All Forum Posts by: Kevin Kittilsen

We rent to college kids often. We traditionally have all individuals sign one lease together. As far as collecting payment individual typically pays their portion of the lease separate to us. So we may have 5 separate payments for one rental house per month. Is this common practice or should we be requiring them to pool their money into one payment per month? Thanks for the advice!

We currently use Zillow rental manager for listing our rental homes. We seem to get a lot of inquiries to view the properties prior to filling out an application/ confirming qualified. Trying to avoid countless hours showing rental properties to tenants that may not meet qualifications or have serious intent. How are most people handling this scenario? Thanks for any advice!

I currently save money via a savings account as well as a custodial brokerage account. I have however, wanted to purchase a rental property for my daughter (7 years old). The idea being that over time the loan would be paid down and thee value of the property appreciated over time while she grows up. I am unsure how to structure this, my considerations have been to put the property in an LLC that I managed but she is 100% member of. I would be using existing savings funds of approx. $40k that I have saved for her over the past 7 years in her savings account, so I don't believe gift tax would come in to play. However, I am unsure exactly how to set up the entity and also financing for a deal such *** this, being that traditional financing may be tough with the property in an LLC.. and with her ownership I don't think I could close in my name and then transfer the property to an LLC down the road. Thanks for any advice!

I am in the process of investing in a multi family syndication. The management team plans to do a cost segregation study (closing on property in 2022). My question is can I use the accelerates/ bonus depreciation against my tax liability for ordinary income? I believe I can as long as I have real estate professional status which I believe I do as I work for a home builder. 

I hold a couple of properties in a series LLC. Both properties are currently uninhabited as we prepare plans to demolish the existing homes to clear way for development.

Property A consists of two parcels, one parcel with one home, the other parcel with two homes on it. All three homes are in poor condition and I have no plans to put renters in.

Property B consists of one parcel with a single family home. The home is also in very poor condition and no plans to put renters in.

However, I want to make sure I have property liability coverage should something happen on the properties, someone trip and fall, etc.. Looking for advice on what type of policy this would be.

Thanks in advance!

Yes, I am a general contractor so I believe I would qualify as a REP. The gain I am trying to offset is an investment I made with the company I work for. I funded the purchase of a home in a downtown area in which we demolished the home and built a spec home on the property. I personally invested the cash portion of the land which was around $500k and as a result the deal was that I would receive 50% profit split personally at the sale of the newly constructed home on the land.

And for the time element, would I have to show any rental income for this year on the property or would it potentially work if I closed prior to end of year and then did cost segregation study going in to 2023?

Thank you! From my understanding you have to do a cost segregation study to be able to claim bonus depreciation.. correct?

I recently listed to the podcast on cost segregation study/ bonus depreciation. I had a significant gain on an investment in 2022 that I recently took a payout on. With that said, I will owe a significant amount of taxes on this gain. Wondering what the feasibility to purchase a property (still in 2022) and complete a cost segregation study to come up with bonus depreciation to offset my gains on another deal. Is the depreciation typically based around the purchase year of the home? Thanks in advance!

I recently listed to the podcast on cost segregation study/ bonus depreciation. I had a significant gain on an investment in 2022 that I recently took a payout on. With that said, I will owe a significant amount of taxes on this gain. Wondering what the feasibility to purchase a property (still in 2022) and complete a cost segregation study to come up with bonus depreciation to offset my gains on another deal. Is the depreciation typically based around the purchase year of the home? Thanks in advance!