All Forum Posts by: Philip Johnson

Russell Burke if you're in the Central Valley Tulare area. He handled my case like a god, and his team has a lot of charm which helps in the mitigation process with the tenant negotiations.

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All, after doing some more research, do I just put the hard money interest fees into qualified mortgage interest on schedule E?

Is there an option to depreciate it instead? I prefer to do this, the lenders like it more.

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Hi everyone, I have a similar question! @Shawn Miller thanks for getting the conversation started.

I got a hard money loan in 2019.

I did not claim any interest or loan fees in 2019.

I am claiming them on my 2020 return.

I also am claiming my refinance loan fees on my 2020 return, as I refinanced out of the property in Dec 2020 (didn't close until January but my understanding is I can claim in either year).

I have a question on the hard money:
-Can I claim the interest AND loan fees?

-Can I put it in as an asset and depreciate it, instead of putting it in on my Schedule E primary worksheet?

-If I CAN depreciate it, do I put it in as an "intangible" item like a refinance, and then depreciate it over 1 year since it was a short-term bridge loan?

THANK YOU !!! ❤️❤️❤️

I upvoted everyone here 😘

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I'm selling 3 homes in CA.

Looking for flat fee escrow companies.

Around $500.

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Originally posted by @Mohyuddin Rehmattullah:

Been actively trying to use Mashvisor for past 6 weeks.

1. Their data is quite inaccurate.

Particularly their airbnb occupancy rates, rental estimates (short/long) are way off of ground reality. Verified this by going around locally and talking to people in the Orlando, Kissimmee area. Their airbnb occupancy rates are closer to the 75th percentile properties on airbnb and not the 50th percentile as should be the case.

Also, half of their 'HOA' fees numbers are wrong, which leads to very high income valuations on those properties.

2. All the properties with high income that it is able to find are junk properties. There is no way for you to balance income/risk. The only way is to go neighborhood by neighborhood: which is VERY time consuming and very gross. There is lot of variance within a single neighborhood. They dont have key filters like 'schools' and 'crime'.

Lost a good 6-8 weeks of my time and 360$ of good money on them !! (They charged me before the 14day trial period and refused to refund the money)

what did you end up using and liking? the neighborhood by neighborhood thing is quite time consuming

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it is 100% unconstitutional and i can't wait to see this go to the supreme court.

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Originally posted by @Steve Morris:

Thanks Steve, I will mail with a tracking number as well as have a process server personally serve.

Find out what CT requires for proper delivery was my implication.

What does CYA stand for?

Cover your a$$. I don't want to give tenant attys any ammo.

Haha thanks steve, checked with a process server. Houses are in CA. Looks like Tulare County requires a door posting and a US mail. The process server knew that, glad I called them.

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Originally posted by @Tanner Sherman:

@Philip Johnson not always the case. Sometimes it doesn’t make a difference whether it is vacant or not. But ultimately are you able to carry the holding costs of vacant houses in the chance it doesn’t sell right away? You could always keep the tenants and let the buyer decide whether they are going to keep the tenants or evict them. They could also request that you evict them prior to closing.

CYA means cover your a$$

Tanner thank for concern, properties are in CA. Properties don't sit on the market for more than a few weeks. We are converting the houses to room housing if they do not sell within 60 days.

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Originally posted by @Steve Morris:

Serve whoever is on the lease to CYA. Some tenant attorney may go after you for improper service. Anyone on the lease is joint/severable liable for ALL of the rent.

Make sure your means of delivery meets the mins also (eg in Portland it must be First Class Mail, posting on the door only doesn't count).

Thanks Steve, I will mail with a tracking number as well as have a process server personally serve.

What does CYA stand for?

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Originally posted by @Tanner Sherman:

@Philip Johnson well first, I would have the process server personally serve them. I’ve dealt this that battle before and the judge said that unless the processor physically gave it to them he can’t say without a doubt they got it.

Second, why are you evicting your tenants to sell the place? Are you against selling a place for new owners to inherit tenants?

Thanks tanner, I will try to personally serve them.

I'm evicting them because it was my impression houses sell better empty.

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All Forum Posts by: Philip Johnson

Philip Johnson has started 16 posts and replied 175 times.

Post: Eviction Attorney Ca

Post: Tax Question - Loan Origination Fees

Post: Tax Question - Loan Origination Fees

Post: Searching for flat fee escrow companies

Post: Accuracy of Mashvisor data/analysis?

Post: Biden Eviction Moratorium

Post: How do i serve a notice when half the people moved out?

Post: How do i serve a notice when half the people moved out?

Post: How do i serve a notice when half the people moved out?

Post: How do i serve a notice when half the people moved out?