.$190,000x50%=$85,000 (This happens to be the depreciation amount and the value because its exactly half)$190,000x.27%=$51,300 (That is the amount the RC is reduced by so the home should be insured for $138,700)So if you have a partial claim lets say for $10,000, the depreciation still applies.

Housejerk is an organization that allows people (Realtors, Attorneys, Insurance Agents, Property Managers, Hard Money Lenders, Mortgage Brokers, Buyers, Sellers, Entrepreneurs and people generally interested in RE investing) to earn money while they learn the business. 

Jennifer,Yes, you will be required to file a tax return due to the amount of income you earned regardless of what the net income may be.You should file it regardless of profit or loss to ensure you start the statute of limitations for audit.

.- So over 2 years, you made $60,000 in payments to reduce the principle by ~ 16k.Obviously hindsight is 20/20 etc, but you need to sell the house and stop the bleeding!

Im having a hard time believing this is even legal.The second thing is I'm so fed up ive been harassing them 2 to 3 times a day just to be a jerk to them telling them they dont know how to do their job and if they want all the home owners to pay they have to earn their money..Keep in mind I just started this because I think they are a bunch of jackasses..These guys really hate me right now.

Further more, updating will have to happen at some point, because it reduces the maintenance expenses and costs.If a water heater is more than 6 years old when I buy a new place, I will replace it because it reduces the maintenance costs that usually wind up being more than the cost of a new one in those "extra" 6 years.

If a borrower knows the rate will go up to known fixed rate, say from 6% to 8% and re-amortized say from 180 months to the remaining 144 months, they know the payment will go up and that can motivate them to refinance the loan, so loans can be manipulated somewhat to nudging a borrower in a similar manner as the more demanding balloon requirement.I'm still searching for information on restrictions to amortizations, so far I'm not finding any except that it can't be more than 360, other than the requirement of making the loan affordable.I've done a few loans with the amortization being reduced over time, this avoids usury issues.

Reducing expenses also helps significantly.

Yes, Obamacare has reduced the benefits of having one, but I still think they are a great solution for most people that are relatively healthy.

Reduce your living costs this way and it can pave the route to you getting into one after another great income property.We will be having regular meetups for NYC so be on the lookout for them.