All Forum Posts by: Ammar Khan

Quote from @Ty Coutts:

Document Standby Time: Clearly note the hours you are on standby for emergencies, but also separate it from active tasks.

Hi Ty,

Thank you again for the information.

Do you think standby time will count towards material participation?

Do you know if the IRS has provided any guidance, or had any rulings, in this regard?

Because in reality, by not hiring a property manager, and committing to doing the easier things myself--like unclogging a toilet / shower drain, fixing a light bulb, pest control, calling a plumber--I am committing to be on standby for many hours, which is a sacrifice of peace of mind / being able to leave town or take vacations--and I would like to know if it's worth it.

Quote from @Adam Bartomeo:

Oh boy... I think that you are more than STRETCHING the truth here... I work 80 a week in real estate which far exceeds most people and you want to claim that you work in real estate 16-24 hr a day???

I am all about using the tax code to your advantage but flat-out LYING about being a professional is unethical, immoral, and WRONG!

 Hi Adam,

The reason I opened a biggerpockets account and then asked this question is so that I don't do anything "unehtical, immoral, and WRONG".  That's why I am here, to ask a question and to learn.  Please notice how in my original post, I posed questions.  I did not say: "This is what I do every year..."

Do you currently manage any properties during your 80 hrs/week?

Hi Ty,

Thank you very much for your response.

The notion of "keeping detailed records of your time spent" has befuddled me up to this point.  I have started doing it, but I'm not sure if I'm doing it correctly.  

For example, is this sufficient?:

Monday, 7/1/24

7 AM - 11 PM

-Monitored security cameras throughout the day.

-Checked mail and delivered to tenants, as necessary

-responded to tenant question regarding parking

-remained on standby all day for tenant needs/emergencies

Or is something like this necessary?:

Monday, 7/1/24

7AM-7:30AM - Monitored security cameras

1:30PM-2:15PM - Responded to tenant question regarding parking

3:00PM-3:30PM - Monitored security cameras

4PM -4:15PM - Checked mail and delivered to tenants, as necessary

7PM-7:30PM - Monitored security cameras

10:30PM-11PM - Monitored security cameras

7AM-11PM - remained on standby all day for tenant needs/emergencies

Further clarification on this will be greatly appreciated.

Hey everyone,

I've been learning about attaining the real estate professional status (REPS).

From what I understand, if I own the property, and if I self manage it, then I should just about automatically qualify for REPS.  Is this correct?

Also, if I am self managing, can I log 16-24 hours per day if I am doing things like monitoring security cameras throughout the day, receiving and delivering renter's mail, responding to whatever needs/concerns renters may have, etc., and if I am available to my renters after hours / through the night?

(I also do all of the advertising, tours/viewings, communications resulting from the advertising, but once all of the rooms are rented, and I am purely managing, how are property managing hours discerned, I suppose that's my question here.)