Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Steve Kresse

Steve Kresse has started 4 posts and replied 5 times.

I purchased a second rental property in 2017 and it was not in service for about 4 months while repairs were done. I understand that all expenses during the not in service period are added to the basis of the property. My question comes in while reading IRS Publication 527 Page 7 there is a section that says "The following are settlement fees and closing costs you can’t include in your basis in the property." The two items I expensed are Fire insurance premiums and Fees for an appraisal required by a lender. How do I deduct these expenses if they are not to be included in the cost basis? Do I list them as an operating expense on schedule E even though they occurred before the in service date? Or are they included elsewhere as a business expense or startup expense?

Post: SFR forfeited to United States government

Steve KressePosted
  • Twinsburg, OH
  • Posts 5
  • Votes 0

I came across a property that has the owner listed as United States of America. Upon investigation I found that the property was forfeited to the federal government due to money laundering fraud. I am interested in this property, does anyone know where the government list these properties for sale? Do they list them on MLS or auction, etc?

I have a SFR property in good neighborhood. I would like to include pest control as part of the Lease. I have a pest control company that would charge me $500/year and provide preventative pest control with unlimited interior and exterior callback for pests. I have factored this into the rent price. I'm just wondering if there is anything I should put in the Lease besides "Landlord provides Pest Control"? Anything I should beware of for including pest control? Whats a good clause to put in the Lease for Landlord providing Pest Control?

Post: REOs skipping the MLS

Steve KressePosted
  • Twinsburg, OH
  • Posts 5
  • Votes 0

Well I can tell you a few properties I have watched were not on Auction.com, Hubzu or the MLS and magically sold. There is one in particular that I wonder the details. It was REO and never listed anywhere I could find. One day there appeared a generic FOR SALE sign in the front yard. Along with the phone number the sign also said "Owner Agent". I always thought that was when the agent is selling a home that they own. This one was Bank Owned. 3 days after the sign appeared it sold without ever being listed anywhere except the yard sign. Any thoughts on that?

Post: REOs skipping the MLS

Steve KressePosted
  • Twinsburg, OH
  • Posts 5
  • Votes 0

I have seen a few REO properties that have been sold without ever being listed on the MLS. I'm just wondering how they are doing this. I have watched the properties go to sheriff sale and the bank take possession of it then within a couple months sold to an individual without ever hitting the MLS. Is the realtor just not listing the property and selling it to someone to make double commission? Or is the bank doing a behind the scenes deal? Has anyone else seen this happening?