All Forum Posts by: Michael Redmon

Thanks for the reply and information

I don’t understand the term agency debt.

I get taking a loan out against the rentals but that loan interest isn’t tax deductible as an expense (I think). 

Hello,

Visited a lawyer today to update some wills. He advised we start a trust and also put my 3 rental properties into a LLC.

I see the pro's that he mentions but any con's that I just dont see other than this initial hassle of setting it up?

I am completely debt free with umbrella policy. Not sellling and the looooong term plan is to give them to the kids and they would then receive properties with a stepped up basis (assuming the laws dont change in the future).

Live in Ohio if that makes any difference.

Might add another rental when, if, the market pulls back.

This whole conversation caught me by surprise so I am trying to process it.

I have emailed my insurance agent, property manager, and researched IRS issues (I do my own taxes). 

Thanks!

Thats how I view it also. Thanks

Thanks guys! I really appreciate you taking the time

Hi,

I own three SFH rentals. I have the max liability on each. A friend mentioned his rentals are in a LLC. I wasn't sure I wanted to go thru the hassle of dealing with an LLC and my lawyer friend says it wont really protect me if I am the one still managing the rentals.

Just curious what everyones thoughts are. Since I have a 16yr old driver in my house I can only get a 1M policy from RLI anyways, my insurance is giving me 500K on each house already. Maybe just start letting a property manager manage them as a extra layer of protection? The houses are all paid off so cash flow isnt a problem if I lose 10$ to a PM.

I did reach out to a real estate lawyer for a sit down on this subject. Just curious what you smart people think

Thanks in advance

If the market ever cools I will look you up to help me find another place or two in Columbus 

I am curious what you guys see in Columbus as being so positive. I love Columbus and live here but have felt the market is out of whack but I usually think that, too negative I suppose.

floating floor is 5yrs? I need to read the irs book again

Please settle a debate between myself and my contractor. Honey oak baseboard trim Hickory colored LTV Flooring. What color should the Quarter round be? Match the baseboard or match the floor? Thank you in advance

I'm confused, if a depreciating asset wears out early. Carpet is depreciated over a five-year period, what happens if your tenant destroys it in year two? Do you take the rest of the value of the carpet and depreciate it in year two? Or just continue to Depreciate over five years an asset that's not even in your house anymore? I ask because I'm installing this LTV and it's a 27.5 year depreciation, what if it gets all scratched up after 15 years and I replace it? How does that work? Thank you in advance