All Forum Posts by: Stephanie Mccolaugh

@Nathan Gesner thanks for the feedback! Do you know in the case of house hacking how that might impact what is considered a business expense in that case? 

I will be starting a renovation of two single family homes on one parcel in September/October. If anyone has recommendations for licensed and dependable contractors in the area (Mechanicsburg PA) that would be great! Lots of work to be done- so any area of expertise is appreciated. Scope includes:

-kitchens and bathrooms, potential bathroom addition

-regrading

-mold

-asbestos removal

-electrical

-plumbing

-basement pillar install 

-flooring 

-attic venting 

-A/C install 

-radon remediation

-basement oil tank removal 

-sun room removal (contains lead paint)

-garage/ driveway construction 

Thank you!

@Kyle McCorkel great job! Do you have any contractor references? I will be starting a rehab in October in Mechanicsburg and would love some recommendations

We are purchasing a property that is (1) parcel of land with (2) single family homes on it. We plan on living in one home for 1-2 years as our loan is based on a primary residence, and renting out the other home. For book keeping and tax purposes, should we have a separate bank account (2) for each house? Or just (1) for the parcel? 

We will be renovating both of the homes, and I don’t know if we should keep the costs of renovating each one separate for deductions, or if the home we will be living in qualifies for said deductions if we are residing there. 

Any guidance on if we should get (1) or (2) accounts for this single parcel would be helpful.

Thanks!

“2) declare it an unlawful taking and order PA to pay damages to landlords.” 
I don’t understand why the government will not make direct payments to landlords to protect small businesses and tenants alike. If they truly care about tenants they would protect their housing in the midst of a housing shortage instead of propping up a house of cards. 

We are closing on our first rental in PA in a few weeks and are concerned given the notice of yet another extension today.

Thank you all for your responses. 

The insurance company is USAA- and according to their representatives they consider any lease shorter than 6 months to be a short term lease. I still need to explore other companies for sure. 

Fair point regarding rental assistance vs evictions, I will look further into rental assistance programs.

Given the eviction moratorium, we were planning to do month to month leases. According to our home insurance policy, that qualifies as a short term rental. Does anyone have an understanding of how that impacts insurance prices?

Also, this purchase is two single family homes with unique addresses on one parcel of land. As such, we are being told we need two separate home owners insurance policies. Is this normal?

Purchasing two homes on one parcel. They are in fairly good shape, but the kitchens have limited cabinet and counter space, and both the kitchens and bathrooms are dated. Trying to assess the rental ROI on remodeling to gauge our budget.

At this point, thinking of replacing flooring, adding cabinetry, and replacing the counters. Any feedback or advice would be appreciated! Thank you 

@Brenden Mitchum thanks for the response. After some assessment we decided it’s a bit riskier than we’re comfortable with for our first investment property should it need major repairs. Plus...it’s in a flood zone. I’ll wait until we know what the market is like in Atlantis before going down that road! Too bad as it’s a gorgeous property. 

Thanks again! 

As an environmental consultant- I second @Joe Splitrocks comment. 

You are opening yourself up to liability with the burn piles on multiple levels and if you start charging for rent and exposing tenants to potentially toxic fumes and particulates that’s a problem. 

Rather than just moving the burn pile- rent the property and use a portion of that income for proper waste services...