All Forum Posts by: Bill B.

I don’t know anything about them but www.fig.us is listing 12 and 20 plex projects in meridian half way between Boise and Nampa that they want you to believe will produce 6.5%.  I had just happened to have gotten an email from them a couple days ago when I saw your post about Boise. GL

-B

@Allen S.

Hey Allen, quick question. 

What’s the point of paying for a cost segregation so you can depreciate faster if you are already at an income that doesn’t allow you to deduct the real estate losses? (You wrote that you can’t wrote off your property’s losses on your taxes in your post.) Paying to get more losses you can’t use doesn’t seem to make too much sense. Especially on a $200k (including undepreciable land I assume.) property. 

Ps. I just re-read your post and you said it’s worth $200k, which of course doesn’t matter for depreciation or segregation. All that matters if what you paid for the building. 

Pps. If you were simply planning for future purchases (although you mentioned you didn’t plan to own the current rental for 27 years which is why I assume you were talking about it.) ignore everything I typed above and good luck. But I wouldn’t look too far in to segregation until you get to at least $500k worth of buildings not including land. 

I’m sure quick books is stronger, especially if you have an accounting background or your cpa will import your numbers directly. But with just 12 properties quicken works perfectly for almost nothing and no yearly charges. It directly downloads all charges on credit cards, deposits and checks from checking. At the end of the year I print a report and go over it and then hand to cpa rather than directly sending digital file to my CPA who may not notice an out of whack or missing expense. 

There are companies like fig.us building new small multi (4-20 units) in Idaho, Utah and Texas. I’d love to move up to small multi but in Vegas they are the least attractive properties. I certainly have some properties I wouldn’t mind exchanging as well but with nothing to buy and cash coming in monthly there’s just no fire to get started. 

@Brandon Phillips

Airbnb is illegal in much of the vegas valley and very heavy regulated in the rest with minimum distances, licenses and such. If your plan is STR do a lot of research first.

I love my vets rental properties but they are all multiple year tenants. 

@Justin Ignacio

Look around a little at that price range. For $260-265k there are 2000sf 4 bed/2baths in that nice complex behind Lowes at Craig and jones. 30% larger and twice the bedrooms in gated community for $10-$15k more. (Less once you get your third bedroom.)

Almost anything north of Ann should work, and If you go east to NLV you have almost unlimited choices. 

Yes. That’s a huge discount in Las Vegas for cash (16%) . These days 5% would be closer to the norm for a non-distressed property. With a good inspection, an appraisal, and title insurance you SHOULD be protected. (Assuming the biggest reason for a a larger than average cash discount would be fear it won’t appraise, maybe a title problem or less likely, a problem with the property.)

Having $250k laying around is a good problem to have  is that the only neighborhood you’re looking at?

GL and keep us informed on your progress  

@Justin Ignacio

@Justin Ignacio

If you’ve owned your current house for 3 years you should be sitting on 40% appreciation. Now, and for the next 3 years that’s tax free. Rent it out for 3 years and a day and you’re paying tax on that money. 

Personally I’d never buy a 2 bedroom unless you got plans and costs locked down on 3rd bedroom. $250k doesn’t seem like a steal for a 2 bedroom but as Casey mentioned if it’s ‘WORTH” $300k who knows. Personal friend selling it to you for $50k off? Relative? If the numbers are right maybe just flip it for the $30k profit and stay put. 

@Max Petrov

Max, insurance will cover the roof if a tree falls through it. If it wears out after 20 years it will not. 

Same with ac/plumbing/heat/foundation/driveway. If a storm destroys it you’re covered. If it wears out or fails or dies after 5-10-20 years it’s 100% on your dime. 

There are “home warranty” options for mechanicals and some pipes but usually not for roof/concrete/foundation items. But many of these are scams. They’ll wait you out for an AC part in the middle of the summer is ship in 7-10 days or the reverse for heat in the winter. 

Generic 2400sf house with pool (3 pumps) and electric car my 3-4 summer bills (June-Sept.) can hit $200/mo electric. Last month was $60. (Time of use billing.) Everything else (Gas/water/sewer/garbage/recycling) combined is much less than $100/mo.

Property taxes on $425,000 house about $1900/year.

No income tax, no snow, nothing an average person would call traffic. Car tabs are higher than average as is gasoline but not insane. Lots of restaurants/shows and entertainment. Cheap flights to almost anywhere. 

Its not a bad life.