All Forum Posts by: Kevin Allen

I personally don’t like fences on my properties. My experience has been that tenants hate trimming. I’ve had some good tenants that keep the lawn up but I’ve had a bunch that won’t weed eat. Next thing you know you have trees growing up through the chain link fence. I like the idea of rain sing rent to cover a lawn service

@Zach Plackemeier pigeon forge is pretty family oriented. I don’t see crime being a problem there.

So I have a house that I was going to refi and repeat. I currently have it under a construction loan. I’ve only called a couple of banks that I deal with so far. The local bank that I have the construction loan with will only loan me what I have into the construction loan. No cash out refi. That one is no big deal because I would like to get it on a 30 year fixed and they don’t offer a 30 year fixed. The other one, credit union, said they will only loan up to 50,000 on a rental property. That seems odd to me. 50,000 will only buy a small property in a very bad part of town. I want no part of this. I was going to reach out to someone else on Monday morning. Is any one else running into this problem.

@Kyler Cook as far as paying taxes you are never going to get out of paying taxes on pulling money from a retirement account. However, if you’ve lost a job, been laid off, etc because of the COVID it could fall under the Cares act and you could avoid the penalty. Also the taxes could be spread out over 3 years. I’m not a CPA so if someone else want to give some input on this

So I I have a couple rentals. I’m rehabbing a house that I’m not sure if aim going to flip or make a rental. If I flip it is the taxes due on my profit this year even if I roll it over as a down payment on another rental? Hope this makes sense

@Cameron Riley https://share.icloud.com/photos/0AeCawb65vq65ejZu4i5fGz_w

This is what I did with a down tree we had. I chose to leave this one. Spent close to 20,000 on tree work when we moved into this house a year ago. It’s early in the year so all the plants aren’t up good year. If you look closely there are a lot of smaller grasses that come up in front of this log area. Also I plan on taking out the chain link behind it and putting up the 4 rail to match the side of it. Also, I know at some point this log will start to rot and I will remove it at that point. Now keep in mind this is the bottom of the property where I live. If it was a rental it would have been removed by now.

@Cameron Riley. When I moved into my personal home there was a large tree that had fallen at the back of my property. I live in a neighborhood that has a lot of common wooded areas, hiking trails etc. I had a lot of tree work done on my property. Wife said are you going to have them cut up that tree and haul it off? I said nope I’m going to leave it as part of the landscape. Did some landscaping around the tree and it looks like it’s suppose to be there. Don’t know where yours is setting but maybe that’s an option. Maybe not.

My wife has been out of work due to the virus. She has a hair salon which has been forced to close down during the pandemic. Does anyone know if I will be able to wave the 10% early withdrawal fee if I take a distribution from my 401k because of the cares act. I didn’t know if it had to be my job that was disrupted or if it could be either.

@Michael Plaks. That was a typo these are all long term rentals. Sorry, About that. I own two and will be closing on my third in a couple weeks.

Hello, I have a tax question. My old cpa had me set up in a s-Corp. my new CPA, along with everyone else I’ve talked to, seems to think that I should be set up in a llc. She recommended that I leave the two str’s in the s-Corp and start a new llc for any further purposes. I’m closing in another house in a couple weeks. My real estate attorney says I should convert the s-Corp over to a llc and just have all three properties in that. But the attorney wanted me to check with my cpa before doing that. Problem is my cpa hasn’t really given me clear advice on this and hasn’t returned my calls(may need a new cpa). It’s crunch time and I need to be doing something before the closing. Has anyone ever converted a s-Corp to a llc and are there any tax implications in doing so?