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28 January 2025 | 15 replies
The Landlord will verify that the rental is empty of all personal belongings and trash and that there is no damage beyond ordinary wear and tear.
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27 January 2025 | 5 replies
Did you give her written permission to store personal items outside in a common area?
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8 February 2025 | 13 replies
While each person has their own perceptions of a rough part of town, in my experiences, I do avoid them.
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7 February 2025 | 14 replies
It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick
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20 January 2025 | 6 replies
Also, long term, I expect Sac will enact tougher restrictions on STR, given the intense housing crunch we're experience, so I personally don't expect that to a be a good long term strategy.
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21 January 2025 | 10 replies
The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.
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7 February 2025 | 5 replies
.• I purchased a small 1B/1Ba condominium in a high rise building in 2004 for personal use.• In 2010, I moved out and decided to put in in service as a rental unit.• I was able to keep it well occupied and leased throughout 2024.• I sold the condo unit in late 2024 for a nominal profit.That brings us to today.
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27 January 2025 | 6 replies
If an in-person visit is not feasible, we can easily arrange video tours to accommodate your schedule.
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22 January 2025 | 4 replies
One caveat to this strategy is that you can’t live in a property that your IRA owns, nor can you rent it out to anyone else who may be considered a disqualified person like your spouse or child.Feel free to connect with me and send me a direct message if you want to learn more!
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7 February 2025 | 6 replies
but i also 2nd @Jay Hurst's sentiments - get a 2nd or even 3rd opinion on DTI/ full doc. i personally love files that are puzzles, i get some weird satisfaction out of figuring out how to make it work on full-doc, especially when my client has been told "no" before. if it doesn't work now, a good loan professional will help you create a path forward.