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29 June 2024 | 8 replies
I am happy to make a personal introduction if interested, DM me.
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29 June 2024 | 7 replies
Perhaps you can arbitrate, but you will want to be careful getting too involved in a personal dispute.
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29 June 2024 | 9 replies
When banks (and MHP investors) look at the value of a mobile home park, they will not count the income generated from the mobile homes themselves as mobile homes are considered personal property.
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28 June 2024 | 1 reply
If you are an individual that had a property loss (including personal property) then use the first link for FEMA.The second link is for business owners…and yes, this includes those of us that have rental properties.
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26 June 2024 | 4 replies
However, here are some considerations:Permitting: Unpermitted structures are often a red flag for lenders because they may not meet local building codes or safety standards.
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26 June 2024 | 2 replies
The owner expects to close in 30 days ( standard closing windows ).
28 June 2024 | 2 replies
I just don't like the idea of letting this amount sit in the bank and at the same time I don't want to mingle it with personal brokerage account.Any suggestions or creative ideas?
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26 June 2024 | 10 replies
Personally, I am not a big fan of STR's although they may be fantastic in certain areas of the county.
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28 June 2024 | 3 replies
My biggest pain point has been not knowing all the little things that could have helped me out if I put them in the lease that would have helped me snip some of my problems in the butt and for context I am a roockie with only one rental property Tenants will not move in with out all utilities in their name When tenants move out they will sign a move out form for all damages if any over a reasonable amount Tenant will not hang fie traps out side of home those are just personal examples of some of my issues with my one tenant so what would be really help full is some of the little things that you dont even know that you dont know
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.