All Forum Posts by: Andy R.

Hi BP,

I have a rental property that has about 60% equity. About 3 months ago a representative (Supreme Lending) mentioned that a rental property has to have at least 75% equity to remove the PMI. Recently I spoke to a different representative and she mentioned that an alert popped up on the screen that read that Fannie Mae is not allowing PMI be removed from rental properties.

Has something changed that PMI is no longer able to removed from rental properties?

Thank you in advanced,

Andy

Hi BP, 

I have a rental property that has about 60% equity. About 3 months ago a representative (Supreme Lending) mentioned that a rental property has to have at least 75% equity to remove the PMI. Recently I spoke to a different representative and she mentioned that an alert popped up on the screen that read that Fannie Mae is not allowing PMI be removed from rental properties.

Has something changed that PMI is no longer able to removed from rental properties?

Thank you in advanced,

Andy

Thank you, @Christopher Smith.

Hi, BP

How do we deduct a new laptop on the Schedule E form?

As you may know, each property has a separate column where we can deduct the property's expenses like: Mortgage Interest paid, Taxes and Repairs.

Under what expense would we deduct the cost of a new laptop? Supplies?

Also, since the laptop is being used to service and manage all the properties, under what column/property do we put it in?

Thank you,

Andy

Hi, BP
How do we deduct a new laptop on the Schedule E form? 

As you may know, each property has a separate column where we can deduct the property's expenses like: Mortgage Interest paid, Taxes and Repairs.

Under what expense would we deduct the cost of a new laptop? Supplies? 

Also, since the laptop is being used to service and manage all the properties, under what column/property do we put it in?

Thank you, 

Andy

@Greg Scott and @Logan Allec Thank you both for your input!

Thank you @Carl Fischer for the actionable advice. I'll be putting together a document. 

Hello all,

I’m in the process of doing taxes and my CPA is suggesting I split my income and expenses 50/50.

I have a mortgage on a property with a relative (to help me qualify for the mortgage) and my relative is also on the deed; so we’re 50/50 on the loan and deed. 

My relative understands that I receive all of the income and pay all of the expenses on the property.

On my taxes last year I claimed all of the income on the property and all of the expenses.

This year the CPA says that the income and expenses on my taxes should be 50% since that’s the ownership stake with my relative; and that my relative should show 50% of the income and expenses on the return.

What’s your take on this? 

Should I continue to report 100% of the income and expenses under my name? 

Thanks 

Andy

Ordered through Biggerpockets.com. Bonus material goes automatically to email inbox!

Thanks @Lawrence L.!

@Carl Harris Jr Try connecting with lenders in the St. Louis market and go over the numbers of the deals and your combined household income to see if you would qualify for all 4 conventional loans. You may qualify for only some and could wholesale what you don't qualify for.