All Forum Posts by: Victor N.

What ever you did to create enough taxable income to create that liability is probably your best bet to use to pay it.

@Harry Standafer. I don't have direct history with this idea as a landlord, but I would look into a gas wall furnace. I have had them in my personal residences and they were economical. I believe they can be in stalled for about $2000 a unit

@Nicole White. Also, remind them that if you use a title company to escrow the payments, they can leave the payment stream to their heirs or surviving spouse in a seamless manner. They could also sell their interest in the contract or borrow against it to get cash. Of course, selling the seller's interest in the contract will trigger capital gains tax.

@Jamie Kammers. I agree with most of the responses that if he qualifies on his own record that would minimally satisfy him to rent. However, I think a much more important question is whether they object to doing a background and credit check on the wife and having her sign the lease? If they object, I would definitely want to know why and that could be an important reason to disqualify them. With modern technology getting her information and signatures is not difficult.

@Aj Parikh. Ask your CPA about putting your drop shipping business in an LLC electing SubChapter S tax treatment. I am not necessarily recommending that option because I don't have enough information about your business and tax situation. Your CPA should be able to explain that option.

@Joe A Warner. A very good alternative would be to reach out to Security First Title in Wichita. You need title insurance and should use a title company to close the transaction to make everything is prepared correctly and recorded correctly. They can prepare all the documents you need probably cheaper than an agent's commission. It is easier to persuade the seller to pay half the title and closing company's fees than all of a real estate commission. I have worked with them numerous times and they are very professional.

@Cameron Rees. If you want the tenant to leave, research your local landlord tenant laws to find out the required notice for nonpayment and for terminating a month to month tenancy. Immediately provide the notices to his address. Then contact the law firms who handle evictions to file as soon as they can. You will probably end up filing by the end of the month

I am not practicing law, this is not legal advice. Consult an experienced local lawyer

@Cameron Rees. Has your tenant breached a provision of your lease? Is it month to month? You can't evict unless there is a breach or the rental term is up. Of course, you will have to give notice in accordance with the rental agreement and applicable law.

@Jesse Watts. Not intending to be overly harsh but why would you rip off your own mother like that by buying from her below market value? I agree with @Wayne Brooks, list it through an agent on MLS for top dollar.

@Frank Lo. Focus your goal for the property. If it will be a rental, the numbers have to work which often precludes the neighborhoods and value of house where my wife wants to live. On the other hand, if it will be my primary home, I am more interested in my cost to live and then look for appreciation to support a HELOC or sale later. Another way to say it is that I needed a large house with good schools and a nice neighborhood for my larger family. It wouldn't rent for enough or easily enough to financially compete with my rentals. I have forced appreciation with all the properties.

Get into a primary home with a low down payment and a 30 year loan that doesn't stretch you. Then save for the investment down payments. Your personal home is an expense not an investment. Equity in your primary home is trapped and not earning any thing because you have to sell it to put it to work. Later in life that changes somewhat.