All Forum Posts by: Kay Yu

There's nothing wrong with playing win-win.  Especially, if your tenants ARE affected.  

One of my renters works for the government, his paycheck is safe.  Another's business has been shut down (verified).   

Your tenant paying you BEFORE he pays his other bills is a win for you (I asked for 2 weeks early).   He/she/they getting a reasonable discount is a win for them.

Has anybody ever changed depreciation from one year to the next?  I found the following one year too late!  Thank you Brandon Hall, this is great!

https://www.biggerpockets.com/renewsblog/2015/04/1...

I have a new rental and for  2015 tax year, I used my "property tax statement" to calculate my depreciable basis.    For the remainder of the 27.5 years, I would like to use another (more favorable) method.

Is there a problem with this?

Do I have to amend 2015 taxes or can I just use the alternate method for the remaining 26.5 years?

Looking at the tax forms.  As long as I document how I've calculate my depreciable basis, I don't see an issue. 

Kay

@Frank CasiI'm confused by the term "voo doo math", are you saying that their numbers were deceptive?

K

All:

Thanks to all past BP contributors, as someone looking for my first turnkey purchase this year. Specifically, the most actionable advice I've read is to do your own due diligence.

To summarize: due diligence - physically visit (no problem), find sales comps (redfin), talk to multiple realtors (how-to?), find rental comps (how-to)? The last two are the ones I'm wondering about.

Question 1: How to talk to multiple agents? Most agents aren't geared toward investors and if I do find one that is, I'll be wasting their time, because I'm already working with a turnkey seller. Any suggestions? What have other turnkey buyers done?

Qyestion 2: How to find rental comps? Unlike sales comps (redfin is great!!), I'm running into a shortage of data. craigslist map search is a great resource (ONLY IF THEY HAPPEN to have comps). I'm guessing in some markets, MLS or some other site must be driving the rental market. If craigslist doesn't have the comps, where else do I turn?

Sandeep: Thank you for the follow-up. For me, this highlights my one major issue with turnkey (BTW: I'm in the market for a turnkey). It's hard to find GOOD rental comps.

Thank you all for the recent additions. This recent flurry has been gold. Thank all. Some solid actionable advice here.

i see lots of questions about turnkeys, but very few real-life experiences. (i did find one). So, for those who did buy a turnkey, would you be willing to share your story? Specifically, what did you expect? and how have those expectations correlated with reality?

To the BP crowd that's reading this? How much does appreciation play a role in this analysis? His $1800 monthly per unit rent and the Lakeview appears to be a high-demand area? Could he have done that much better in the high-demand area?