All Forum Posts by: Jeremy Fields

Thanks everyone. 

@Brandon Hall and @Lance Lvovsky , I will be taking your advice. 

We did file a schedule E in 2015, so not behind on taxes owed.

My partner and I formed an LLC in 2015 and purchased a rental home. This is our only investment property and the sole reason for the LLC.

In 2015 we did not issue a K1 and there was no return filed for the LLC. We filled out a schedule E. We realize this was not right and for 2016 taxes want to file correctly.

Should we file this year as the 1st or 2nd year? How do we handle depreciation? I am looking for an alternative to amending personal returns, etc.

Really appreciate any advice.

I have a tenant in one unit of my duplex who I inherited with the purchase and I need him out. Currently he's 4 months away from the lease expiration, but need to sign up a new tenant NOW because it's a college town and I'll miss the boat if I wait too long. I have up until about May to have a new tenant or I basically need to wait until the next semester or school year.

Ideally I'd find a new tenant, sign a new lease without showing the apartment (its a complete mess and I dont want to show it), and then give notification at 60 days. 

I fear that if I give notice to my current tenant he'll have extra time to be mad and become a major headache for me. If I dont tell him and he finds out another way, it could be just as bad. 

Has anyone had a similar situation? How have you handled it?

John, thanks for your advice. I've tried this in the past and it's always hard to gauge since there could be many reasons that dates are blocked off. How do hotel chains do their market research?

The market here in Charlottesville, VA has become rather saturated with short-term rentals and I'd like to provide something different. Guest cabins in the rural area. I see no problem filling up the weekends, but not sure about weekdays.

Can anyone suggest how I go about researching the potential for weekday bookings? I need to plug occupancy rates into my pro forma. 

Thanks for everyone's advice. All doors in this home are the same and I plan to renovate in a couple years, keeping the original look. I guess my real questions is whether or not it is fair to replace the broken doors with the same style and quality, even though the originals are very old?

I have a 5 bedroom home that is about 100 years old and has the original solid wood interior doors. These doors arent perfect, after all, they are old, however still very sturdy. That is until my tenants decided it would be a good idea to kick them in.

Should I replace the doors with new ones, just like the originals, or at least close? They will easily be $200-$300/ea. To repair them will likely cost close to the same amount. The alternative is to replace with cheaper hollow core doors, however I feel that cheats me out of a quality original door. I want to do what is right for both myself and the tenants. New doors are better than what I started with, so is that fair?

Your thoughts please.

It sounds like most of you have the plumber/handyman go to the property and fix the toilet. Does anyone have the tenant take care of this and therefore have the tenant pay the bill?

I own a rental with zero debt on it and want to pull out the equity to invest in more properties. A refi would work, however I'd prefer not to start monthly payments without knowing how soon I'll find the next deal. Banks won't do a HELOC on an investment property. So where does this leave me? Any creative options?

Thank you Joe. Great advice. I also need to work on my 10sec elevator speech to generate interest in what I do.