All Forum Posts by: Sara N.

@Alex Johnson  If you're only going to be in the area for 2 yrs and plan to buy but sell it in 2 yrs, do consider if it's worth it to buy and sell so quickly as the property likely won't appreciate that quickly within 2 yrs, unless you are so handy and will put all your time & effort into renovating it yourself. With the DC area being such a competitive, stable market, you'll have lots of competition to buy the place in the first place. My suggestion is if you can, keep the property long term or at least for a few more years and rent it out. You'll never have a problem finding good tenants in the DC area as lots of professionals, especially if you price it right they'll stay long term and never move out. Just look on Zillow rentals, and other rental sites to see how much other properties in terms of size, # of bedrooms, etc. in the area are going for in rental. That should give you a sense of how much everyone around you are charging, even if you think your property is very different from yours. As for a good, reliable and reasonable contractor, I will try to message you my contractor's info (as it won't allow me to post it here). I think his price is more now, but his work is very professional.  Good luck!

FYI, related.  Montgomery Council approves 30-year plan for denser developmentThrive 2050 recommends allowing duplexes, triplexes and small apartment buildings in county neighborhoods zoned for single-family homeshttps://wapo.st/3f3ICLg

In case my updated posting didn't post...

We got new advice from our solar panel repres. tax guy who says YES we can claim it. We are using Form 3468. Good luck. Happy tax season!
Business: Form 3468https://www.irs.gov/forms-pubs/about-form-3468

Instruction: https://www.irs.gov/instructions/i3468

What is Form 3468: Investment Credithttps://turbotax.intuit.com/tax-tips/investments-and-taxes/what-is-form-3468-investment-credit/L886Wvvp5

@JeffShorter The only way around to get the solar tax credit for a rental property is to file the rental as an LLC. I have spoken to a few others who have done this for their rentals and that's the only way around. We recently did for our rental and won't go the LLC route; we're just going to file it under "Depreciating improvements." Good luck!

https://turbotax.intuit.com/tax-tips/rental-property/rental-property-deductions-you-can-take-at-tax-time/L72blTSwA

Claiming the solar credit for rental property you own
You can't claim the residential solar credit for installing solar power at rental properties you own. But you can claim it if you also live in the house for part of the year and use it as a rental when you're away....

https://turbotax.intuit.com/ta...
Depreciating improvements

Agreed with what others have already said. The market will continue to be tough for buyers as are there just aren't many inventories/houses selling on the market. And with COVID-19, I think that's further slowed down the construction--so even fewer new homes in the pipeline so current movers having fewer options to buy up, move and put their old homes on the market (for you to buy). Despite all this, if you really want to buy more properties, there is a will there will be a way (even if the deals aren't amazing as the last bubble.) Good luck.  https://money.com/home-price-forecasts/

We've given Starbucks gift cards ($25.00 each) during the holidays to our tenants who have stayed w/us several years. They appreciate it. I'm not sure if everyone needs a new TV--that sounds a little excessive. 

Hi. I agree with @AnneRussell that the HOA is just cracking down on it's owners. We use to host on Airbnb when it first came out (we were the probably the first of 20 ads in all of DC) & made some good extra $$ with our guest bedroom/private bath. Well, since then our HOA has become very strict and we're no longer able to rent out the furnished guest bedroom--even though we live in this property/townhouse that just happen to have an Association. To get around this, we now just resort to posting again on Craig's List and it still works like old magic--for finding short term intern, etc. who just need a few wks/months to crash. Lots of people responding to our ad. So why would I pay Roomie/or whom ever 7.5% to help me find a short term tenant when I can simply post for FREE on CL? Sorry, just being honest. Consider another business model.

Hi Ron--I have a DC lease I'm happy to share w/you & also a background check form. Message/email me. 

1) Do you have the tenants sign a lease ---YES! 

2) Do you still ask for pay stubs and proof of employment---YES. ALSO ASK FOR THEIR CURRENT BANK ACCOUNT STATEMENTS, & LICENSE/ID COPY. 

3)---YES TAKE THE 1 MONTH'S SECURITY DEPOSIT. 

4.) WITH SELECTION TENANT--HAVE AN OPEN HOUSE TIME (BUT BY APPT. STAGNATE SO YOU GET 10-15 MINUTES WITH EACH PERSON, GET THEIR BACKGROUND IN ADVANCE WHEN YOU MAKE THE APPT W/EACH--WHERE THEY WORK, WHEN THEY PLAN TO MOVE IN,). WHEN YOU MEET EACH IN PERSON, YOU CAN ASK THEM MORE QS. ALSO SEE IF THEY HAVE LOTS OF Q., OR IF THEY ARE TOO PICKY & MAKE A FUSS ABOUT YOUR HOUSE--THEY ARE LIKELY TO BE A TOO DEMANDING TENANT. 

Good luck!

@Ron Gallagher continue your strategy & buy near a metro/subway/easy buses, etc., in a good neighborhood, or one that is transitioning from shady to safe. Sure Uber & co. will never fade, but I don't see it being something your renters will use regularly, everyday to get to & from work.  All of our properties are walkable to the metros, in safe areas & all so easy to rent out to young professionals who don't give us any headaches. I still believe it's all about location, location, location! Good luck!

Hi MD RE experts! If you know about Frederick MD, maybe you can share some wisdom.  We are helping my husband's aging uncle relocate from NC to be closer to family (us). Since the cost of living in DC proper is so expensive we are looking at alternative locations in the area that is more affordable, safe and an area where he can walk/bike to restaurants, grocery stores, the library, etc. He cannot drive so ideally somewhere he can mostly walk or bike; and when needed he take a bus/short taxi ride/Uber.  Thoughts on buying a place in downtown Frederick?  He doesn't need a lot of space though we are open to getting a bigger place so family can visit/stay with him as needed. Ideally want to buy a place between $150K-250K, possibly more $$ if you can convince us as why he should buy a more expensive place. How is the RE trend there & specifically for downtown area? Will it continue up? What specific area in downtown is ideal? Is it easy to rent out( if he becomes to ill and doesn't need the house anymore)? Is there an area in downtown that not so expensive but up and coming but safe and yet central to get around to the grocery stores, etc. We're willing to put some work into the place if needed. Ideally a place with little or no yard.   We are thinking of downtown Frederick as it looks charming, friendly and so we can get there easily to check up on him/or he can even take the Marc train to visit us. We've only been there once in passing so don't really know about it at all. If not Frederick, where else should we consider? We've looked at Silver Spring by a metro and again, the RE is just way too expensive. Maybe college park, but it seems too college-y. Any insights, thoughts, tips would be greatly appreciated. : )