All Forum Posts by: Kumar Gaurav

@Ashish Acharya

Thank you Ashish

Yeah the room is exclusively used for drafting leases and other rental book keeping activities.CPA mentioned Home office does not apply to rental real estate unless that is your main income.How do I convince him?

As It may be too late to find another CPA now

Thanks

Hello,

Is it possible to avail tax deduction on an office room dedicated for rental real estate matters for an owner occupied multi-family?

I am just trying to see where there are some tax saving opportunities so that I can put forth in front of my cpa.Separately I have a w2 from a full-time job.Appreciate your inputs.

Thanks

Hello,

I found a new tenant and as happy as a clam as I was able to bring up the rent to current market rate.I am working on the lease document and just want some help on how to script the sale clause should I decide to sell the home when the tenant still on lease just to avoid any potential headaches and ofcourse I intend to give up to two months so that they can find another home.appreciate your feedback.

@Heath M.

Thank you!

Yes, it goes up the wall and out.I liked the leaf blower idea.

Hello,

My LG clothes dryer is showing a d80 error

I looked up online this error says my dryer is 80% clogged. I have a feeling the external vent pipe is not properly installed (perhaps too curvy or pinched) regardless I want to see a professional who can help with lint cleaning as well as assess if the external vent pipe is properly installed.Whom should I reach out?Can a plumber help with this? How much should I expect to pay for this service? I also want to know if this can be taken up as DIY project .

Appreciate your responses.

Thanks

@Chris Seveney

Thanks Chris. I don't currently own an LLC.

I guess opening up an LLC is a low hanging fruit.Subsequent steps transferring property to LLC and refinancing the loan to an llc seem complicated.Looks like I will need a RE attorney and CPA. Is it possible to find someone who specializes in both i.e attorney + CPA?

Thanks

@Ryan Ingram

Thank you very much for the elaboration. It makes lot of sense now.

@Pat L.

Thanks Pat this is very useful information.If I understand this correctly there is a possibility that local banks will completely waive the closing costs if there is a 800+ credit score and if we can demonstrate there is substantial monthly passive income from rentals to pay off the mortgage?Can you please suggest few local banks in New Jersey?

@Ryan Ingram

Thanks Ryan this was helpful.I am just wondering if it makes sense to go with monthly payments and then make two additional payments that are principal only.

I realized this only after reading your post because the bi-weekly payments has both interest and principal and during.What do you suggest?

@Joe Villeneuve

Hi Joe,

It's a owner occupied multi family property.

I live in one unit and my tenants live in other unit.

Thanks