All Forum Posts by: Mike Cox

Theresa,

  Thanks for the input I may talk to a different bank. 

Julie,

  The sellers have stated they are unwilling to create an easement.  

I may ask for temporary access from sellers and ask the bank to give me 30 to 90 days to build road or something similar.

All,

I am looking at a FSBO property it has 2 honeymoon cabins that are short term rentals and almost 4 acres. It is in the mountains in a great location. I would rent it mostly but also use it to hike and fish out of. The owners live on the tract next to it and access it through this tract. It has road frontage on the other side of property. Bank said they won't loan on it with no access.

I told the sellers the bank won't loan with no access and they said they wanted a "deposit" for the full cost of building a driveway.  They previously got two quotes one 10K the other 16K for driveway.  The owners have a recent appraisal at 375K and selling price is 300K.   It sounds risky to pay for a driveway and then what if the loan doesn't close for some other reason.  Is there a good solution to this?  Any ideas?  

Mike

I am going to try tenantcloud for the online payment and lease generating.  I use Stessa for accounting and like it very well.  I looked at ezlandlordforms and it is great for many forms,  but I don't want too many different programs.  

It does:

Income Statement

Net Cash Flow

A report for taxes (a combination of the first two basically)

A capital Expenditure report

Not a balance sheet exactly

Vasa,

  QB self employed is not what we need.  I started using STESSA and its free.  I like it a lot.  I linked my checking I use for the rentals, then I designated all the transactions to the appropriate property.  Made 3 reports I have for my taxes.  it is perfect you should try it.  

Thanks Steven!  I guess i will be more likely to work on rentals on weekends now.

My rentals and W-2 Job are close to each other and both are like 25 miles from home.  Say for example I go to work (W-2) and then go to rentals after work, how would I claim the mileage.  Can I claim the distance from home to rental?  I do try to plan work on the rentals after the W-2 job.

Mike

Original Poster asked about QB self employed which seems to be a scaled down (inexpensive ) online version.  I was wondering the same thing.  I used self employed version of turbo tax and thought about using this QB version.

All,

I own 4 out of 6 townhomes in a row.  One of the ones I don't own wants to sell it to me.  I just had mine appraised at 78K.  This one is likely worth around the same it is identical and connected.   They owe 68K.  It needs work so I don't want to pay what she owes.  Any idea how I could structure a deal to get it for like 60K?  These don't seem to appreciate much and I could rent for $800 or maybe $850.

Mike

Well I found a better rate around 5.1 but not sure about all the closing costs.  Maybe I need to tough it out...