All Forum Posts by: LaCroix Rockwell

Thank you all for the responses.  My finances were simple enough that I always filed my taxes myself but the first year I acquired the property, I paid for a professional, learned how she filed - use of Schedule E form, how to enter depreciation deduction, other expense deductions - and have been doing filing taxes myself for the past few years.  I don't have a tax accountant.  

Since the advice I'm seeking depends on one's financial situation I would say that 2020 we took a bit of a hit so it sounds like it wouldn't make much sense to take the 100% depreciation deduction on the appliances this year correct?  The washer and dryer was haggled down to $1188.01 for brand new models and the coinboxes were $560 for a total of $1748.01.  Could I deduct as expenses or deduct as appliance depreciation over 5 years?  If the latter, do you know the name of the form?

Much appreciated!

Hello, I purchased a washer/dryer and coinbox for my 3-unit property back in October.   I was wondering if this is eligible as a business expense - or another type of qualifying deduction - so that I could finish up my income taxes.  If so, how would I file this expense?  Under repairs, supplies, utilities or other?

Thanks in advance.

I did not know that - unfortunately, there doesn't seem to be many Coinstar machines in the area that I know of.  

Hello everyone, just wanted to apprise the forum with a different setup - that I have not seen much info on - in hopes that it will better inform your decision-making process when adding/modifying on-site laundry machines.

This rental property did not previously have any washer/dryer machine on premises and because tenants were inquiring, I decided to add that amenity to keep them happy.  I was considering a coin-op machine like Speed Queen coupled with ShinePay (or a similar coinless system) but the price was a bit steep for me.  I did not consider adding regular washer and dryers and increasing the rent as I don't want to run the risk of tenant's family members/friends coming to the property for free laundry service.  It had to be coin-operated in my opinion.

I came across MQTEK coinboxes that essentially converts your machines to coin-operated ones but there weren't many reviews.  I took a gamble and ordered a pair and a set of a new washer and dryer from Best Buy.  (I haggled them on a lower price for the pair based a similar set that Costco was selling for a couple hundred dollars cheaper.  They got it down to $1188.01 from $1457.98).  I know I could have saved more by purchasing a set of used machines but I'm gambling on a new set giving me years of service.  Time will tell if this proves true but either way, if one goes down, I'll just swap in a cheap, used one.  I installed these back in October and *knock on wood*, so far so good.  

Cons are - of course - you have to collect, count and deposit your rolls of quarters.  Personally, this doesn't bother me as I regularly visit the property and find that it doesn't take up much time at all.  Some may prefer not to and opt for something like ShinePay which I was heavily considering but the device itself is relatively expensive, they take $4 for every $100 and it just seems like there's room for more issues to arise whether it be with the software and/or its components, customer support, increase in fees in the future, compatibility issues with tenant's phone, etc., etc.  

Here's the setup.  Also, I went with a gas dryer believing that it's the more economical choice given that gas is cheaper than electricity.  

Hello all!  I'm a bit of a newbie as I begin exploring options on several owned rental properties and thought I'd reach out to the BP community for some insight/advice.

My father invested in real estate during his retirement and currently owns six rental properties (3-flats) throughout Chicago - one of them I am personally managing and he manages the rest.  While he likes to tend to the properties himself to keep active and busy, he is beginning the process of bestowing the properties to me and my brother as he would like to focus on his health.  With that said, I recently gotten married and currently shopping for a new home for my wife and I, so I'm a bit worried about stretching myself too thin with these multiple properties as I begin a family of my own in the next few years.  

I'm just throwing this out there in hopes that someone more well-versed in real estate would have another view on the situation but stating the obvious: it looks like hiring a property manager makes the most sense correct?  Should I consolidate assets into a different real estate investment to streamline incoming revenue?  I would like to be an active, engaged landlord like my father and tend to the properties often to up-keep but I'm just not seeing it.  As for my brother, he's a bit older, and settled with a family much further away in the south suburbs - I can't rely on him to help streamline this operation.  

Thanks in advance!