All Forum Posts by: Nathan Letourneau

Hi Calvin. Congrats on the new job. I don't use a property manager so I can't help you with your question. What I would suggest is to use the search function on the forum as I have seen a number of posts over the years in regards to what investors want in a property manager. Sorry I couldn't be more helpful.

I buy my contractors gift cards each year as a thank you.  I've been told in the past I can only deduct $25 per person/couple if married no matter if it is a $25 or $250 gift card.  Will this still be correct under the new tax law? 

I think next year my tax bracket will be lower because of income and the new tax rates.  This year I'm maximizing business deductions and I was thinking of buying a sizeable gift card to one of the big home improvement box stores for my business for materials for investments next year.  Can I deduct this fully or is there some weird thing where this would be capped because it is a gift card too? 

Thanks

Nathan

Check out Wisconsin Legal Blank.  They have pretty much anything you can think of.

do a search of the forum.  Seems to me the consensus is that it is technically not legal and you need to have a real estate license.  That being said, it happens all the time.  I've bought properties from other investors who wholesale them to me.  One way to keep it legal is to actually purchase the property and then turn around and sell it to the next investor. 

I I use the lease from Wisconsin Legal Blank and it includes the late fees right on the lease itself.  

The tenant fills in the move in check-in sheet, but I might put some items in there that I know of ahead of time. For example if I know there's a stain in the carpet in the living room I'll write that down or other things like that.  I also suggest you take a bunch of pictures both before they move in in after they move out. This way you have proof of the condition both before and after.

Other than that your list of forms looks pretty good

I try to follow current code (even if my units aren't required) which states one smoke alarm inside each bedroom, one smoke alarm outside each bedroom (or in the common area of bedrooms like a hallway) and at least one smoke /CO per floor.  I use the hard wired interconnected ones when possible.  

I try to keep them as far from the kitchen as possible. I also try to put them on the wall so there is some space between the detector and ceiling in case some smoke does result from cooking. There are specific requirements for how far away they can be so look at the instructions.

I also agree with others to use the alarms with a silence button that tenants can push rather than remove them.

Purchase the lease from the Wisconsin Legal Blank website. Written by a Wisconsin lawyer who updates them each time the law changes.

Roofers price their work by the square.  Is that based on the exact house size, the house size plus 10% for waste or the amount of shingles used.

I haven't had to hire a roofer in a while, but when I have in the past it's always been priced based on the size of the house.  I recently hired one for a house project and got his price per square, but when the roof was finished, he billed me for the total number of shingles used not the size of the house.  In my case it was a 19 Square house and garage to do. I bought  materials 22.66 Square worth of shingles (22 regular and 0.66 ridge cap) and he billed me for 24.66 square ( I had to buy some more shingles before he finished so he wouldn't run out).  I did find some on you shingles in the dumpster but most had small imperfections or other things. So I don't think he was trying to be sneaky.

Is this common to price this way?

I didn't make a big fuss because in the scheme of things it wasn't that much more money. But I was going to use them on a 55 square roof and that would add up.

I am a fix and flip and buy and hold investor.  This year my fix and flip income was better than average and will bump my income into the next tax bracket.  I am thinking about purchasing a used skid steer and trailer this year for upcoming projects (possibly a truck as well).  Searching the forums, I found some information about yr end truck purchases, but not for large equipment.  I plan on writing off the full purchase price this year of the skid steer and trailer.  My question is what happens when I am ready to resell the skid steer?  I would guess there is some sort of recapture of the depreciation if I sell it...correct?  (Otherwise someone would just buy a bunch of stuff in December of one yr, write it off and then resell it the next year)  Does the amount of time I "hold on" to it make any difference?

Thanks

Nathan

not sure on the foreclosure stuff. Call Paul at Hughes Property Management for the secure/winterize/etc.

Pm me for the number as I'm not allowed to post here.