All Forum Posts by: Account Closed

I would not sell it. I would keep it and hold it for longer term

It definitely clear my earlier confusion. Thank you again! :)

Just read the interest tracing rules again. It makes more sense to use schedule C. Thanks a lot for everyone big help! :)

Brendan Harrison , All you need to do is, on the purchase contact addendum, add the following term: 1. Buyer represent himself to purchase this property without a buyer agent. It saves the seller 3% commission. Seller (or listing agent) credit 3% of the sale price to buyer at close of escrow. This way, even the seller pay the listing agent 6%, the listing agent can credit the 3% out of the 6% commission to you. It simplifies a lot of work. I have done it many times. Either the seller or the listing agent always credits the 3% of the sale price to me at close of escrow.

Christopher Smith , thanks a lot for the information IRS 163. I look it up. Since I use all the portfolio loan plus my additional cash to purchase more rental properties, per IRS 163, looks like I will report the portfolio investment loan interest expenses on form 4952? Thank you

@Brenden Harrision, How familiar are you with the whole buying process and the purchase agreement? If you are not familiar with the buying process or the purchase agreement, then it would be better to have a buyer agent, or have the listing agent be your agent to help you through this transaction, and forget about saving the 3% commission. However, if you understand the whole buying process, able to fill out the purchase agreement yourself without the help of anybody, I can show you how to ask for the 3% commission credit toward to you. PM me if you need help. I have done it many times, saving the 3% commission credit to myself without using a buyer agent.

I heard that North Las Vegas, northeast Las Vegas and East Las Vegas are the higher crimes areas, so I avoid these areas. Henderson and Summerlin are the best and most expensive areas. Many people choose southwest areas because the price are cheaper than Henderson and Summerlin, Southwest areas are ok, but not as good as Henderson and Summerlin.

Hi, 

My 7 property are under the same LLC (single-member LLC, 100% ownership).

Therefore, I will report the LLC under my personal tax return.

I have a commerical portfolio loan of 7 rental properties.  

One single loan on 7 condo.  

The 7 properties income and expenses are report in schedule E.  

Which form do I report the commercial loan deductible interest?

Schedule E or Schedule C?

It would be hard to report it on schedule E, because one big loan interest on 7 properties.  I cannot divide the total interest by 7 properties.  

But if I report it in schedule C, it looks a bit strange to me. 

95% of the 7 properties income and expenses are report on schedule E.

The only two fields in schedule C would be the business license fee and commercial loan deductible interest, without any rental income.  

(All rental income are report in schedule E.)

Is it a little bit rare?

Thanks alot for your help!

In Nevada, there is no limit for the owner to manage their own properties. However, the owner must live within 60 miles of the rental properties; otherwise, a property manager lives within 60 miles of the rental properties is required. All states have different laws

Before I become a landlord, I have the same thought like you, want to rent it to college students. After I become a landlord for a few years, my mind is changed, I do not want to buy properties close to the college anymore, because my mindset is the same as @Alex Deacon now. My focus tenants are not college students anymore now.