All Forum Posts by: Micah Perzichilli

Thanks for the guidance on this from everyone in the community. I just started working with a new CPA in Minneapolis who works with other rental property owners. This will give me a good basis of understanding to have an informed conversation with him. Appreciate all of the input!

Thanks @Blair F.! I will start with these. Appreciate it.

Hello everyone!

I recently purchased a duplex and am wondering what I am able to write-off or show as a loss for the renovations and repairs that I have put into the property. I've put a couple thousand into the unit that is rented out of which I'm assuming can all be written off. I've put about 10k into the unit that I am living in, which I am wondering if there is anyway to use that as a tax benefit as the long term use of the property will be as a rental. Lastly I have ~4k going into roof repairs, which my understanding is that exterior and common areas can be written off at 50%, but I am not sure exactly how that works. Any advice, guidance or links to articles related to this is very much appreciated.

Thanks a lot for all of the quick replies this evening. Since posting a couple more inquiries  have come in on the duplex. 4 of the showing requests have been setup and 3 more are pending based on finding a time that works. Those questions are helpful @Steve Vaughan, thank you. It sounds pretty standard the amount of inquiries I received so I think price point is fine and I will see how it plays out. Thanks to everyone who contributed to this thread.

Hello Everyone,

I close on a duplex this week and have already pre-listed the top unit for rent. It's only the first morning of it being listed and I have received 5 showing requests already. The unit is listed at $1200 which is comparable to other properties I see on Craigslist (they may no longer be active). I'm wondering if this might be a sign that I have listed the property too low. If this is the case what have people done? Re-listed at a higher price? I will be living in the other unit of this duplex.

I have a second property available for rent, have it listed at $1,400 and have received 2 showing requests today, which seems more reasonable. I'm in Minneapolis MN in very trendy and sought after areas.

Any feedback is appreciated!

Micah