Grace Simpson
Help me decide: Owner-Builder vs. GC
1 July 2024 | 14 replies
(same architect)I dug into the weeds for allowances on all FF&E, which was like pulling teeth but I wasn't going to let it go and it made a difference in comparing bids.
Kris Villasenor
Math not mathing on wholesaler lists
1 July 2024 | 27 replies
Send a thank you for meeting followup e-mail, remind of criteria, show em you appreciate it which shows you ARE legit in your desire.
Sean O'Keefe
PMs don't create pain for rental owners to get tax and financial info?
29 June 2024 | 7 replies
@Sean O'Keefe how "timely".Sending owners an Annual Owners Statement with line items that correspond to Schedule E is not difficult.
Tasha Rivard
Should I stay or should I go now?
29 June 2024 | 9 replies
Please e-mail us your inquiries preferably.
Fred Haas
Any meetups in Central Texas/Austin
27 June 2024 | 5 replies
Let me know if there are any established meetups.Come out tonight for our RE Networking Meetup -- https://fb.me/e/zZV2huWUO
Ria Lamb
Putting a 1031 exchange property into an LLC (3 years later)
28 June 2024 | 41 replies
If both trust and LLC are disregarded the property is being reported on your joint return Schedule E.
Jon K.
How much do you pay for drywall guys?
1 July 2024 | 58 replies
I don't think I've heard of anything less than that, but may e residential charges less, I always stand the sheets up, that way you have one vertical seem to tape, not one horizontal and 2 vertical when you lay it down.
John Campbell
LLC vs Umbrella Insurance vs Other Options
28 June 2024 | 10 replies
Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.
Jesus C.
Has anyone found any decent property manager in Bakersfield/Oildale, CA?
27 June 2024 | 8 replies
Have you tried E-homes of Bakersfield.