All Forum Posts by: KENDRA J.

Last spring i dodged a bullet and got a tenant out with the help of some people here on Bigger pockets. We currently have 2 rentals we're leaving empty until this nightmare moratorium is over!! 

We own a home that we've rented out for the last 13 years. This house had previously been our primary residence.

We are thinking of moving back into this house for 3 years to save taxes. The house was purchased for $280k 20 years ago has been depreciated $150k over the last 13 years. We currently owe $120k on this house. House would most likely sell for $375 to $400k if sold now.

We will be retiring in 3 years and income will be significantly reduced. Would most likely be selling this house at that time..

Wondering if this makes sense financially to do that and if anyone of you have done something like this.

Any helpful suggestions would be appreciated. thank you!

Omar is from Minnesota where i live. I'm hopeful as all of you that it has zero chance of passing. Our current attorney general is Keith Ellison. His son Jeremiah Elison is on the city council and the one who helped draft the "no eviction" for the state of MN. I have not seen an "end date" for the "no evictions" here like other states. Nothing would surprise me at this point. The state of MN leaves it wide open for renters to take advantage of landlords. 

Thank you all for your advice and help! Its much appreciated!

I have a sticky situation that i need help with. We own a condo in Minnesota that we rented out to a man 5 years ago. He is on a month to month lease. He is married and used this to stay at during the week while he is working in the city . He lives a few hours out of town with his wife on the weekend  I recently became aware that his 24 year old son is living in the condo all the time and he is living with his wife. His son is not on the lease and contacted us to see if he could pay 1/4 of next months rent. We have a no eviction in place here in Minnesota but am wondering how this applies to this person who is living there and not on the lease. I don't want to be taken advantage of but don't want to get in legal trouble. Any help would be appreciated. Thanks!

I own a singe family home that i've rented out for 12 years. Current tenants will be leaving in May. Property has original 1972 light green countertops that are original and in great shape. The kitchen had a partial upgrade 5 years ago but we left the countertops since they were in good shape and the property would be rented again. I would like to sell this house now but husband says we will pay 60k in taxes and wants to rent it for 3 more years until he retires and income will be less on taxes. I have someone who can replace the countertops with quartz and do a nice backsplash for me now so it looks good for resale in 3 years. I've never had nice countertops in this place and am wondering if it would be a mistake to sink money in this now or would be better to do right before we sell in 3 years. Also wondering if quartz countertops would possibly produce more rent? Also any advice on how to save on the tax issue when you sell a rental?
thanks in advance

We did the same thing 7 years ago and continue to rent the house out. The home we moved to is one mile away like your situation. It is super convenient for doing turnovers (we are in the process of doing one now) and have found no need to use a management company. The biggest mistake we made was allowing someone with two dogs to move into the property when we moved out of it 7 years ago. Pet owners are not all equal in how they care for their pets and these dogs were never bathed and it was very hard to get the smell out (even after all the carpet on both floors of the house). We now no longer allow pets and are more picky about who we chose to rent the house.

Thanks for your help Chris. Good info to think about and check on.

Thanks for making me aware of the ADA upgrades. I had not thought of that and that is something that i would not want to pay for.

I have been contacted by a home care company that operates senior assisted living care homes. They are interested in renting my house long term to use as an assisted living home for 4 residents. They have been in business for 5 years and have this same business going in another home across town. I contacted my city licensing office and was told the only licensing requirement on my end is that my home be licensed with the city as a rental home (the city i live requires all landlord's to have their rental properties licensed with them). The home care company is responsible for all the other type of licensing beyond that. I checked out their state license and found no issues with them Basically, they would be using my home soley as a home to take care of their clients. I'm wondering if any other landlord's have allowed their rental homes to be used for this purpose? Any thoughts would be helpful. Thanks in advance.