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17 June 2024 | 9 replies
However, both leases say they require 90 days notice- see belowAgain, I’d like to get the downstairs tenants out asap and raise the rent upstairs asap as well.
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18 June 2024 | 26 replies
Looking for some less expensive areas that may not see a ton of equity growth, but should get a few hundred plus in cash flow each month.
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19 June 2024 | 9 replies
@Andrew Tranyes but when I say break-even i mean including all expenses, not just the mortgage.
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17 June 2024 | 13 replies
She got no receipts or invoices as required.
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19 June 2024 | 14 replies
Once the 5 years runs out you'll have used up your existing available depreciation but you still get to write off other expenses such as maintenance, property management, legal fees, etc.
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18 June 2024 | 5 replies
Then following that up what a call if required to answer any questions.
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18 June 2024 | 8 replies
Assuming she's on a month to month and your local laws only require 30 days' notice, you have two options. 1) Give her notice and tell her if she finds something sooner (eg June 1) and wants to move before that, you're okay with it. 2) refuse payment for the rest of May's rent as she's already late and start with the eviction.
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19 June 2024 | 32 replies
Both FNMA and FHLMC permit this, under the following circumstances: Notes: For all such transfers affecting mortgage loans purchased or securitized by Fannie Mae on or after June 1, 2016, the transferee is not required to occupy the propertya limited liability company (LLC), provided thatthe mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, andthe LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).The servicer must notify the borrower that a property transferred to an LLC must be transferred back to a natural person prior to any subsequent refinance application in order to meet Fannie Mae’s Selling Guide underwriting requirements.Citation: D1-4.1-02: Allowable Exemptions Due to the Type of Transfer (04/13/2022)Now, you will still have the Note and reporting in your name individually and will still be personally responsible for the mortgage and most likely, the manner of transfer will enable any litigant to pierce the veil of your LLC, but you'll have what you wanted, for whatever reason.
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19 June 2024 | 7 replies
@Richard BrownI recommend a consultation with an accountant specializing in real estate taxation to discuss depreciation and deductible expenses.
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17 June 2024 | 7 replies
From my understanding it might have to be a personal loan, which is very expensive.