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27 June 2024 | 14 replies
Unfortunately, the only serious applicants I've received either have a criminal history, poor references from previous or current landlords, or have faced evictions in the past three years.
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.
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28 June 2024 | 29 replies
I can't help with managing property internationally.
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28 June 2024 | 46 replies
They've been really busy with year-end internal stuff that has to be done, on top of all the wholesalers, so some things are just back burnered.
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26 June 2024 | 6 replies
The window must have a net clear openable area of 5.7 square feet (5.0 square feet if ground floor), a minimum openable height of 24 inches, a minimum openable width of 20 inches, and the bottom of the opening must be within 44 inches of the floor.Size: The room must be at least 70 square feet, and no less than 7 feet in any horizontal dimension.Lighting & Ventilation: A natural light source (window) of not less than 8% of the floor area and natural ventilation (openable window/door) of at least 4% of the floor area are required.Heating: The bedroom must have heating capable of maintaining a minimum room temperature of 68°F.Smoke Detector: A smoke detector is required in each sleeping room.While a closet is expected in most bedrooms, the International Residential Code does not actually require a bedroom to have a closet.
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25 June 2024 | 17 replies
I've discovered that their associates are based internationally, and the phone number they provided (310) is a fake Skype number.
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24 June 2024 | 8 replies
The lender explained that the standard carve-outs include committing criminal activities on the property, failing to pay property tax and failing to purchase insurance for the property.
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27 June 2024 | 41 replies
Do an internet search for Paul Gulbronson with the words criminal, scam, fraud and you'll find very interesting info.
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25 June 2024 | 10 replies
He confirmed that BART enables criminals to travel to the Dublin/Pleasanton area to commit crimes.
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25 June 2024 | 11 replies
Topic No. 701, Sale of your home | Internal Revenue Servicehttps://www.irs.gov/taxtopics/tc701