Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Billy Raz

Billy Raz has started 10 posts and replied 31 times.

Post: Tax Write-Offs After Selling a Property

Billy RazPosted
  • Los Angeles, CA
  • Posts 33
  • Votes 1

Hi All –

If I put 10K into a rental property and I have these expenses being depreciated over a 5 year schedule on my tax returns, do I lose these write-offs if I sell the property?

Thank you

For the record, Priority Lending has been helpful in my inquiry so far. And they are a reputable company.

My purpose in this post is simply to be aware of other commercial lenders in the market. 

Post: Fee for late rent

Billy RazPosted
  • Los Angeles, CA
  • Posts 33
  • Votes 1

Hey All –

Wanted to get your opinions on this.

Here is the “Rental” paragraph that I’ve been using in regards to late fees in the “Residential Lease Agreement” I’ve been using.

The rent shall be $X per month, payable in advance of the 1st day of each month in the form of money order, cash of check payable to X. Residents shall pay first month’s rent prior to occupancy. If the Resident takes occupancy on a day other than the 1st, the rent shall be prorated on a daily basis and shall be paid prior to such occupancy. The prorated rent is $X per day. Considering the last month’s rent was not due at the time of move in, resident shall not use any portion of the deposit as final month’s rent. If the rent is not paid by the 5th day of the month or a check is returned as ‘NFS’, A LATE FEE OF $50.00 WILL BE ASSESSED AGAINST THE RESIDENT and the Resident agrees to pay said late charge simultaneously with the rent on all installments not paid by the due date. Payment by check is conditional and if check is not honored by the bank on the rent due date, a $10 per day fee will be assessed.

Question:

In regards to the $50 late fee, as I have it now, this is the total late fee that will be applied. It only will accrue on a monthly basis. My thinking is that, perhaps if there was a late fee applied on a weekly basis due to non-payment, perhaps it would incentive or place pressure on the tenant to pay the rent more urgently. In other words, I’m not sure if the one-time-per-month late fee is adequate. I have one tenant now that is late and we’ve sent them written notice that the $50 late fee will be applied. Problem is I get the feeling that this isn’t enough to get them to remit payment, and I would be more inclined to get an attorney involved if the damages (accumulated late fees) were more substantial. 

Thanks for feedback.  

Anyone else?  Commercial lenders in AZ?

That's correct.  2 points will = $1,750. 

And then you have the closing costs on top of this.  

Sorry if I sound stubborn.  I've just gotten use the FNMA loans I suppose.  

Anyway, every dollar affects the bottom line.  

All I'm looking for is some negotiating leverage.  And it's always a good idea to get a second quote.  

Any suggested commercial lenders in AZ?

Billy  

Anybody else know any good lenders?

Thanks. 

So purchased all cash at the trustee sale, own it out-right, just waiting for the deed to record.

Seeking delayed financing (AKA cash-out). 

Hey Darryl –

Yes, this is a residential loan inquiry on a SFR.

However, after 10 FNMA-financed properties, investors have to resort to a “commercial lender” aka “portfolio lender”, or some other lender.

This is at least my understanding.

Billy

Purchased the property on Wednesday.

Purchase Price: $125,000

Approx. FMV: $145,000

In a perfect world, max LTV based on the appraisal. 30-year fixed. Low rate. Minimal closing costs.

Yes, please let me know if you have somebody, thanks!

Billy

I don't want to just accept that.  Everything's negotiable, and by finding more than 1 commercial lender to work with I'll negotiating power against the other.

Thanks,

Billy