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16 December 2024 | 3 replies
If they claim not to have seen your offer you file a complaint with the local board of realtors and also with the state's real estate commission.
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16 December 2024 | 9 replies
Find a renter, qualify them, move them in, collect rent, oversee repairs, re-sign leases, move them out, turn the unit, rinse and repeat.
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30 December 2024 | 819 replies
Typically on old houses it's cheaper for a seller to put vinyl siding over old asbestos boards then replace and ripoff.
16 December 2024 | 8 replies
Improvements are added to the basis and can be later depreciated.Improvements that qualify as QIP, make improvements you make and rent it out.
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16 December 2024 | 0 replies
Bonus depreciation is just a special part of the US tax code.It allows you to take accelerated depreciation on portions of your property depending on when an asset is put into service.At the time of this writing, you can write off a huge portion (60% in 2024) of many qualified components that have a useful lifespan of 15 years or less.That means a certain percentage of things like landscaping, sidewalks, latches, appliances, fences, certain flooring, etc is depreciable in year 1.The bonus depreciation rate percentage changes yearly depending on the administration and the tax code.For years 2015 through 2017 first-year depreciation for all the items on a 15-year schedule or less was set to 50%.It was scheduled to go down to 40% in 2018 and 30% in 2019 and then 0% in 2020.But then Trump got elected, and he enacted the Tax Cuts and Jobs Act.That moved the bonus depreciation percentage to 100% from 2017 to 2022.In 2023 it went down to 80% and it’s currently at 60%.Depending on who gets elected again, 100% may be back on the table.Only time will tell.We know that the US government wants to incentivize more development and ownership of RE.They want Americans to continue to build and maintain our physical world.That’s why real estate is one of the most tax-advantaged assets in the US.Depreciation and bonus depreciation for RE are very positive and will likely continue in the years ahead.
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22 December 2024 | 23 replies
As far as refinancing, you can either do a conventional loan where they use your debt to income / DTI to qualify or you can use a DSCR loan which structures the loan off of the rent versus income ratio.More info on DSCR loans: DSCR loans won't use your income to underwrite the loan.
15 December 2024 | 5 replies
To streamline the process, I want to ensure applicants qualify before scheduling a viewing.It would be beneficial to implement an AI-based system to consistently and efficiently ask prospective tenants the pre-screening questions I currently ask repeatedly.
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13 December 2024 | 17 replies
If you do more than one unit this way make sure you don't need a boarding house license in your town.
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16 December 2024 | 1 reply
- Do I qualify for for a section 121 exclusion sense I lived on the property for the first 2 years of ownership?
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13 December 2024 | 12 replies
serious buyers but also the property may not qualify for traditional financing.