All Forum Posts by: Cynthia Hanke

Hi, I've been a small-time landlord for 20 years. Currently has 4 SFR all paid off and long term tenants in place.

           In March I purchased a house in Mansfield, Ohio to rehab, with the intentions of selling it in the spring, or renting it. My question is how will my taxes play out with all of the expenses on this rehab? I've always bought and husband & myself done most of the work, and never have I bought such a monster of a place, with this much work needed. I've since lost my helper, and am overwhelmed with the work ahead. Bought under $82k, and planned on $50k in expenses, with the hope to be done by March 2025, and sell for $200-220k, or rent for $1,250.

When I give the repair bills & purchase price to my CPA, how will this differ from my typical expense deductions, since this is such a huge expense (for me thus far) and the house will have been a work in progress all of 2024?

Also, if anyone has a good contractor in the area, I'm grateful for a lead.

I'm a small time SFR landlord and use ezlandlord for my leases. I have a separate account, (tho not a business account) for rents, and have everyone using Zelle or Venmo for payment of rent. My biggest downfall for me has been not checking on the properties regularly. Have decided as of last week all dogs will cost $100 a month additional and a separate $500 deposit. Guess I'm a slow learner! Oh also, don't let a late payment go by without charging a late fee. Best wishes for you! Cynthia

Thank you, that's what I thought. I was going to buy the house thru a self directed IRA, something I've never done. Then a tenant decided to move out of my least desirable property and I thought I'd use the funds from that to buy the other one.

Selling a property and buying another. Going 1031 exchange route. Can't seem to find out about putting money into each house. If I make improvements to the one I'm selling ($5000k in wood floor refinishing and some carpet) do I get to take that off taxes? Replacement house needs new windows, concrete steps, patio roof, backyard fence. How can I get those things done from the profit of the house being sold? To reduce capital gains? New house is going to be $35k LESS than the one I'm selling. Thanks

Made a full price offer on a 4 plex, contingent on inspection. Asked for and was given (a few days later) the owners 2014 & 2015 tax returns. The agent is a dual agent, he listed and contacted me about the listing. Said it's 25% ROI, so I've been overjoyed, but then doubt started creeping in, as I', fairly inexperienced with only 5 properties. Anyway, he said in the original email that all utilities are paid for by tenants except trash. Then, in the email containing the tax info of the seller, he said "The numbers are a little off, because the seller pays the utilities, then rebills the tenants" For me, this is a deal breaker, because my husband & I are traveling a lot work camping, and don''t always have internet or cell service, as well as simple mail service itself tricky. I don't want to be paying utilities, then billing the tenants, and having the additional work of all that entails, while living/traveling in our RV and work camping out of state. My question is this, can I get out of this, based on not being told that important (to me) fact, or would you say generally that's not going to be enough of a reason, and I'll lose my earnest money ($500). Tomorrow we are going to inspect the properties, and our offer is contingent upon inspection tomorrow. I'm not sure if it's better to contact the listing agent, who found the deal for me, and didn't tell me this up front, or go thru with the inspection, and hope we find something. TYIA.

Hi! I have 2 condos on Karl Rd and a SFH in Blacklick Estates, and that's about as bad of areas that I would risk renting in. You WON'T get good tenants in those areas, period. Was a home Health nurse for 19 yrs, been thru all of Cols. worst neighborhoods, and why set yourself up from the very beginning of your REI career when you can have less cash flow with peace of mind. maybe after you've been doing it for awhile, IDK. Also have a Section 8 in Newark Ohio, and have mixed feelings about that. No, the requirements really are minimal, and yes, you can get a good renter, BUT when they have their deposit AND most of their rent paid for, they really do NOT take good care of the place. AND, in Ohio anyway, I learned the hard way that when Sec * tenant moves out there's no recourse for charging them for any damages, PERIOD. You can take them to court, but it's tough to prove anything, and you can put a note in their Sec. * file, that's it.

Thanks Roger & Robert. Yes, I did factor in mortgage payment as well. And in my post, I wrote that income was $2850 yearly, that is MONTHLY, lol. It doesn't look like it will give that elusive $100 per door, after all the figures are inputted. Too bad, it's in excellent condition, and in a great residential neighborhood. Maybe they will accept a much lower offer than asking price, we'll see. U.

Hi all, this is my first post! I currently have 4 SFH and a condo, all rented & flowing smoothly. I would like to find a 2-6 unit multi-fam, in Central Ohio. Going to look in Mansfield today. The one that sounded good until applying the 50% & 2% rule looks like this;

Asking $229k. 6 unit, grossing $2805 yr. Updated,needs nothing, LT renters.

Financials show $4398 taxes, $1282 ins., $5,049 utilities.

If I get it for 200k, 20% down, finance $160k @7% (don't know actual % yet)for 30yrs., and take the 20% cash from my HELOC that my other properties are using @2.99%, does this cash flow? It's my first time utilizing the 50% & 2%, and just discovered BiggerPockets, AFTER having bought my other real estate, by reading, learning on my own, and dumb luck.