All Forum Posts by: Zack Tran

@Basit Siddiqi

I'm not sure I don't think so. We merely purchased the property together. So we signed all documents at closing with both our signatures.

Hi everyone,

Now that tax season is soon dawning upon us, I was hoping to get some insight on the best way to file my taxes being that my friend and I both own the property and are filing as separate individuals.

In terms of the mortgage interest, property management write-offs, misc. expense writeoffs, how do we file it? Someone told me I should go ahead and split all the costs in half, he would file half of the expenses on his return, and I on my return.

E.g. If mortgage interest was $500 from last year, he would do $250 on his return and I $250 on mine.

Let me know if that is correct.

Thank you!

Hi Tammy,

Your best friend is Google! Here's one I found:

https://freelegalforms.uslegal.com/partnership-for...

While not everything is relevant it should serve as a good guide.

Personally for me, I think it depends on how much you trust your partner. I am going 50/50 into a Buy/Hold property with a close friend and since I have more trust with him, our contract will be a lot shorter. In the end I've learned that you it's not worth stressing covering all bases, cause a contract never will. Its better to choose someone that you can trust, and have the general basics in writing.

Hi Whitney,

FHA loans require you to live in the property you purchased for 1 year. So the answer is no.

If it didn't that would be a great investment deal wouldn't it? :)

Do they really physically check? I'm not sure but I imagine your mail and utilities should be in the purchasers name.

Thanks for organizing! Marked in my calendar.

Hi Tom,

Do you have any back-end tables/calculations that support your year 1 projection that you can send me? (income, expenses, etc.)

Feel free to email directly [email protected]

Thanks!

@Seetha G Thank you for the insight!

Following up on your answer to #2, are Realtors and Property Managers usually open to managing rehabs? Or would you pay them $ for the extra attention?

Hi BiggerPockets family!

New member and first post.

Long story short, I currently live in NYC and would like to invest out-of-state given the challenges of investing here in the big city.

In no particular order I had a list of questions which upon searching the forums I couldn't find direct answers to so hopefully you awesome people can offer some insight.

Questions for out of state investors:

1. Do you offer on a property before seeing it in person? -  with such a fast paced and competitive market I feel like the deals worth pursing fly by in a few days. Obviously I don't have the flexibility to fly at a whim so I feel like most sales that are worth pursing has to be offered ASAP. Is there a window of time after your offer acceptance for you to see it?

2. Do you choose properties that require little to no work? If you do rehab, how do you do it remotely? - I can't imagine coordinating a general contractor remotely without being there myself day after day. It's such a large upfront cost considering flights, accommodations, etc.

3. Any other general insights you can give? - I think the biggest challenge for me is that my offer price comes out a lot lower vs. local investors because of the added calculated expenses of managing out-of-state so it makes it incredibly difficult to pursue a good deal.

Thanks everyone!

Best,

Zack