All Forum Posts by: Account Closed

I just wanted to post a quick follow up:

I went to the city council meeting tonight and it turns out the letter was fake...the city logo was not correct and it was not signed properly according to the cousil. They made an announcement as soon as things got under way and about half the people there left.

Why would anyone waste their money on postage and send out 100's of fake violation notices? I'm still a little confused by it...

I guess there will be some changes made to our city Rental Housing Provisions but they won't begin addressing them until December.

Wierd, huh?

-Nate

Hopefully this is the appropriate place for this post...

I recently met an agent/investor who purchased a home in the historical part of the town I live in with plans to flip it.

He bought it for $145K a year ago and has put about 50K into it ($195K invested). He has now run out of money and will soon be behind on the mortgage.

He is looking for an investor with $25K to finish the project and is promising $25K in return ($50K total). The comps I'm looking at are telling me we can get about $300K which would be a win/win for both of us. It looks like a great opportunity but I am not sure how to proceed.

I'm a new investor and just want to make sure I handle our partnership legally and protect myself as much as possible if things go south.

I'm sure I should probably contact an attorney but thought I'd see if anyone has some words of wisdom before I start that process.

Thanks!

-Nate

Thanks for the quick response Richard,

I've actually been renting the place out for a couple years now and take full advantage off all my write-offs on my income tax.

I just recently got a letter from the city that was titled "Notice of Possible Violation"...

It's a notification that they are proposing a supplement to the city Rental Housing Provisions. One of the new provisions states that they may "require manditory inspections, and providing city with back permits, rental history, Certs of Occupancy, and payment of past due capitol expansion and utility fees, SALES AND USE TAXES."

Is scared me into thinking I was suppose to be paying quarterly sales tax.

Anyhow, there is a Public Hearing at the next City Council meeting that I plan on attending. I just wanted to make sure I wasn't in violtion. It will help me sleep a little better until the meeting :wink:

-Nate

Try building a website dedicated to each rental property. There are quite a few companies out there with web-based systems that make it easy for anyone to create a site.

I use them for my rentals and for the last house I sold. The "single property websites" only cost about $50 to create and publish (cheaper than a typical weekend classified). It includes the cost of the domain name and hosting for a year and is only $25 to renew after the first year.

There are a lot of great marketing features built in and they are really easy (and fun) to create. Once it's built you can use the property domain name (555RentalSt.com) in all your advertsing.

The company I use is called iPropertyWebsites.

-Nate

Hello all! New to the website and this is my first post...

I'm a new landlord so I apologize if this is a silly questions but...do I need to apply for a Sales/Use Tax license and pay sales tax on rental property income?

-Nate