All Forum Posts by: Yan Kang

Hello all!

I am a new landlord, but have started feeling the hassles of dealing with rental property repairs, especially appliances and HVAC... I am struggling weighting between handling repairs on my own (stressfully understanding the issues and arranging contractors...) as they happen vs buying a home warranty (paying premium and service call fee). Could any pro please kindly share your thoughts and experience on the Pro and Con of having a home warranty for rental properties and your persona advice?

Any inputs are greatly appreciated!

Best regards,

Yan

Thanks Scott for your advice. Is there any negitivity or tax consequency if providing it? Thanks again. Yan

Dear BP experts,

Sorry to bother you with this, but I do need BP experts’ help in understanding the cons of providing a W-9 Form to renters.

I just got a request from my renter asking for a W9 Form for Covid-19 Impact Assistance application. I think I would support their application but am wondering what the negative sides would be from providing a W-9 Form to the renter.

What do you guys suggest? Any experience providing a Form W-9 to renters?

Any inputs would be greatly appreciated.

Regards,

Yan

Thanks Jonathan for your insightful advice. Great ideas!

Jonathan R McLaughlin

Thanks Jaron for your quick attention and kind advice. We have yet to have an application to look the details. Yes, be sure to treat all prospective candiates eqully and hope they will be very professional! 

Dear BP experts,

Sorry to bother you with this, but I do need BP experts’ help in understanding the cons of renting a SF property to an attorney.

We got an attorney who liked our property and would like to rent it for about 12-14 months, as they just sold their house for over 1.5m (about 5 times local average house price). However, my wife seems nervous a little bit to have a lawyer as a tenant, concerning their may abuse their professional advantage, victimizing the landlord and leading us to a possible vulnerable situation, as they may pick up on any tiny issue to make a big deal. Of course, these are assumed possible concerns, based on friends and other people's experiences.

What do you guys suggest? Any experience leasing a property to an attorney?

Any inputs would be greatly appreciated.

Regards,

Yan

Use Schedule E.

Hi Frank, thanks for your comments. To clarify: you bought the triplex in 1983, lived there for 10 years, and then rented it out in 1993, right? So you still used your original purchase price as the cost basis and the price of the building (total price - land value) in 1983 for depreciation value, instead of using the market value of the property in 1993? Thanks. Yan

Hi fellow investors, I would like to get your advice on how to determine the basis (for both cost basis and depreciation purposes) for a rental property that has appreciated considerably (say from 400k to 500k) from the time it was purchased (say after 6 months), but before leasing out? Since the market value has changed a lot (100k in this case), should the basis be the new market value prior to renting out (i.e., 500k)? If so, how to provide support for the new basis, which is much higher (100k) than the original purchase price?

Thank you very much for your attention and advice in advance.

Best.

Yan

Hi experienced REIs, I would like to learn what the minimum ROI (assuming cash only) for a SF rental is? I understand the minimum ROI varies from location to location and from one investor to another, but I just wanted to learn in general what the reasonable ROI target is? What most people are trying to get? Any feedback is appreciated.

Have a great weekend!  Regards, Yan