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All Forum Posts by: Michael King

Michael King has started 32 posts and replied 893 times.

Post: CPA and Lawyer in Houston

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Ed Gardner CPA in Houston saved me tens of thousands of dollars with the IRS over the last 6 years. Phone  (713) 942-1040

Post: Tenant left 2 months into year lease. Do I owe PM new lease fee?

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Entitled is one thing, getting is another.

Post: Investors doing poor rehabs for a quick sale

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

If a defect is found during an inspection, I too would rather a credit and do the work myself. I know that if the seller does the work, I usually end up taking possession of a house that needs me to undo their work and redo it.

I've been an electrician for 35 years and installed well over 100 ceiling fans. One house I bought brand new, the builder installed fans at my request. I have now replaced 3 of the 4 fans within 5 years; all burnt out. In all my career, I have never had to replace a burnt out ceiling fan. I should've just done them myself in the beginning. 

Post: Would you rather $200k now OR $800/mo cash flow + future sale?

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

I think @John Barrett made an important point; whether or not you want to own the existing asset.

I had a similar decision to make 6 months ago; take the big cash vs cashflow and keep the asset. I kept the asset but have wished at least a dozen times I took the money. I'm sure if I had taken the money I would have wished 6 times that I had kept the building.

Post: Sell my property and make 70k or rent and make 700 a month

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Theoretically speaking, and loosely at that, $700 equates to $8400 per year. $70K profit, if you get to keep all of it hello IRS, is the equivalent to a little over 8 years of renting it out. 8 years you have the $70K, and you still have the cash flowing property. And as mentioned above, maybe more rent and maybe more appreciation and equity. And now a possible cash out refi. It would be very tempting to take the cash and spend it all on shiny new stuff.

Post: foreign rental income

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

....so you get income from property outside the USA? You are probably paying taxes on that in the country you own it, right? Maybe I don't understand the question, but I wouldn't declare it unless you had to - the IRS probably isn't allowing any depreciation or costs against that property, so...

I used to work in Angola, Africa and was paying a flat 18% income tax out of my pay. I declared it all to the IRS and they treated it as since I already paid taxes on it, they wouldn't take anything. One year the IRS gave me a check for $1200 when I didn't earn a penny in the US. Weird how the tax gods work.

Post: Hostile Tenants - Need Advice!

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

@Account Closed do they know you are a lawyer? I would let them know and laugh in their face at their lawsuit and say game on. I think most people would probably prefer to not take a lawyer to court, knowing it is likely to get protracted and therefore expensive. 

I used to be a police officer and saw neighbor disputes like this. Baseball bats and balaclavas was sound advice in those days.

Post: Where to find long time handyman?

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

I get it now, thanks for clarifying. If I was local to GA then yes I'd be interested in working with you, but I'm in FL now.

Post: Net Proceeds 100k!! What Should I Do??

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

6.8% is high....but on 30k you might be better off keeping that debt to help finance your investment property, then use the income from your investment to pay down your debt. That's what I would lean towards if it was me, and if I had difficulty borrowing money for an investment. 

Presently, interest rates are around 3% if you live in the property, 4% for an investment...but that's what my bank has quoted me for my situation. Your's may be different. 

Post: Net Proceeds 100k!! What Should I Do??

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

How much is the interest on your debt? Pay it if it's high interest, if it's not you have a cheap loan for your next investment.