All Forum Posts by: Sarah Jukes

thanks everyone. so the people I was referring too, didn't return the paper application, goes to show that my gut feeling was probably correct, they may have been hiding something.  Thankfully we had a different applicant who was happy to use Rent Spree and is moving in. 

thanks for this!! I am feeling more hopeful. we actually have 3 children so our exemptions are even more thankfully. it was on honest mistake, we didn't realize having my name on my mum's house, and then selling all needed to be on the tax return. we came here from england where it's a totally different system!

In 2017 my husband and I sold our home that we’d owned 4 yrs. AND my mum’s only home which has my name on it too, just because she felt it best to do so. (We bought a diff house and live together)At that time we didn’t realize I’d then have to pay long term capital gains tax. And only mentioned my house in our tax returns.Now the IRS sent me a letter...regarding my mum’s house. however my married joint filed taxes 2017 has net income of $20,000. 

The total gain on the sale of my mums house was $70,000. Is that then divided between me and my mum. So my gain would be $35,000. What would the tax rate then be on this? My joint net income of only $20,000. In 2018 it would be 0% would it still be that in 2017? I know it changed in ‘18.

My CPA is researching this..makes me want to do my own research..!

Many thanks!

Which background check software would you recommend that I go in and enter their info? they’ve been renting 7 years through a management  company so I will obviously check them out that way too etc.

Thanks! I know it seems odd they don’t want their SSN entered into a 3rd party system, because of hacking. Yet they said they will fill out paper applications today and we explained we’d need to then enter their SSN into a background check program online... they said that’s okay. Which obviously makes no sense. Today we find out more....! 

This is our first rental. I asked the applicants to apply via RentSpree. They are saying they are not happy using a 3rd party system for the application and background check. Because of hacking!?

They prefer paper application. However I still need to go online to do their background check. And still need their SSN so their concerns don’t make sense.

They ‘seem’ like great applicants, good jobs, rented 7 yrs landlord now selling, etc.

Is there a non 3rd party background check!!!?! 

Are they being ridiculous? What’s the best suggestion to alleviate their fears!

Thanks!!

Yes that’s right. It could cost us $200/mth, maybe breakeven at best. This house has been the best deal so far and is about $100,000 below market value as is, and fixing it up would add more. 

We could however pay down some of the loan,( in addition to the rent that would pay the loan monthly) over the first year to reduce our monthly payments. But not sure If that money is better used elsewhere (prob about $50,000) However am tempted now to flip and use the cash for a larger down payment on the next property...if we can find another deal..

Really been hard to find a property here in central coastal CA that rents for what our loan would be. We only have about $40,000 cash down. Hence the higher payments. and we have a non qual loan at 6.25% & the refi loan at 5.75%.

After a 4 month search we’ve finally found our first investment property.

Initial plan was to rent it out. Rental

Income would be $3000/mth, our loan payments $3200/mth. House is $505,000, we have $40,000 cash, $244,000 refi on current home (we are mortgage free) & the remainder an investment loan on the new property.

This house could be fixed up nicely for $50,000 (my husband is a contractor), then sold for about $700,000. So after costs, we could make $100,000 if we flip it.

Would you hang on to it or flip and use the profit to have a bigger down payment for another property? If we keep it we won’t be able to invest in another property until we pay down the loans somewhat.

Ultimate goal is to pay off loans on homes and have the rental income as our pension/passive income etc.

Yes! $30,000 for water, but apparently Soquel water are being taken to court over this and maybe, just maybe they will not be allowed to charge that anymore for a 'separate' water meter!!! 

Ok. We recently did the garage for my mum, that was before they made it a bit easier..

It’s tough to find a good investment here!