All Forum Posts by: Mike Hanneman

I know I can call and ask, however I also know that if the wrong thing is said they won't cover your proposed claim.

Just had a couple recent wind storms come through within the last couple months, and was notified by the tenants that shingles have been coming off the roof. The roof is on my duplex, that I was planning on replacing in another year or so. However, is there a way I can have my insurance company pay for this or some of this? What would be the correct way to ask. I have never had a claim on any property of mine. 

@Karen Musgrave, @Jay Hinrichs not to hijack thread but I'm looking at kind of the same thing. I just closed on a property that has 2 homes on it that would be worth way more if they were separated. Can you give me any advise on the subject?

I have spoke with the city and the county to make sure that I could, and they said I could.

With the list price of around $280K, that would mean for it to be a good deal you would need to get rents of around $2800 a month or $1400 per side. Is that doable in your area? If you can get this for $180k that would be awesome, however I don't think that would be possible, but you can try. Have your agent talk to the listing agent and see what the sellers motivation is and what is their sinerio (sp) is. 

Don't waste your money on rentometer or anything like that, just call a couple property management companies and ask about what rents are in the area or research on craigslist, zillow, etc...

Looks good! What are your numbers with the property/reno?

OK thanks for the replies.

Just wondering how some of you guys would appraoch this. I have single tax parcel, that has 2 homes on it. This is on the city of Post Falls, Idaho. They are both 3bd 2 ba. After having my agent do a CMA, the homes are worth much, much more by themselves, so I want to seperate, or subdivide (i'm not sure on the terminology) the lot into 2 seperate lots with each home being on one. Then possibly holding both or sell one or possibly sell both. How would you guys approach this. I have contacted the city and they said that my plan can be done and meets all their guidelines, rules, etc. I'm going to have it surveyed to get this process started. Has anyone done something like this before? Or can you gives me ideas on how to procede?

@Kyle Kadish can you point me in the direction of more info a deferred sales trust please. I’ve been wondering about these. 

I know I'm probably getting a late start on looking for a real estate savvy CPA, but I need any reccomendations that you guys have. I have a general CPA but he moved to New York, I would prefer to have a local one so I can go in and talk face to face. I live in North Idaho, CDA, Spokane area.

I was wondering if there are any tax deferments for selling of a 2nd home and using proceeds to lend to someone for an investment property. 

Do the standard tax deductions apply when selling a 2nd home? Can you roll the proceeds into another property? Home has already been sold FYI.