All Forum Posts by: Account Closed

I had a house rehabbed [mostly small repairs paint, electrical, plumbing, carpets, vinylflooring, some windows]. The grand total was around 10,000.  However my handyman gave a single sheet of paper that which listed the tasks performed, but gives me no idea how to break this down for tax purposes, more specifically capital improvements/repair/labor. He often loses receipts and is very poor with paperwork. If I can provide a template for him to fill out, he will gladly do it. Where can I find such a template? 

I'm trying to determine how much Section 8 housing voucher will pay for a specific property. Every telephone number ive called left me at a dead end. I did find HUD's "FMR" but its not clear if this is what Section 8 uses. https://www.huduser.gov/portal/datasets/fmr/fmrs/F...

How do I get this information? thank you 

Thanks @Johnathan Alesso ! This helps. My local housing auth page didnt have much so i'll have to call. What about establishing the rent price? 

Hi guys, I have a vacant 3br house in Burlington NJ, and many applicants ask if I accept section 8. I'm looking for general advice in enrolling in the program.

Specific questions include:

1] Looking at the FMR, a 3-BR is listed at $1500. My house is currently listed for less than that. How do I know exactly how much section 8 would pay towards a specific property?

2] What advice would you have regarding screening? 

3] Are there any sec8 optimized lease terms I should consider? 

4] How exactly do I register and get the apartment registered? 

5] Who typically pays for the downpayment? 

Thank you

Thanks @Judy Parker  Where di you find this? Awesome! 

Thank you @Jana Cain

@Darren Sager, Thanks. "hold" = "sold". Meaning, is the disclosure required for tenants, or buyers. 

Hi guys, where do we get a standard Flood Zone disclosure for a lease? 

Also are we required to provide this to the tenant or is it applicable just when the house is hold? 

Hi guys,

I paid a Handyman $13,000 to completely paint, sheet rock repairs,  rugs, floors, windows, toilets, replace counter top and  fix a few leaks, on two houses. 

A real estate lawyer explained that as a sole proprietor + passive investor who does not spend more than 750 hours per year in real estate, and do not have to issue one.  My CPA advises to give one as "it cant hurt"/"more documentation the better". I'd rather not get into the conversation with the Handyman because I got a fantastic deal. 

My question is as follows, in Quickbooks, how do I enter these in Quickbooks? For example, some may be considered upgrades.  Do i need to "split" the bill into itemized items some of which are amortized? There isnt much, because all work was basically a repair of damaged/worn down equipment + flooring.

@James Fisher You are absolutely correct, as confirmed with my real estate lawyer. CPA's will error on the side of caution because "it cant hurt", but most of us investors are under no obligation to 1099.