All Forum Posts by: Yuriy Tymoshenko

Good morning, Board.

I have a question about the tax deduction from spending on investment property. Last year I was able to deduct cost of tools and supplies used for renovation of my investment properties. I spend at least 50 hours a week working on my investment properties(I don't have any other job right now). Can I "pay" myself and deduct this expense from my annual taxes?

Thank you, guys! I will look around Tallahassee area and see what I can find.

I have three properties paid off and now I would like to use the equity out these properties. However, I recently called my lender and was informed that I can only do a cash out refinancing on the home that is my residence and not on the investment property.

Any ideas on how I can take advantage of the low rates and use my investments homes as the collateral?

Gentlemen, thank you for replies. I will try to find out decent contractors in my area to make inquiries.

Only thing bothers me is the possibility that contractors will try to recommend any additional work as a way to make more money. I don't want to be taken for a ride like a pretty young blonde at the car repair garage(forgive the stereotype).

I am currently shopping for an investment real estate property.

I have located a short sale, about to be foreclosed property that I like. Its relatively new structure(1995) and it goes for relatively cheap price.
However, it has some damage to the ceiling sheet rock and plumbing was also damaged. Someone broke inside two of the units and clipped off copper pipes and some wiring while knocking down couple ceilings.
Like I said the price is bargain, but I want to have a "no kidding" accessment how much all the repairs are going to cost.

To me it seems that I need a house inspector who will be responsible to give me a ball park estimate of everything that needs to be fixed. I also want him/her to be liable for this estimate. That way if he/she fails to mention something to me, I will able to go after them in order to offset my new repair cost.

Am I asking too much? Any thought on this plan?

Any input is welcome.
Yuriy