All Forum Posts by: Jeremy S.

I had a very similar issue in my building. We tried area rugs in the hallway and living room but my downstairs tenant ended up moving out. If it is an old building like mine, the noise really does transfer much louder than you would think. I agree just try to stay out of it and hopefully we will get better weather soon and the kid can go outside to play. Good luck

Congrats to you for saving money and having the courage to make your first deal but this is a perfect example of buying a property just for the sake of buying a property! You are probably better off anyway as this has huge red flags all over it! Some shady business going on here

Seriously this time, you could either put it under contract for yourself and assign the contract or pass them off to an agent you trust and you could co/list it when you become licensed considering the settlement likely won't take place until then. You could then be paid legally by the broker... at least in my state anyway

As long as you are doing it, as you say, "casually" than I wouldn't think there's a problem. I mean that's sort of like says "no offense" then going on to say something highly offensive but it's ok because you said no offense first.

As with anything tax related, there are definitions that are a mile long so ask an account before filing but a repair would be replacing a heating element in an electric range or water heater or patching drywall. An improvement would be replacing the entire range of water heater. As I said before u can still deduct the improvements but I believe it's over a 5 year period. Say a $500 range would allow u to deduct $100/yr for 5 years whereas a $125 repair to your existing appliance would be fully deductible year one.

I'm having the same issue with both of the sources I use

Yes every cent of that $24k is tax deductible. The only difference is that some will be fully deducted in that tax year and some will be depreciated over the life of items. It depends if they are repairs or improvements. Make sure you have a list of everything you did when you take the stuff to you accountant

What does he say is his reason for selling? It's just seems odd that he would want to sell but maintain control. Does he own the property outright with no loans? Are you making a down payment?

I also forgot to add that if you do not get reimbursed for the electric, make sure to speak with your accountant about deducting those expenses as I'm sure you did not already considering you didn't know you were paying them.

Don't listen to the negativity from those who have never made any mistakes. I failed to notice fraudulent charges on my CC for 6 months and didn't get reimbursed for that. Anyway, I would speak with your tenants about the situation. Act like paying you back is non negotiable BUT you are willing to work with them on a payment plan. Maybe $50-100/mo or something. You may get lucky but it's probably not worth pursuing in court. I have 2 move-ins this month so thank you for the reminder to confirm utilities transfer. Good luck