All Forum Posts by: Michael Pirrello

Hi @Nicholas Aiola! I have a specific question regarding a family property in NY. My grandma lives in Staten Island, NY. She is now 99 years old and bought her home in 1985 for 155k and we think it would sell for around 700-750k. She is trying to move down to FL to live with us and wants to sell the house but is against it to avoid the capital gains taxes. She might move down soon and we don't want the property to sit vacant either. Besides passing away and letting us inherit the property, are there any other options to sell, gift, place in a trust, etc. that might benefit the family and avoid the taxes? I also have heard that the step-up basis tax advantage might be going away in the near future. Thanks for any input you can provide!

Hey Larry welcome to the BP family! Aside from the things you mentioned.. Something to try for an extra income stream while still keeping your current W-2 job could be a public notary.  I haven't tried it myself but it can be a great way to know closing documents like the back of your hand while at the same time connecting with lenders and agents etc. The hours can also be very flexible and make your own schedule.  Sounds like it might be a good fit before quitting the W-2 all together.  

I have 2 separate tenants each with their own unique requests.  Looking for advice on how to handle the lease and respond to these situations. Primarily the first person's request.  The German Shepherd is not yet a service dog and may not become one at all so seems ok to deny based on that.   (I have not completed the background checks on either tenant yet) 

The first person said, "I would like to sign a 12-month lease or longer for my traveling nurses, business professionals and traveling guest. If this is something we can do I would love to move forward!"  

The second said, "I have a German Shepherd that is going to be a service dog for my daughter and she will start her training in May.  

Thanks Brandon for the response. That's great to hear that you like tenant cloud and it seems to be working seamlessly with partial payments. Does it also offer a cash flow or income expense summary when manually inputting rents like you do? 

I am currently looking at using Tenant Cloud for a duplex.  One tenant is section 8 and the other is not.  This will be my first section 8 tenant as well as my first time collecting rent through Tenant Cloud.  It seems that I will receive the majority of the rent through direct deposit from the section 8 housing authority.  Is it easy to manually add the rental income on the app and will it sync in order to show the overall financial reports for the property? Thanks for the help!

Thanks Steven, doesn't seem like it's a huge difference for me then.  

I am in the process of buying my first duplex as a buy-and-hold rental in the Tampa, Fl area. Came across this property and noticed that the tax district is unincorporated. From what I have read it seems that we miss out on some of the benefits that the City provides. Can someone elaborate on the pros and cons and what this means for me the potential landlord?

I am in the process of buying my first duplex as a buy-and-hold rental in the Tampa, Fl area.  Came across this property and noticed that the tax district is unincorporated.  From what I have read it seems that we miss out on some of the benefits that the City provides. Can someone elaborate on the pros and cons and what this means for me the potential landlord?