Jon K.
How much do you pay for drywall guys?
1 July 2024 | 58 replies
If it's still moist inside when you open up the wall be sure to put fans on it to dry the cavities out thoroughly.
Tim Hill
Partially signed lease - is it valid?
29 June 2024 | 5 replies
Notify her that you are withdrawing the offer and be done with it.I recommend you complete a thorough screening first, then offer the rental to the applicant.
Jacob Cuellar
Pre foreclosure deals
28 June 2024 | 6 replies
Just check it out thoroughly before you get into it.
Steven Silbert
Building Costs in California
29 June 2024 | 6 replies
thank you for the thorough reaponse.
Mickey Scott
Creative Financing/Relocation for new job in Florida
29 June 2024 | 10 replies
However, it's crucial to note the importance of thorough due diligence and professional advice.
Eric Wood
New aspiring RE investor in Pittsburgh PA!
27 June 2024 | 17 replies
The "Ultimate Beginner's Guide" is a must-read to grasp the fundamentals.Market Research: Before diving in, thoroughly research the Pittsburgh real estate market.
James Moricca
New real estate investor
27 June 2024 | 7 replies
Check in with @Joseph Chiofalo he’s thorough, transparent and an excellent resource as you grow your portfolio.
Stacey Wells
Tips for First-Time Home Buyers
27 June 2024 | 3 replies
Don’t Skip the Home Inspection: Always get a thorough inspection to uncover any potential issues.6.
Sokun So
STR Co-Hosting / Property Manager OTA Setup
27 June 2024 | 1 reply
Here are some tips for dealing with property managers:Due Diligence: Research and vet property managers thoroughly.
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.