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: Tab Teehee

Tab Teehee has started 26 posts and replied 168 times.

Post: Ask me (a CPA) anything about taxes relating to real estate

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216

@Nicholas Aiola

Wow, Nicholas, you're an animal!!! In the thick of the tax deadline and you're still making time to assist the struggling RE investors of the world! Ditto what another poster said about tipping you, you certainly deserve it!

I've tried to glean through the past several years of posts in this discussion and could find a situation quite like mine.

March 2018 my wife and I formed an LLC with both of us being members. June 2018 we/LLC closed on a construction loan on a multi family property that needed extensive rehab.

Throughout the year I paid contractors all via 1099's, replaced all the hvac, appliances, flooring, fixtures. Spent thousands on land/pond clearing around the property as well as landscaping.

We received zero rental income from this venture in 2018, our loan is interest only and I have W2 income.

Really wasn't to concerned about getting a CPA for 2018 due to no-income and the project isn't 100% complete yet. That being said, now that i've put this off to the final hour I'm trying to figure out what to do with this monumental loss for 2018.

My wife has no W2 income and we've always filed jointly, but wasn't sure how this LLC would play in to that?

Thanks so much for giving us your time!

Post: What to do with kitchen cabinets in this condition

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216

@Ben M.

Hi Ben!

I'm just about to finish the rehab of a 20 unit property built in 1972 with some of the worst cabinets I'd ever seen...that being said I ended up only replacing 3 sets and refinishing the rest. Your cabinets look like basic mdf or particle board with laminate glued on to that. If that is the case, any good cabinet, trim guy should be able to make those. Finding matching laminate will probably be the bigger issue and therefore you'd probably need to paint to match. If you can budget for new cabinets, you might want to consider what I used...RTA cabinets, aka "ready to assemble". The cabinets I used were an espresso color with maple doors and 1/2" real plywood boxes, dovetail drawer boxes, soft close hinges and drawer guides all at a price of about $1000 per kitchen. Assembly is easy and they are far superior than the cabinets in stock at the big box stores, for less money.

Post: marketing apartments via facebook

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216

Is anyone creating a facebook page to market their properties? If so, do feel it's been beneficial? Did you set it up on your own or did a property management company do it? I'm going to be utilizing professional property management for my very first property, but I haven't noticed them using facebook for their portfolio.

Post: free internet for apartment residents?

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216

Hello all! So here I am nearing the completion of a 20 unit extensive rehab and now faced with yet another hurdle...internet/TV/phone for the residents!

The apartments were built in 1972 and are located in a semi rural area that never had a service from a large cable company. What I found was a hodgepodge mess of aged coax cable, phone lines and tv antenna wires, all of which were assumed to be questionable and therefore abandoned. I started exploring the available options to bring the apartments into the digital age and found very limited options available. Of course satellite TV is available but really don't want dishes everywhere...ATT has old copper wires there for phone service that barely provide enough speed to do anything. After looking at all the options it looks like the best option is a small independent broadband cable company that will only become an option after they bring their lines to my property. Sounds simple, but in order for that to happen they want a 5 year commitment from me to install internet in all 20 apartments. They will provide modems for each apartment and provide all the coax cable...i'm responsible for contracting the installation of the cable into the buildings at a cost of about $65 per apartment. This 5 year commitment is providing high speed internet at $25-$30 a month per unit. This is much lower than a resident can obtain on their own. So, i'm faced with $500-$600 a month for 5 years and will either be providing "free" internet or adding it on top of the rent. Has anyone ever been faced with a situation like this?

Post: Trying to finish rehab of 20 unit in oklahoma need advice

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216
@Trevor Gaal Trevor, Thanks for your words of advice and encouragement! Had a tour with my property manager today and she helped get my spirits up a bit. We're through with rough in inspections on everything and have a few finals completed. Yes, you are correct, my contract should have had included penalties if work was completed by a specified date, but one would think that since they weren't getting paid hourly that it would be in their best interest to get done and move on as quick as possible. Unfortunately I'm probably faced with hiring a new team to finish what the first guys left behind.

Post: Trying to finish rehab of 20 unit in oklahoma need advice

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216
@Kathie Riedel Yes Kathie a good GC would have been ideal, but I just couldn't find one with the ability to work within my budget with all the capital improvements we were making.

Post: Trying to finish rehab of 20 unit in oklahoma need advice

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216
@Rhett Tullis Rhett, the property is in Pryor a town outside of Tulsa. Pryor is home to one of Googles largest data centers in the US, and is currently undergoing a 600mil expansion. We were definitely hoping to have units rented by now. I'm hopeful that we'll be close to 100% be years end, and the PM can start pre-leasing sooner than that.

Post: Trying to finish rehab of 20 unit in oklahoma need advice

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216
@Jill F. Hi Jill, this has been a tremendous learning opportunity and is one of the most if not the most stressful things I've ever done in my life. I'm hoping that the long term reward is going to be worth it. I'll definitely keep you posted. Thanks

Post: Trying to finish rehab of 20 unit in oklahoma need advice

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216
@Bjorn Ahlblad Truth be told my wife would have fired everyone months ago if it was entirely her call. I just arrived in town and seeing the property for the first time in 3 weeks.... expect the worst, hope for the best.

Post: Trying to finish rehab of 20 unit in oklahoma need advice

Tab TeeheePosted
  • Rental Property Investor
  • Lake Suzy, FL
  • Posts 171
  • Votes 216
@Don Konipol Restoring cars would definitely be less stressful!