All Forum Posts by: Ted Klein

@Nathan G. That is a great idea. He loves to read so I will throw that at him and reccomend he finish it before getting the CC. Thanks....

@Max T. @Andrew B. @Nathan Gesner @Caleb Heimsoth @Anthony Wick

Thanks to all for the comments. I do understand and agree that college students are not a protected class and therefore were no laws violated as Cody stated. I have re-read the OP and my subsequent reply and I clearly have demonstrated that I was trying to find a reason why something someone has done may be wrong in the eyes of a parent. My bad on this, I should have known better.

In reference to the lack of credit at the age of 25. We live in a society where we are taught at a young age that debt is bad, so these are the traits that I have raised my son. Heck, I didn't get my first CC until the age of 30 and that was only when I couldn't rent a car without one. So there are legitimate reasons to have a CC. Using them responsibly is the key here. I purchase literally everything on my CC and pay the bill in FULL every month. I have put entire rehabs on my card and as a result, I have a nice accumulation of airline miles to use.

I have no problem recommending him to get a CC to establish his credit. He is fiscally responsible. As I stated, he finished school without student debt and has traveled abroad 4 different times for up to 6 weeks at a time and still has a significant savings for a 25 year old.

I agree at this time, it is time to move on to another apartment, in the mean time, he can work on building a credit history and demonstrating fiscal responsibility.

@Jonathan R. Hit me up when your here, maybe we could meet for a coffee and talk about rei.

@Jonathan R.

Yes, that was my first reply to him. He needs to learn how to use credit responsibly buying everything on credit and then paying the bill in full every month. I agree the low limit would help keep things manageable without getting to far out of hand.

What is your opinion on whether this seems discriminatory? This actually seems out of line with fair housing. I know you can't discriminate against race, religion, sex, handicap, LGBT, emotional support and service animals, now they are adding co-signers, lol.  BTW, we are from Wichita originally.

My son who is 25 has a good job, makes greater than the 2x monthly rent requirement, has steady employment with the same employer for 3+ years, is a hard worker who has diligently saved his money and had recently finished school with no student debt. Sounds pretty good. :)

However, he doesn't have an established credit record with the reporting agencies. He does have over 4 1/2 years of rental history in only two apartments. He recently had applied for a single occupancy apartment in the Puget Sound area by the University District. When they contacted him with the application results, they stated that he didn't have any credit history or even a credit ID, which makes sense because he always paid cash for his needs.

Given the situation, I had offered to co-sign to help him get into the apartment and he was told that since he was not a full time student they would not accept a co-signer. I'm not sure what difference it makes if he was a student or not, he has a qualified co-signer willing to assist if he were to fail to make the rent payments. Granted, I get it, it is a single occupancy and they probably don't want someone else on the lease that may try to move in.

To me this seems to be discriminatory by insisting that only college students can have a co-signer. I have not read the local laws regarding co-signers, but if anyone has any advice it would be greatly appreciated.

Perhaps I am confused as well. I have read posts regarding "Placed in Service Dates" and they had mentioned that the in service date would be the date it was ready and available. I am trying to understand the rules or the conditions surrounding deductions vs. capital expenses and what repair expenses can be deducted as an expense rather than taking depreciation.

Repairs and Expenses

Placed in Service

(Example 2)

@Michael Plaks  Okay, maybe I phrased it incorrectly. I am not afraid of anything, I was hoping to be able to deduct more of the rehab expenses. I guess I was somehow looking for someone to explain some possible event that would defer the available date and that it wasn't the date of purchase since I was only collecting 50% of the potential rental income.

@Michael Plaks

Yeah that's what I was afraid of. I have read about a way to defer the availability by not advertising before a rehab is complete. But I guess that would only apply to a SFH or a property that needed all of the units rehabbed. Any clarification on how this would work out would be helpful.

I had recently purchased a duplex with one inherited tenant. The other unit needed a complete rehab. When is the property deemed available to rent? Would that be the date of purchase or the date that the rehab was completed? As I recall, this impacts the ability to deduct the rehab expenses. How would this best be handled to allow the rehab deductions?

Jenny, Start your own thread from the BP calculator app. I think there is a link to post for review. Sorry but without more information on the deal I am unable to help. This link is 4 months old so probably not going to get much in the way of replies. Ted