All Forum Posts by: Misty Porter

On the road traveling with my husband and we are listening to Biggerpockets Podcast 459. Are we the only ones that think guest, Ximena Vengoechea, sounds like Wendy from the show, Billions? Sounds just like her and given the subject matter, we can totally imagine Wendy saying it on the show. Great podcast by the way!!!

Hi. I plan to claim Real Estate Professional status for the 2020 tax year. I work a part-time job and am aware that I must work 750+ hours in my real estate business, as well as, more in it than my part-time job. My husband and I own 3 SFH rentals that I manage, plus keep up all yard work for, so I know all of those hours will count towards the IRS requirement.

Here is my question that I’m hoping someone can assist with...we are purchasing my in-law’s house and will live in it while we flip it. It is 2500 sq ft and will be completely gutted and restored. We estimate this to be 2-3 year project as we will be doing most of the work. Being this will be a long-term flip, can I still count all hours I work on it as hours towards my real estate status for tax purposes?

Thanks in advance for any clarification anyone can give.

We love Transunion Smartmove. Super easy and has three levels of verification to choose from. You can input whether you are paying the fee or if they are to collect the fee from the applicant.

My husband and I are renting a SFH to two guys as a joint tenancy. They have always been on-time with rent and keep the house immaculate. Their lease agreement does not expire until 12/31/2018. One of the tenants informed us yesterday that he is moving out-of-state, but wants to pay his half of the rent now for the rent that will be due from July through December when the lease expires.

Do I need to re-write a lease with just the one tenant on it making it valid through 12/31/18 at only 1/2 the monthly rent given the guy moving is paying us the other half. Or, do I leave the current lease agreement in-tact, making the guy that is moving aware that he is still responsible under the lease agreement. For instance, if the guy that is staying does not come up with the other 1/2 of his monthly rent, then we can still come after them both in order to be paid rent that is owed. Also, even though he will be living out-of-state, he would be responsible for all obligations under the current lease agreement and still entitled to any rights afforded under the current lease agreement. For instance, if he moves back after a few months, and while the current lease agreement is still in effect, he has a right to live there.

What would any of you Landlords recommend? We are beyond tickled that he is willing to pay his 1/2 of the rent that will be due until the end of the lease. We just don't know if we need to draw up a new lease or not.

Thanks in advance for any advice you guys can give. Blessings!