All Forum Posts by: Phineas Howie

I have seen in the forums that different people approach Medical collections in a credit report differently.  Some automatically do not approve applicants with multiple collections regardless of what they are for, while other look more specifically at the nature of the collections. 

I am posting this so that there be a topic specifically about medical collections. My specific question for experienced landlords is: Do you ignore or put less weight in medical collections as opposed to other types of collections?

It's a good idea to have a minimum income requirement for your rental, and that all income be verified. But when screening applicants who work as servers in restaurants it can be difficult to verify their full income. That said everyone knows that it's no lie that servers make a large portion if not most of their money in tips. I would like to hear from experienced landlords: How have you dealt with applicants who who's true income consists largely of tips?

Does anybody have any experience Investing  "impermanent structures"? My close friend lives in a Luxury Yurt in the Catskills in upstate New York. He has all the comforts of regular home, except for a septic system. Instead, has a composting toilet ( I know it sounds weird but it really doesn't leave any smell in the bathroom at all, probably less than a normal toilet). Other than that he has his own running water and electric. The benefit is that he doesn't pay town or school tax only property taxes on the land itself. Yurts like these are beautiful and cheap to throw up. I was thinking that if you attracted the right niche of people they could be great rentals. 

There are several requirements for it to be considered impermanent, the main one being that it does not have a foundation. 

The biggest issue I think would be making sure that it was all legally above ground some of the regulations may be vague as most communities have little experience with this sort of thing. 

Heres the situation:

1. My income from my job is low. 

2. I have a cash flowing rental property.

3. My goal is to become more "bankable" (a better candidate to be approved for traditional lending) 

Question: Should I claim Depreciation on the rental, or will that make it look like I have less income and therefore less bankable? Do the two the two things affect each other or am I confused?

Natalie Kolodij

Thanks for the clarification! I have a follow-up question. If I have a relatively low income from my job and want to use the additional income from a rental property to show lenders that I am more "lendable" (I'm not spending the cash flow just saving it) should I still claim depreciation as a tax break? or would it be more strategic in this case to keep the appearance of having more income. Or I am confused and the claiming depreciation won't affect how lendable you are

@

Dave Foster

Thanks so much, that makes it much more clear. So the starting value we are talking about here, is the tax assessment value? Or can it be the appraisal for the full market value? 

@Dave Foster

Wow, So you're saying that after 27. 5 years one would not be paying taxes on a home; only on the land? Do most home owners even take advantage of this for their primary residence?

Somewhat confused here, how can a property appreciate,  yet one can claim depreciation for tax purposes. I heard Depreciation is a bigger factor for higher end property just how big is factor would it be for say a 350-400 thousand dollar home? 

Somewhat confused here, how can a property appreciate,  yet one can claim depreciation for tax purposes. I heard Depreciation is a bigger factor for higher end property just how big is factor would it be for say a 350-400 thousand dollar home? 

So everything on sites like zillow, redfin and sites like come from mls? or simly the larege majority of them?