All Forum Posts by: John D.

Thank you again for sharing your knowledge gentlemen!

Thank you again @Carl Fischer and @Michael Plaks

In this instance, I will be selling the property...not renting.  I am just looking for the best way to minimize any type of tax implication.  The home was purchased on June 9, 2017.

Purchase price of home-$38K

Repair Cost-$50K

ARV-$120K (conservatively)

In the future, I plan on purchasing properties strictly as rentals and plan on my next purchase shortly after finalizing the sale of this one.

I appreciate you taking the time to assist me with information on this.

Thank you again and please let me know if any more specific info is needed.

@Sam Grooms @Carl Fischer @Lance Lvovsky @Basit Siddiqi @Michael Plaks

Thank you all for your insight.

I want to be sure I am getting the right info from my CPA.  In your professional opinion, could you share with me what your course of action might be in this scenario:

Property was purchased in June 2017 and took 2 months to rehab. It was listed on the MLS from Sept 15 thru Dec 15 for sale but was also listed for rent from Sept 1 through year end and was suitable to be occupied. The property has not been sold and is still listed for rent.

Thanks again!

Great opportunity for investors looking for decent cashflow which is downright impossible to find near the city.

Fully renovated from top to bottom with new dishwasher, range and microwave in the new eat in kitchen, LR, DR, half bath/powder room on first floor, all new flooring throughout home.3 BRs and Full tiled bath on second floor with brand new carpeting. All new plumbing and electric, 200 amp electric, brand new 2.5 ton central air, new gas furnace 95% efficiency, brand new hot water heater. New paint inside and out. New windows. New ceiling fans. Full basement, full walk up attic. Newly landscaped. Nice brick patio with fire pit in fenced back yard. Off street parking for 2 cars.

Will rent for at least $1500 per month and tenants pay for their own utilities (trash and sewer is included in Phillipsburg town taxes)

The home is 15 minutes from Sands Casino in Bethlehem, PA, 20 minutes to the PPL Center in Allentown, PA, roughly 60 minutes to NYC and Philly.

Good Morning,

I thought I saw a thread here several months ago relating to what can and can't be deducted on rental properties vs. flips.  Unfortunately, I cant seem to find it now.

I have a home that I initially intended to rent out in 2017 but later decided to sell it.  I'm wondering if and how that affects the deductions I may take.  The property in in New Jersey. 

Thanks for the responses and have a great day!!

Just from the way you've described him @Adam Craig, you really have not mentioned any downside.  If you can afford him, I say its probably a great idea to keep him!!

Thank you @Bettina F.

My wheels are turning even more now.

Thanks @Jay Patadia

I have a rental available and was contacted by a New Jersey (NJ) organization called Bridgeway Community Partners in Mental Health aka Bridgeway Rehabilitation Services.

It sounds like they send out their own inspector to ensure habitability of the property and then they pay for security deposit and monthly rent until tenant gets on their feet.  If tenant is unemployed, they pay the full rent.  If tenant is employed, depending on what their income is, the organization pays a percentage and the tenant pays the remaining balance.

I never heard of the group before and just wanted to get some potential insight from the community.

Thanks!!

PS-Any idea how to turn on the "Notify me when a reply is posted" button?  For some reason, the site wont let me click it.

Good afternoon BP!

Looking for alternatives to Quickbooks to track expenses on rentals and flips.  Pros/Cons?

Thank you!