All Forum Posts by: LuAnn Vigen

I had a tenant, who had past due bills with the utility company so they couldn't transfer into their name until the bill was paid. Needless to say I had to evict after a month or two. 

1. Welcome to Fargo!  Lived there for ever. The market in North Dakota does the complete opposite of the rest of the country.  When California is doing poorly, We do great, so keep an eye on California, if the economy is improving there, the economy will slow down here. The market is at an all time high right now, its very hard to find a bargain, so do your research. There is a meetup group that started a while back, we have about 20- 30 members that meet and talk real estate.

Steve, The chart will be a good tool when I do my basis. The new tax rules (2014)look like it will be harder to write off the repairs in a single year. Now instead of a building being one unit of property, a building is considered 9 separate units of property. Such as, roof, electrical,plumbing etc. are all considered separate units of property.  If you replace a water heater you have to take the cost of that and compare it to the value of the plumbing in the building, to determine if it was a repair or improvement. Is anyone else aware of these new rule

Yes, you are correct, that is what I am referring to. I heard you can depreciate the appliances and flooring on a faster depreciation schedule to recoup your basis faster.  Does anyone do this? Is there any other items that will depreciate faster?

I am not sure, What is the difference?

I just purchased my 5th rental and I am in need of some advise on how to set up books and track the basis of this house. I past attempts have not been without problems. What categories do you use? Once the house is rented my book keeping seems fine.

Any ideas?

Thanks, LuAnn

If I decide to send her packing, How/what do I include in the letter indicating she needs to leave?

A lot of good advise! I had a property management company when she first started renting from me. When I took over the management she was falling behind at that time so I agreed to let her pay on the 15th of the month. I thought about lowering the rent, but I have already made an exception so she can stay. She is a single mom in her 60s with two teenagers so I am pretty sure her income will not be improving anytime soon. She also went threw a forclosure before she became my tenant. I might try the cash for keys, promise to refund all of her security deposit if she leaves on time.

I have had a good tenant for the past few years. Last month she started running late on the rent, this month it happened again. When I talked to her she said she really could not afford to live in my rental any more and she is thinking about moving out. She is not real motivated, so I am thinking I will eventually have to evict her. Shes on a month to month lease, can I give her a two month notice to leave so I can find a new tenant before she starts becoming a problem? I started looking for a new place for her (hoping to move her along) but its in a small town not sure if I will find anything.

I am thinking about refinancing three of my rental properties (sfr). will I be able to deduct the interest on my taxes for the new refi's or does that only work on the first morgage?