All Forum Posts by: Kevin S.

@Igor Balakhnin pretty sure @Bill B. is correct. It's similar to how you report it for tax purposes in years where you aren't selling it, you report 50% (or whatever % is allocable to each side) as rental property and depreciate that 50% while the other 50% is your own personal residence and therefore is not part of Schedule E.

@Hannah McBee yes there are small pockets mostly in south Tulsa, I sent you a DM with a couple of streets listed that you might want to check out as well as a suggestion for doing a mailer campaign which will probably give you better results than "driving for dollars"

@Hannah McBee Zillow is usually pretty up to date on what's for sale (just filter for "multi family" and "apartments"), and/or a realtor can pull current listing. Unfortunately there's a limited number of small multi-family properties here and they tend to go pending within a day or two of hitting the market. 

@James Wise you got me, though I was pretty sure it was gonna be some sort of prank or ridiculous answer, I totally fell for the click-bait

@Tucker Cummings in reading your initial post it sounds like both you and your wife are still employed with the companies that run these 401k's. If that's the case then it is highly unlikely that you will be able to take a distribution from them, as 401k plans only allow distributions for "distributable events". Typically these events are retirement/no longer working for that employer, death, disability, or reaching retirement age (usually 62). Some plans do allow for early withdrawals for those age 59 1/2 or older, but that still doesn't help you. Additionally, there are hardship distributions which, if your plan allows for them, might help you if you were looking to buy a home you were going to live in (one type of hardship allows for you to take distributions for downpayment of primary residence) but it sounds like you're looking to buy an investment property, not a primary residence. You're best bet for getting money out of your 401k and into real estate would be to take a loan instead, however you need to check with your HR rep to see if your plan allows for loans as many plans don't. With a 401k loan you don't pay any taxes (unless the loan isn't repaid before you quit/retire/leave, then it converts to a distribution which gets taxed) and any interest on the loan is interest you are paying yourself as it goes back into your 401k. The downside is that most loan lives are capped at 5-years to repay, though occasionally a plan will allow loans for primary residences that are extended to 15-year repayments. Good luck with your real estate journey!

I'm considering selling a duplex of mine in Tulsa Oklahoma (waiting for a couple of other similar properties to close so I have good comps) and I was wondering what the BP communities thoughts were on getting an appraisal before listing the property vs waiting till and interested buyer comes along. Is it worth it? Does it save time/headaches? Let me know your thoughts.

@Account Closed first off, thank you for your service! This is one of those questions that seems to pop up on BP fairly often, and if you ask 20 people you'll get 20 different answers depending on their background and experiences. I'd recommend finding a balance between what you enjoy, where you will have job security, and what pays a decent salary. You'll want good W2 wages so that banks will more easily loan to you, however you also want something that you won't hate and want to quit in the first 5 years. That's why I like accounting, all industries need accountants so plenty of opportunities, the pay is decent and it's something I enjoy doing. Good luck with your decision!

@Joe Scaparra you're 100% correct, I overlooked the fact that he was already under contract in my earlier post. 

@Kristopher Sharpe just make it a provision of the sale that the seller delivers one side of the duplex empty, it might extend your close a little bit in order to give the renters proper notice, but that way the seller has to handle getting them out. 

@Jordan Pothier yeah I'm going to second @Joe Young that your idea of "sign this and leave or else" is not a good idea (and could possibly be construed as blackmail, which is illegal). If you have a good or even decent lease in place with this renter then by this point he has probably broken multiple lease provisions, you should inform the police, inform his parole officer, and start the eviction process.