All Forum Posts by: Mary Joe

Hi Guys, 

I have a NO PET lease with my tenant,  neighbors just informed me that tenant is actually living with a dog. 

What are my options?  

Does anyone have a template of a 1st warning letter to tenant about NO PET lease violation?

Thanks

Hi All,  has anyone here owned rental properties in a C Corp, and WHY ?

I know the recommended ownership structure is LLC, but am curious if anyone is owning rental properties in C corp and the reasons for doing that.

Thanks

MJ

Thanks.  I bet a lot of out of town investors don't even realize that it is required especially if they use Turbotax or similar programs to file their taxes. 

@Aric W.  I see from your profile that you have a rental condo in DC,    do you have to file a separate tax return to DC for your rental property?   Are you paying a lot more in ppty tax for your DC property because it is not your primary residence?

Hi All

I live in NY, am thinking of purchasing a rental property in DC.  

2 questions:

1) Do I need to file a separate tax return to DC ?   I will of course include this rental property in my 1040 and my NY return, but not sure if there is a separate return that I also need to file to DC for the rental property. 

2) How can I find out how much more in property tax I will be paying if the property is not owner occupied and I am from out of state?  I read it somewhere that if the property in DC  is my primary residence, I can benefit from approx $70K in reduction from the property's assessed value.    Is that the only difference as far as ppty tax is concerned for owner occupied vs out of state investor ownership?

Any advice would be appreciated.

MJ

I checked Marketplace section on this site and see that there are plenty of houses selling for $70K or less in  B or C class neighborhoods yielding 10% return or more with a management company in place etc etc,  are these the type of properties you are talking about?

What are the downsides of investing in these properties in B or C class neighborhoods?  

I suppose:

-they do not appreciate as fast? 
-it may be difficult to liqidate them if I no longer want to own them?
-prices may drop quite substantially in a down market compared to properties in class A neighborhoods? 

Also, I know I shouldn't let my emotions affect my investment decision, these are all very old houses and I can't help but think that every time I turn around I will have to deal with repairs of the roof, flooring, stairs, driveway, furnance, so on and so forth non stop.  Granted, it will be taken care of by the management company so I suppose this should be an non issue if I have a good management company.

Numbers wise, these properties make perfect sense.  

I would like to hear from all the experts here reasons why I should not consider these properties or if you have any horror stories to share, please do.

Thanks! 

Thanks no offence taken.   I already have investments in the stock market, need to diversify.  Besides, I am never a big fan of the stock market, blue chip stocks aren't necessarily low risk, when they tank, all that I have left is a piece of paper.  I always feel that real estate (if you pick a good market) is a safer investment than the stock market. 

@Bruce Runn  can you offer me some suggestions?  Am looking for returns in the long run mostly as a passive investment,  risk averse. 

I wouldn't mind if the condo cashflows after putting 25% down, but it seems that they are very hard to find in good neighborhoods in big cities, so my most basic criteria is that it must at least breakeven. 

Hi All,  

Am looking to purchase a condo and rent it out as long term investment. Looking for grade A neighborhoods in cities across US.  Goal is to buy and hold long term in good neighborhoods that attract good quality tenants .

Can someone recommend cities across US where it is possible to cashflow or breakeven  on condo investments in grade A neighborhoods? 

Budget can be up to $1M but  according to my research, it appears that the more expensive the condos, the more difficult it is to breakeven as a rental property in good quality neighborhoods.   

Agents, brokers, wholesalers, all welcome. 

Thanks