual rental income?

Thanks all.. I tried to call the town hall to pay taxes, but they were closed.. will remember these things next year!

Interesting thought.. so you are suggesting better to show more income to help with a future investment loan?

In previous years I haven't been in the black, this would be a first..