
25 November 2024 | 21 replies
OrhiOrhi,You may wanna read the thread below before taking a Property Management recommendation from Bob.Who is Bob Stevens AKA Bob Prisco and what's his involvement in Cleveland?

14 November 2024 | 10 replies
Maybe you can help the investors you meet with all the miscellaneous tasks involved with investing like picking up rent checks, turning over properties for new tenants, or even just driving by occasionally to make sure their properties are in good condition.I'd also recommend spending a lot of time looking at all the homes you're targeting in your area, both online and in person.

20 November 2024 | 3 replies
@Abigail KingStarting a first house hack in Peoria, IL involves researching, education, financing options, and management tips.

21 November 2024 | 14 replies
It is actually a little more involved than that sounded but you should get the point.

20 November 2024 | 13 replies
If rent is still not received by the tenth of the month, an additional $100 late fee is imposed, PLUS you file on them the same day.

19 November 2024 | 0 replies
Note that if you are married filing joint, only the spouse who is qualifying for REPS is able to count their hours.Step 4: Apply the quantitative testsPer Section 469(c)(7)(B), in order to qualify for REPS, you must meet both of the tests below:750-Hour Test: If you materially participate in a real property trade or business, you must spend 750+ hours during the tax year.More Than Half Test: You must spend more than half of your personal service hours in the real property trade or business in which you materially participate.Step 5: Material participation in rental activities Just because you qualify for real estate professional status does not mean that your rental activities are automatically considered non-passive.

20 November 2024 | 3 replies
It would involve putting an external staircase on the side of the house and making the second bathroom into a full bath.

19 November 2024 | 3 replies
What did your management contract state about screening prospective tenants and your involvement?

20 November 2024 | 18 replies
There are lots more that require a little bit of human interaction and a few more that need full involvement of a person - answering the phone, some AR and AP.
19 November 2024 | 6 replies
If the properties were placed into service in 2022 or before, you may need to file form 3115 (change in accounting method) to factor in the 'updated' depreciation schedule from the cost segregation study.Best of luck