All Forum Posts by: Darrell D.

Is it illegal for an owner to sell his/her own home?  Or to buy directly from the owner?  I'm not trying to speak with attitude.  I have made many purchases but never without an agent.  However I'm often disappointed at the bureaucracy required to buy a house and the amount of people involved who get a piece of the pie.  

I welcome organizations which help owners sell homes: Zillow, Help-u-sell, etc.  I feel realtors are overpaid to pass along information.  This is another reason sellers sometimes want to go around realtors.  I don't want to become a realtor because I feel they will be somewhat obsolete.   

As an investor, I have tried a few times to make direct contact with owners.  It's rarely accepted because it's customary to deal with agents.  I've even seen a seller hide in a different room on the day of closing.  Sorry agents, but if I had a choice I would cut out the middle-man(men) too.  Some agents are good but they often slow processes.  If I have to go with an agent, I find it faster to go with the seller's agent. 

Hi everyone.  I'm a DIYer and feel like I can fix anything because I can examine what is there and replace or repair the discrepancy.  However this subject has me stumped.  I moved into this house last year and it appears the basement was plumbed for a bathroom.  The pipe coming up from the concrete appears to be a drain pipe.  There's another pipe which I believe is a clean-out so I'm confident the pipe shown in the picture is a possible drain.  Can I get a second opinion or confirmation?  Is there another purpose for leaving a pipe like this in the basement?  Sorry for the rotated image.

Thank you Scott.  I'll consider it.  Some of the purchases were recorded as expenses and not depreciated.  It may not be worth it to go back.  Going forward I'll make the changes.

Thank you Dave.  

No I meant what I asked.  In the past I was not properly including depreciation.  This year I included it.  However I was in a different situation this year with the all-cash purchase of a home. I wasn't sure how to document a cash purchase in the taxes.  Now I see it's no different than any other home investment but you don't account for the interest. Also depreciation is the same.  I believe I have it straight now.  However I'll probably forget some of the information next year and have to do some research again.  Thanks everyone.

I was able to speak to a Turbotax professional.  They said a hobby was not the way to go because a hobby is never supposed to make money.  Instead next year I will add the investment to my 2017 taxes.  It stinks I have to wait but that's the way it is.  Thanks for your help.

Sigh... I understand.

Thank you Jeff.  Can the expenses be carried over to 2017 taxes?  Or are hobby expenses deductible?   

Hello Everyone. I paid cash for a BRRR property in 2016. From the first day I purchased it, it was identified as a rental. We completed the work in 2017 without receiving any rental income in 2016. Can the purchase be identified as a business expense for tax purposes? No interest was paid.

Thank you

I have a small house there which is paid for by section 8.  It's been a blessing for 3 years now.  Columbus metropolitan housing authority  (CMHA) has a good program and many people were calling me with section 8 vouchers.  It's a good area to get started.  Welcome.

 Yes the root cause was the spray foam.  The insulation installer went bankrupt because of issues like this.  It sounds like it's not really an issue from the responses I'm getting.  Thank you everyone.