All Forum Posts by: Mimi H.

Sure thing @Lisa B. learn from my mistakes and @Roy N.'s experience! :) I became an accidental investor on this one, don't let it happen to you.

You bet! Would love to hear what you end up with...

I agree with @Brent Coombs this deal hits my gut the wrong way and I'm not even in it...

Utica and Corning, NY? I wonder what the maintenance costs are for those areas... Tends to be snowy... Thanks for sharing!

This really depends on where in Canada and if you plan to live in Canada.

I happen to own in Vancouver and would not recommend it. Non-residents are taxed 25% higher than residents and in Vancouver there is blanket rent increase limitation. Here's more info on the limitation: http://www2.gov.bc.ca/gov/content/housing-tenancy/...

Far from a benefit! Also, extremely strong tenants' rights. 

On the flip side, appreciated nicely. But you know, can't pay the bills on appreciation...

I'm with @Renee R. start the paper trail immediately to show your compliance. If it wasn't bothering you at all, you wouldn't have come here for advice.

oops, double post...

40%!? The only thing that comes close to that is the 39.6% on short term gains.

The last time I checked, long term cap gains were as follows for 2016:

• Income Thresholds: individuals in the 10% and 15% tax brackets will pay 0% on eligible dividends and most capital gains.
• Qualified Dividends: income received will be taxed at the same rate as long-term capital gains.
• Tax Rate: individuals in the 25%, 33%, and 35% federal income tax brackets will pay 15% on capital gains, while taxpayers in the 39.6% bracket will pay 20%.

You could potentially suggest seller financing which would spread his gain across a number of years: https://www.irs.gov/publications/p537/ar02.htm (but then you'd have to negotiate with him on the actual interest %).

Plus, lowering the price would REDUCE his capital gains so minimally, he seems to be conflating 2 totally unrelated items (or the poor guy is really confused!).

Generally, it sounds more like your guy needs to consult an Enrolled Agent or CPA. Or maybe he's just not really interested in playing ball.

It really depends greatly on the features that you're looking for. My rent collections are pretty cut and dry for one of my units so I used Venmo.com. They've been acquired by Paypal. It's extremely simple and fee free for transactions under $2999.00 per week. They have a great little phone app as well and you can connect it up with your bank account, etc. One of my former tenants, who was accustomed to writing checks, called it,"oddly unceremonious" as a monthly transaction. :) I also refund security deposits in the same way.

Some other tenants of mine do direct debit. Also, no cost to me but incurs a fee (at times) for the tenant depending on their bank.

Thanks @Ryan Arth! I have not heard of Dave VH until now, more to listen to... so... tell me someone has figured out cloning? :)