All Forum Posts by: Kwame Knights

i'm under contract for a Single family (1600 SQ FT) and it has a existing detached two car garage (800 sq ft) that i'm planning on converting into a in-law unit/rental unit. I'm think of using a 203k loan to rehab both units at the same time. The main house will likely take 60K to rehab and the in-law unit 50k (high cost because i have to run sewer and plumbing). I currently meet the requirements for being a real estate professional. Would I be able to immediately write off the cost associated with the separate rental unit? What are the pros and cons of bundling the rental unit rehab cost into my loan VS doing it separate using cash or taking out a separate loan?

@Brandon Hall , i have a similar situation, i'm buying a SF and converting an existing detached two car garage (800sq ft) into an in-law unit located in the back of the property.  With the new tax law, is your answer still applicable to the following: 

• 203 (K) Supplemental Origination
• Application Fees paid outside closing
• Lender Fees
• Processing Fees
• 203 (K) Consultant Fee paid outside closing
• 203 (K) Architectural Fee
• 203 (K) Title Update Fee
• Homeowner's Insurance Premium
• Survey Fee
• Buyers Attorney Fee paid outside of closing
• Title - Escrow Fees, Policy Update Fee, Chain of Title Fee, CPL Fee, Overnight/Express Delivery Service Fee, Email Package Fee, Tax Payment Service Fee, Yadda Yadda Yadda Fee, etc.
• Permits
• Appraisal fee paid outside of closing
• Mortgage Insurance Premium to HUD

In year two, how would the IRS treat the rental income and any repairs\updates to that in-law suite? 

@Scott Matthew C. I appreciate the recommendation. I've reached out to Maide Aide before but they charge a premium and are not available on the weekend. The property is used as an Airbnb and I would need someone with a bit more flexibility.

Greetings BP,

Myself and business partners have a few single family and multi-unit buildings in DC and PG county MD and we're looking for a handy man to help with the maintenance and repairs. We are looking for someone who can be readily available (within 24 hours) to respond to various types of maintenance request. 

I'm converting my wife's  2 Bedroom 2.5 bath condo\Townhouse in Walled Lake Michigan to a short term rental and need a referral for a good and reliable cleaner and a handy man. 

can you send me info [email protected]

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I'm an investor and looking to develop a relationship with an REO manager or agent in the MD/DC/VA area, as well as in Detroit and Florida.

Please PM me.

Any contractors in the Hagerstown area?

@Russell Brazil thanks for the feedback, i'm still doing my research to see what makes sense.

@Michael P. Hopefully not, i'm trying to get out of that business and focus my energies on more acquisitions.