All Forum Posts by: Stanley Crawford

But Steve correct me if I am wrong. If the rental or project is a long ways ( 100 miles plus) away like most of mine is not the whole round trip deductible? Is there not an "out of area" provision??

If I liked them I would have asked for an extra months security deposit or maybe 2 months and rented to them.

I have bought 2 properties there with no problems. VERY CHEAP. I would be very careful though. After a proper title search is done I dont see why if would ever matter to buyers what kind of deed you had.

This is from adjuster:

As discussed, your policy limit for the structure is $80,640.

The total State Farm estimate is $98,647.60 for demolition and re-build.

The actual cash value is $97,822.65 based on the ages of items you provided during our conversation.

Since the actual cash value is higher than your structure limit, we will absorb your $1,000 deductible and not take that out of your claim payment.

The updated Paul Davis(contactor to secure) invoice for board-up is $565.51, I will pay them directly.

For the structure, I will send you a check for $80,640 - $565.51 = $80,074.49.
The refrigerator is settled on actual cash value. The replacement cost per my pricing software lists the refrigerator at $506.99, based on the age, we would owe you actual cash value equaling $428.99. Let me know if you think the $506.99 is not accurate for a similar refrigerator.

I think they were small dogs. One was allowed. The boyfriend was not allowed by the lease or Section 8.

Steve please correct me if I am wrong but since I have owned the property for more than a year I only have to pay capital gains correct? And since my taxable income (married filing jointly) is less than 70K my capital gains rate will be zero. Or am I miss understanding something???

This was my first investment property. I bought it in January last year at auction for $3500 but it needed a lot of work and had severe termite damage. I camped out in the property off and on for 4 months getting it ready to rent. I have know idea how many hours I put into it but I had a total of $16,000 in it when I rented it out.
Remember this is my first investment so accepted the first tenant with the security deposit mostly because she had a section 8 voucher. Guaranteed money right!! Well the section 8 part of the rent $465 was there anyway. The tenant never paid her $65 on time ever. She paid just enough to keep me from evicting. I should have evicted her but at least the Gov check was always on time.
Well I got a call at 3 AM on Aug 1st from the tenants mother (plastic hat in video) saying the house was gone but everyone was ok. I still have not heard from the tenant. The fire was caused by a cigarette left on the sofa. The male had was not on lease or approved to be there by Section 8

http://www.youtube.com/watch?v=MIWbkHPeKak&feature=g-upl

What I did right:
Smoke detectors in all rooms. Good insurance. I am getting a check for $80,500 this week so I really cant complain at all but I hate seeing all that work destroyed. I am also very glad everyone got out ok.

Sometimes you can get a pretty good feel for it by just reading the local Craigslist. If there are a lot of ads in the Housing Wanted section that tells you a lot.

Keep us updated please. I would be clueless about what to do.

I would not offer. References are something the tenant needs to provide bot the landlord. The property is your reference.