All Forum Posts by: Bill Briscoe

Jim, I got bank of Oklahoma to give me a deposit only atm card. Can they deposit cash only or checks as well? If they deposit a check how does t get endorsed?

It was not a rehab to flip. It was purchased as a rental needing repairs to make rent ready. Obviously the repairs are capitalized until the rent ready date. But it is not considered inventory. It's a fixed asset. So does that affect whether I deduct or depreciate or amortize closing costs of loan 1?

I bought a rehab with a construction loan. The rehab period lasted 2.5 months and ended 10-8. I refinanced to a 30 year on 10-31. When I bought the property, the Origination Fee and Closing costs were added to the cost basis of the property. Is that correct - meaning they will be depreciated instead of amortized?

Now that I have refi'd, can I deduct any of the Orig/closing costs from July as that loan is no longer in effect?

I bought a rehab with a construction loan. The rehab period lasted 2.5 months and ended 10-8. I refinanced to a 30 year on 10-31. When I bought the property, the Origination Fee and Closing costs were added to the cost basis of the property. Is that correct - meaning they will be depreciated instead of amortized?

I couldn't get past your first paragraph. Your dad makes $720k in profit per year but has only saved $1mm for retirement yet is considering retiring already? If I had a gig like that I'd keep working it until I had a much large sum saved up.

What is "good credit"? I'm not expecting most potential tenants to have an 800 FICO score.

And what exactly do I do with the tax returns? What if she had a bad year last year?

If you know anything about business accounting, you all know it is perfectly possible and legal to show little to no taxable income (though depreciation deductions, section 179 deductions, left over net operating losses from past years, milage deductions far exceeding actual cost of driving, business use of the home(home office), etc, etc, etc) yet have decent cash flow coming in.

We have a rental applicant who owns a day care (not out of her home). Right now she pays $900 in rent on a smaller home out in the sticks - our house is $1200/mo. She is also interested in doing a lease purchase. Her application says she has 2K in checking and over $20K in another account. Not sure if that is savings or is a business acct, but she does seem to have some cash.

However, she thinks she can't get a bank loan right now because she doesn't show enough income on her taxes. I'm not sure if she just deducts everything under the sun and shows no profit, or if she simply doesn't claim all her income, nor do I really care if she avoids taxes. I do want to know if she can make rent on my home. So what is the process and criteria for checking her out since there are no pay stubs to look at?

see below

Seems like someone should fight the tax assessment on a property only worth $1200. Tax on that shouldn't be more than $15-25 a year. And with a homestead exemption, the tax would be 0.