All Forum Posts by: Phil Chow

Hi

I transferred my rental to a multi partner LLC last year and trying to figure out how do I input that information on my personal taxes using H and R Block. I understand that I have to file the LLC taxes (1065) before filing my own. Thanks

I just had one done (2 Family 2300 sqft) for $525 and Pest for $135, Radon was $175

Hey Jon

I am a local investors as well and am also looking to connect with other local investors to share ideas and strategies to building a larger portfolio.  Are you looking to invest on the East or West side?

That's a good price Pat. 5 Layers?  That's not even code.  LoL.  I paid more for my roof and it was also a complete tear off (2 layers).  However, I did opt for the GAF Synthetic roofing felt and lifetime shingles.  

It depends on the age of the house, it's not the best practice to put asphalt over slate but I've seen it done before because removing slate is very costly, slate is heavy. If that's the case, you are looking at 15K+ to do the roof with 30yr shingles. If it's asphalt over asphalt then it would be much cheaper (6k-8k).  Nowaday most homeowner will opt for 3 Tab or Dimensional (Architectural) shingle. I would advise installing the best shingles your budget can allow for if you are planning to keep the place for a long time.  Also with the Cleveland weather, your 30 year shingle will not last 30 years.  

Nothing in Cleveland, just Lakewood

As for the roof, it would depend on if it's a complete Tear-off (MUST be a complete tear off if there are currently 2 layers on it) and also are you installing 15yr, 30yr, or lifetime shingles?  If there are 2 layers on it currently, it the bottom layer asphalt or slate? Also if its complete tear off, does any of the sheathing need to be repair or replace?  I would estimate on the high side so you won't get a sticker shock later on.  As for the panel, if its a Federal Pacific, you should definitely change it out which is usually 1k-1.5k per panel.

Jason Bott:  We have properties (multi family) in Lakewood

Hi
I'm trying to get an idea of who is everyone using for their rental property insurance, recommendation or good/bad experiences greatly appreciated.  My current insurance agent doesn't respond to my VM's, no time for those games.

I think you pretty much nailed it right on James.