All Forum Posts by: Alexis Zion

Hi All

My Central Boiler in my 8 unit building died March 2014

I had a central boiler and converted all the units to individual forced air units in each apartment (they now control their own heat and pay their own gas bill)

How do I deduct this $30000 ($3750 each unit) purchase this year.

Or How do I deduct the majority of the purchase this year.   

I really don't want to wait for the 20 year deprecation.  

Thanks

Hi 

All can anyone help us with the setup of Quick Books? We are just trying to figure the following

#1  What is the best way to create an profile for each building?

#2  What do we call each unit (tenant)  once we set up the company?

Thanks in advance 

Hi All

My lender does not want me to put the property into an LLC until after the closing, cause its a residential property (4 units). But the Title company tells me that I can't put the property into the LLC until the papers are filed with the Milwaukee County office which takes between 30-60 days to file.

What do I do to get protection during the Limbo time ?  People fall.  People Sue..I don't want to get sued ...Things happen.  I would like to keep protected.  Please help

I am trying to figure out which is better to use for a property I am looking to get out of my name into my LLC...a quit claim deed vs grant deed

Please let me know what you think

Hey Folks

One of my tenants who has paid regularly for the past 4 months suddenly did not pay.  Is it best to serve him a 5 day notice or is there a better notice to give.  

We called and he says he is waiting for is disability to come.  But Last week he said the payment was going to be this week...Blah Blah Blah

What do you guys recommend ?  

You guys are awesome!  I appreciate all of the advice.  

After reading the advice about not buying another property,  I have been conflicted because of what Robert Kiyosaki said through his writings.  He said something to the effect, "Never say you don't have any money"  On one side I am listening to what he said, on the other I would like to figure out how not to take on any more debt, and then on another I want to get beyond 15 doors I have, and get to my goal of 100.  Any thoughts?

Thanks for the direct advice

Lets say I get my credit limits down to 30% or under.  How long does it take to see a change in my credit score?

Also does it work the same way as the HELOC ?

Thanks in advance 

Guys 

Should I focus on the pay down of my Heloc or the credit cards?

Credit cards are at 0% till June 2015 

Heloc is 4.5%

Please tell me your thoughts ...Thanks

Hey folks.  

 I had an emergency repair at one of my buildings (boiler died in winter) that I had to put on my credit cards.  I put a total of $30,000 on my cc for individual furnaces in each of the 8 units. I had a credit score of 750, now my score is 685...that is a crazy drop  What should I do to get it corrected?

I want to buy more properties and I am nervous the bank will say no

Hi All 

I think I have a simple questions 

To get Seller Finance does the owner have to own the building out right?

Or said another way to get Seller Finance / Owner Finance can the seller have a mortgage on the multi-unit building ?   

Thanks in advance