All Forum Posts by: Patricia Via

Thanks Theresa.  Think that's the way to go.

Thanks Adam. I only was thinking of the tenant having to pay a monthly fee for hvac filters and renters ins when these are easily attainable. I don't expect millions for pennies, in fact, I resisted going up on my tenants rent during the pandemic since they have to pay all utilities. I didn't go up for 3 yrs and that's my problem. Now I found I am at about 300 a month low on each apt.
But it is time I let go, so I will likely do so.  I am always blown away with sticker shock whenever faced with today's prices so it is partly because of my age.

Appreciate your responses and I may not be realistic. The PM fee for me is reasonable. I can ask my insurers to add him. The monthly fee for renters ins I thought should be optional as renters insurance is so cheap and I already provide hvac filters.  The admin fee is higher than what I have seen in my locality but if it is reasonable, OK.  I have already found and vetted tenants so the only cost to him is the lease; I've made arrangements for current repairs.  I understand it is a lot of work.  Just trying to understand if doing it myself is worth it.

I know lease prep is a pain, been working on them and there are lots of new regulations and it would be easy to screw it up.  If I want to be free of it, I'll likely turn it over, at least for a year.

I am 74 female, been managing a duplex for yrs without too much difficulty but tired of it - have vacancy coming and several repairs required.  Had someone in mind who I thought would be great but he wants to add fees that I feel are unfair including $200 admin fee (on top of credit report fees) and mandatory 41.45 monthly for enrollment in their program which includes rental insurance and hvac filters, identity ins, and a few other little things.

I've managed to keep costs pretty low for my tenants but realize I've been cheating myself. one is buying.  they were stable for 4 yrs.  so would like to hand it over but cannot abide by these things.  Also, I'm supposed to add mgr to my insurances which I don't think they will.  Plus if he uses his maintenance staff for repairs, he adds charges "to market."

Spent lots of time getting a Virginia lease ready and want to back off the mgr but wondering if I should just go with it. Like to hear from DIY landlords and if its better to turn everything over to protect myself or if I'm overthinking it.

Wondering what to do in a case of possible cosigner.  Have vacancy coming up Jan 1st. Had very interested person who is an adult female almost 40 with no employment history to speak of (acting in plays, etc) but nothing for several yrs living with retired Dad.  Wants apt and Dad wants to cosign.  they live out of town about 45 miles away.  He has great credit and retired with income of 90K but with mortgage. when I add the rent and fees + his mortgage, he is over th RTI.  Both the daughter and Dad have excellent credit history but feel this is a red flag.  Is this enough to send a rejection?  Ran credit but no real info on her since she's been living with Dad for 6-7 yrs and his is fine but retired.  Can I reject on income and lack of rental references? No problem getting other applicants as very desirable but terrible time of year.

Hi Dave!  Yes RIP LandAmerica!  We had no issues with them thankfully.  I did look into the form 8824 (I am my own accountant via TurboTax unfortunately). I did report the form in 2006 and put down my like kind value received as $195K (110 lot and 85 lot) and $64323 as basis of relinquished property, giving us a gain of $130677. Nothing mentioned anywhere on depreciation so my fear of selling is that I am going to be hit with a penalty. Also, due to the complication of figuring it all out, have merely paid the taxes on the land.  But I have a huge capital loss this year with stock sale which would make selling less of a hit. If I can figure it out and decide if its worth it.  Always fearful of doing wrong taxes.  Thanks for your response.

Hi Logan!  Yes, a comp would be nice!  the address is 5354 Tavern Lane, Goochland, Va. 23063, 4.7 acres.  Let me know what you thing.  Appreciate it.
Trish Via

Thanks Bill.  I am getting very close to understanding it. The 43.5% is 195/85 right?
So, if I sell the lot for 100K, and pay 4000 in fees, net of 96K. Based on the
presumed percentages - I'd be liable for cap gains on $49K plus 43.5% of the total depreciation on the 30673 or 13342.75 @ 25% which is 3335.69, or a total of 7350 (@15%) plus $3335.69 or grand total of $10686 taxes.
I need to keep reading this over to better understand it.  Thanks again,

new to this site, hoping to simplify whether I should sell a lot purchased when sold a SF rental back in 2006. the gross sales price of the house was 165K, but the net was closer to 151K.  We did a 1031, purchasing two lots, one at 85 and one at 110, or 195K total.  Want to sell the cheaper lot but not sure how to figure the taxes.  The basis of the rental house was approx 64K (bought in 1989). I did total all the depreciation taken on the rental house at 30673.  Maybe someone can tell us if we were supposed to pay the depreciation at the time of the purchase of the land since land cannot be depreciated.  We did not know if this is the case and did not pay any taxes since it was a 1031.  we used LandAmerica as intermediary and nothing was mentioned.  Now they are defunct due to fraud.  If we want to sell the cheaper lot, how to divide the gains between the two lots? Do we divide the depreciation also? we don't plan to sell the 2nd lot, at least not as soon   there were costs involved in buying the lot as well - where would they go?

Hoping someone knowledgeable can help.  Also, the $85K lot was way overpriced in 2006 and is only assessed for $65K; however, the offer has yet to be made, only calls from realtors. It may not be worth the trouble and cost of selling!

Thank you