All Forum Posts by: Nicholas LaGatta

Thanks, Ashisha.  That makes sense.  

The property has been in service since 2017.  Since it's a vacation rental, I am able to improve it in between bookings.  I guess the same principle applies, that I will begin depreciating the first payment in 2017 and second payment in 2018.  I was just hoping to not have to wait almost an entire year to begin depreciation benefits on the second large payment.  

I gave my contractor a deposit in December and final payment in January for a large structural repair job on a property that is partially personal (I live in one room) and partially business (my LLC) as a vacation rental.

Now I need to send him a 1099 and send the IRS a 1096 (late on both of these, I recently found out), and figure out which tax year to apply the payments.  I can't get the 1099/1096 situation resolved until I know what year(s) to begin capitalizing.  The project began in December and wasn't finished until January.  Do I need two separate depreciation schedules starting in two separate years even though it is one project that didn't have any utility until completion in 2018?  Of course, I will plan to reduce the overall expenditure by my personal use of the property.  

Yes...I know I need an accountant, but I'm not going to be able to get one tonight or even this week, so please spare me that predictable response.

Fair warning, you are attracting lower quality tenants, unless you are in an A neighborhood, college area, or plan for vacation rentals (I have a couple units like this).  Your turnover and trouble tenants will be much higher. 

Accessory dwelling units (ADU), as they are called in Fulton, are fine, all other muni code aside, as long as they don't have a stove.

What's your strategy exactly?  I've researched and attempted this, but most landlords are not going to allow or like this idea at all.

Hi, Steve.  Welcome to the neighborhood.  I live/invest in Adair Park and I just picked up a project in Pittsburg.  To give you a benchmark, I just bought a 3/2 1100 sq ft bungalow on a good street in Pittsburg for $90,000 with rental comps @ $1200.  My monthly cost basis is less than $550, so I'm sure you can do way better.  

Have you tried looking on Craigslist or Zillow?  I am finding lots of opportunities over there owned by small time relatively unsophisticated investors, but they often prefer the personal touch and some shy away from realtors who want a cut of the action.

I've personally squeezed into and crawled through dozens of these properties.  I find the build quality, broadly speaking, ranges from highly durable (1930s and below) to cheap as hell (1940-2000s, IMHO).  Most are not worth tearing down, especially the coveted bungalow style.  You will make better money on new construction to sell right away, rather than holding it.  I think you'll get the best spread on a 1920s/1930s bunglow style needing plumbing, electrical, and cosmetic updates with no major structural issues.  You'll start off with a bunch of equity and premium rents.

I'd love to understand how you've automated your prospecting and what your goals are.  I'm happy to do drivebys, take pictures, and poke around some properties since I live in that area on the weekends.  Shoot me a message.

Same question, Jack

I don't have anything, but I appreciate the initiative. I hope you find what you're looking for. I would be interested in similar properties.

Welcome, Mike.  You should be able to be your own registered agent for the SOS.  It's certainly cheaper than paying an attorney.  I use Campbell and Brannon and they are fantastic.  Moreover, they have the best client snack and beverage selection in the business ; ]

I think Western Union or maybe Walmart Money Services should be able to do up to a certain amount with a debit card.