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Results (10,000+)
Chao Yi Shih Closing soon on investment and having regret
8 April 2024 | 21 replies
Front unit i think market price is around 1600-1700, but i am planning for 1500-1550 to gain advantage on rentingit's a popular rental area in trending neighborhood, so it has a lot rental on the market and a lot investorfirst regret is i think my offer was too high, i offered asking price at 224k which with my 10k deposit and no inspection (i did had a long term contractor go take a look with me) i can likely get the house for cheaper, it went from 300k to now 224k from last year, so 8 month on market, i could get it for maybe 200k or 210k insteadOriginally i planned to have some minor interior update include few windows, which i am estimating around 3k, but noticing the 3rd floor shingle siding was aging and looks like just matter of time, so i had to replace 2 more exterior siding that need scaffolding, long story short, my repair cost went from 3k to around 8-9kmy dscr loan is 7.625% 30 years, my monthly would be $1577 PITI + water (say $230), compare to my expected rent of $2430, so $623 remaining each monthsome concerns are1. it's flat roof and it's just matter of time for me to replace2. i know this market is always trending, a lot tenants and a lot rentals, so it's competitive but popular, i dont know what to feel about it, i have other rental in the city, just not this specific neighborhood3. since there's so many investor in the area, why no one bought it for the price, it was once lowered to 256k before it go down to 224k. when the market was hot, i think 324k would easily sold, but obviously it didnt as that's what they listed in 2023 summer4. unit was managed by management company, last lease on front unit was from June 2022-June2023 rented for $1700, then they later put for sale for 324kon one hand i think the number works, but on the other hand, i keep have this feeling i wanted to back out of the offer, i think also due to my saving would be down to 20k after closing and all the repairs made, which i normally wanted to have at least 30k in bank, also the extra siding job got me scared a bit, and roof that need to be replaced in futureif i back out now, i am going to be losing 10k + inspection 800, so that's close to 11k lostWhat's your take on this, i would hate to lose 11k without any valid reason and just scared myself out of this deal, but honestly i am having some hard time looking forward to this purchase.
Cory Lader Title Agency In Murrieta, Ca
6 April 2024 | 2 replies
Does anyone have a title company that they'd recommend out that way?
Esther Rivera What to do with a Silent Partner
5 April 2024 | 7 replies
As @Chris Seveney already shared, the easiest option would be to utilize debt to secure the funds for purchasing the property.
Colin Sexton Couple LLC/Corp tax questions
6 April 2024 | 1 reply
Insurance companies have many exclusions and they may not cover everything, but they can help to pay for some of the costs of a lawsuit.Good:Using one LLC for all of your rental properties.
Eric P. Rental Arbitrage - Taxes
5 April 2024 | 8 replies
I know that most people who OWN a property and put it on airbnb claim the income on Schedule E ("passive income"), which avoids having to pay the 15.3% self-employment tax.I'm wondering if those who are practicing rental arbitrage by renting the place that they list on airbnb also claim the income on Schedule E, or if you claim it on Schedule C bc you don't own the place that you're listing on airbnb.Whether you own or rent the property that you list on Airbnb, the activities are the same: acquiring the property, furnishing it, activating utilities, listing it on Airbnb, hiring cleaning services, etc, etc.
John Seitz Basic Fix and Flip Insurance
5 April 2024 | 9 replies
Insurance companies will try their best not to fulfill claims by looking for loopholes. 
Zackery Lucas Central Florida Newbie
6 April 2024 | 8 replies
Looks like you're in great company, your dad may be able to help you avoid some of the typical stumbling blocks that new investors encounter. 
DJ Brooks Sub To Contracts? Anyone Have Any?
6 April 2024 | 11 replies
I may go through a title company that has a lawyer on staff that said he can draft something up.
Anita Ainsworth Public Adjuster in Orlando area
5 April 2024 | 6 replies
Hi I have a property in Orlando with a claim for a new roof that has now been going on with the insurance company for many months.
Vip Anand Rental losses for accidental owner
5 April 2024 | 8 replies
Regarding the $26K in rental losses, if you sell the property without utilizing those losses against other income, they could indeed go unused, resulting in no tax benefit.