All Forum Posts by: Shane Welch

@Sam Smith

I bought with a VA Loan, and this did not come up when I was purchasing it last year, which is why I am quite surprised it is a big issue now.

Background:

In February 2020, I bought a 1930s single family home that was converted to a duplex.  This duplex was converted before zoning laws took effect in the area, and was grandfathered as a legally non conforming structure, listed as a duplex.  However, the zoning for the area is Single Family only.  From what I learned, this means it cannot be rebuilt as a duplex if the structure is destroyed such as in a fire, it would need to be rebuilt as a single family.  

This is in the Hampton Roads, Virginia Area,  specifically Norfolk.

Issue:

I am now trying to sell this property and have been in contract for the last month, 6 days until closing, and the buyer's underwriter is now red flagging this zoning issue and I fear the loan may no longer go through, and this may present an issue selling to anyone using a VA/FHA/Conventional Loan.

I have been in contact with the city zoning through email, but they are quite unhelpful in trying to find a workaround.  I have found a couple "Special Exemptions" where the city have granted permission to rebuild the nonconforming structure again, and the counsel votes were all for accepting the exemptions.  

Question:

Will this actually halt any banks from giving a buyer a loan for my property?  What are my options?

Good Afternoon,

I am looking for a local property manager to manage my 4 units (2 starting soon), I am military and moving out of area early next year, and would like to start looking for someone to manage my other duplex that I am not currently living in.   If you are interested please shoot me your number so we can discuss further.

I am just looking for input on your opinion on my questions.  I will review with my CPA as well, just would like some insight on this from more experienced investors.   Thank you and hope to hear your answers.

As many of you have probably done before, I have a ridiculous amount of Home Depot transactions and purchases for 2020.  I have items that cost me from $.25 to $1,000 and I have a few questions regarding how exactly to break everything down for tax time.

Firstly, should I be separating every box of nails/paint brush/wood and itemizing it?  Or should all the small things under $75 be lump summed.  If so, what tax category do these small things technically go in? 

Secondly, when reviewing the IRS asset depreciation schedule, it states 5 years for appliances, do things like, ceiling fans, sinks, light fixtures, count as an appliance?  Or do "fixtures" go under the 7-year category?  How about tools? (Drill, Sander, Hammer, ect)

Lastly,  what "renovations" can I list as repairs.   Example:  Replacing the horribly old/broken outlets in the house.  

Thank you for taking the time to read/answer these! I hope other newbies can learn from this post as well.   Please let me know if there are other considerations I should be having.

Short story for context.

Duplex, up/down. Upstairs tenant does has not paid rent since I purchased home in Feb. Started the eviction process in March, and due to covid the eviction date was pushed to July 8th (yay for me).

My downstairs tenant the other day asked if she could get out of the lease a month or two early, because the upstairs tenant is smoking weed so heavily (illegal in Virginia), that the smell is starting to come through downstairs tenants AC ducts, and she was two young kids. I am already in the eviction process waiting just a bit over a week now, my questions are:

Is there anything I can do right now?

If there is nothing I can do till Court, how can I better prepare for this?

Is there any way to have her escorted out of the property sooner than normal due to the illegal substance use and health affects on the tenants kids below?

Thank you, i have never dealt with a situation like this so anything helps.

Short story for context.

Duplex, up/down.  Upstairs tenant does has not paid rent since I purchased home in Feb.  Started the eviction process in March, and due to covid the eviction date was pushed to July 8th (yay for me).

My downstairs tenant the other day asked if she could get out of the lease a month or two early, because the upstairs tenant is smoking weed so heavily (illegal in Virginia), that the smell is starting to come through downstairs tenants AC ducts, and she was two young kids.  I am already in the eviction process waiting just a bit over a week now, my questions are:

Is there anything I can do right now?

If there is nothing I can do till Court, how can I better prepare for this?

Is there any way to have her escorted out of the property sooner than normal due to the illegal substance use and health affects on the tenants kids below?  

Thank you, i have never dealt with a situation like this so anything helps.

@Marc Winter

The tenant is inherited, and they never did a background check, and they won't do one for me once I took over. I have no idea if she is actually on disability. Last time we talked she said she "should be getting it soon".

She dosnt work for a company, she is driving for Postmates, its like Uber Eats. Im not sure if that is considered fraud still but something to be aware of so thank you.

@Taylor Hudgins

Hello, I have not yet.

@Filipe Pereira. Thank you, I have offered just her Deposit back and she did not want to take that. So how much money should I offer in this situation? Right now I'm out about 3k.