All Forum Posts by: Anna Watkins

I'd throw my advice in with the folks who suggest tailoring your list, significantly.  I get all kinds of this mail, from the friendly to the "last chance!" once (last chance I'll hear from you?  Cool!).  My properties are deeded to a trust (for estate planning), so even my own residence gets these cards (the mailer clearly isn't checking the list for address/owner address match).  Invest some time along with your money to drive around, check out the addresses yourself, and flag properties that look more likely than others.  If the addressee is "living trust," maybe not so likely, as that could be a person who's on top of their financial matters (especially if the deed switch is only a few years ago).

Customize your list as much as possible -- add and delete properties based on your own research. As others have said, there are a LOT of people sending to the same purchased lists these days.

Good luck

Hey @Kevin Polite -- I've noticed that you're getting rents on the high end for the neighborhood.  How would you describe your renovation levels?  Granite countertops and the like?  I think my houses are nice, but very basic (refinished hardwood floors, central heat & air, white appliances, sometimes but not always new fixtures, laminate counters), and my rents edge just above average.

@Kevin Polite -- Cool.  Postlets/Zillow is pretty much all I use now too.  I still put the ads on Craigslist but might not the next time around.  In 13 years I've never once put a sign in the yard!

@Shiri Manor Nisenbaum - Yay!  I'm glad the new PM was able to rent the house for you! She's been great as a buyer's agent for me.  @Kevin Polite - how do you market your 30032 rentals?  All mine are rented to good tenants (residents :-), but eventually I'll be advertising again.

Thanks @Brandon Hall and @Steven Hamilton II.  I'd be interested to read the cases you mentioned, Brandon (I'm a geek like that) -- and whether it pertains to primary residence as well as investment holdings.  As for the details, who knows what else I'll be doing if I ever get around to the fixing and/or selling?  It's only a "maybe someday" idea, but it's always good to know all the implications of various options ahead of time.

I am a small-time landlord with 6 SFH rentals, all of which were purchased to be rentals (retirement income - I spend an inordinate time worrying about retirement lately) and all have been rented since purchase. I was reading Amanda Han's Book on Tax Strategies, and was surprised to read (on p. 104) that "Fix-and-flip properties are not generally eligible for long-term capital gains tax rates, regardless of how long you own the property before selling it."

I've looked through the capital gains threads in this forum (thanks @J Scott, Brandon Hall and others), and am still not sure of the answer to my particular concern. I've sort of been thinking that I might do a big renovation in a few years on the property I've had longest (nearly 15 years) -- it's the smallest house with the lowest rent, in the most rapidly appreciating neighborhood -- and then sell it.  Or I might not.  Surely having considered a flip as a possible exit strategy doesn't negate the intent to buy-and-hold.  Or does it? (if so, I totally blame BP for the idea!)

My questions are: 

1) Does a big fix for the retail market automatically put profits into the "ordinary income" flip category?  

2) What if I've moved into in this house as my primary residence for 2 years (kids will both be in college) before the renovation and sale? Does that change things?

3) What if I do a big fix on my own personal residence (treat it like a luxury flip) prior to selling?  It's another long-term hold (20+ years) in a super hot neighborhood -- can I rent it for a year, renovate & sell and still be taxed as gains on a personal residence and not the ordinary income flip rate?

I'm going to try to make it. Sounds like a great topic.

Nick -- go for it already.  Anything with teeth (including me) can be aggressive and dangerous in a provoking situation.  And the doggie-care folks also say this one is ok, correct, and it seemed good to you? Makes sense that a single woman willing to rent in your neighborhood might want a big-booty dog in the house :-)

A dog is only as good or bad as the tenant -- if she passes all the screening tests (including the "gut reaction" test), then you're stuck on trying to do everything perfectly according to the Gods of BP and stalling on making a decision.  

I always leave the door open for pets.  I figure that's a "competitive advantage" against apartment complexes and other options, and so far so good. It doesn't sound like your insurance is going to be a problem. In the past year I lowered the pet deposit and added the $25 pet rent (which stays in my pocket), and nobody blinks.

My lease also includes a clause that if puppy or kitty is a problem, puppy or kitty has to go.  I go over everything in the lease (and explain that it documents not only my expectations of them, but my promises as a landlord).  If you've gotten a good tenant in the first place, they'll appreciate the honesty and everything in writing, and the pets will be handled accordingly.  

Reggie the Plumber, out of Pine Lake.  http://www.reggietheplumber.net/

They've done right by me in several rentals and my own home.

School's out!  I'll try to make this one.