All Forum Posts by: April Birdsong

I am a new investor and just had a property inspected today. I have two questions.

1. The plumbing scope found new plumbing in the house but outside the house was rusted cast-iron that the scope was unable to continue going through. Should this be a concern?

2. there was a noted fire in the attic with pictures. I am going to find out more from the seller. The home was apparently purchased by an investor and updated inside the remains of the fire still obvious in the attic. Should this be a concern?

thank you so much for your guidance.

April in Georgia

Thank you everyone for posting

I have just purchased 1st rental, and under contract for my 2nd...Yeahhhh I am very excited. Both in my area. So I am interested in managing them myself in order to learn. But now come the details.

Question #1: I do not want them to pay rent to "My personal name". So, I will need to create an LLC for my real estate rental business. I have read many pros/cons about actually putting my property into the LLC. At the very least, I still need to do my basic LLC for my business even if I don't place properties in there yet correct?

Question #2: Placing property into LLC. The biggest disadvantage is not being able to do a cash our refinance correct? Otherwise, there is more liability protection with it being in the LLC.

Thanks so much for the feedback.  

April in Georgia

 Thanks 

If you want to manage your own property, what do you use for phone alternative to your cell phone?

Thanks 

April

I have my first SFH rental property (1380sq ft) under contract and it needs windows. Has original from 1960. Not standard. I have a quote from Window World for roughly $10,000 includes same size window replacement and sliding glass door as well. Lifetime warranty and transferrable with sell of home. Can finance for 12 months with no interest.

Vs.

Having contractor get standard windows from Lowes and frame around to fit. My entire quote from my contractor for all things done (bathrooms, painting and much more) is around $25,000. So the windows would be much less with this option.

Just not sure if there is advantage in going with first option since I will have renters and any issues with windows are covered under warranty,

Thanks for feedback.

April in Georgia

Hi there

I am new to investing, looking at a SFH for my 1st rental property and trying to understand the tax benefits that are often spoken of on the podcasts.

But, my CPA says that because my AGI is >$100,000, I am not able to deduct rental looses that exceed my rental income.  The losses accrue until I either have a profit to net them against sell of the property (which I am going to buy and hold). 

Also, I will be putting in $30,000-40,000 in upgrades to get it rental ready.  CPA says that will be depreciated over the 27.5 years.

I am trying to understand how this will effect me on a yearly basis. Any insights to help me is most appreciated. 

Thanks so much

April