All Forum Posts by: Charles Perkins

Washington law gives tenants the option of paying the security deposit over several months depending on the lease term length.  If the tenant misses a payment the full amount becomes due.  This is an election, but I suspect here we may see this more often.

You can often look online for the county/city zoning map, parcel info, and zoning laws.  

If your cash flow is at break even, then taxable income is likely a loss.  How this loss is treated depends on your participation and other factors.  Passive losses can be carried forward and used in future years.  

It sounds like you should discuss specifics with a knowledge RE tax professional and discuss tax strategies.

This is something l address in my lease.  If I have been given proper notice of move out, then generally I prorate the days past the move out date based on the actual monthly rent that month.  Prorated rent due on the first day of the month.

The whole eviction process can take many months.  You haven't made it clear the length of time so far.  Here in the Seattle area many years ago I thought 3 months was long.  Today getting someone out in 6 months is fast and it can take much longer for professional tenants.

I made the mistake in early years of not assessing the market every year.  Rent can fall behind drastically.  

A percentage or set amount just doesn't work well for me.  I evaluate the market every year especially now that limits are being placed on how much of an increase is allowed in certain areas.  Rents can change a lot in one year.

This is confusing on several accounts.  There are three sisters and they only qualify for a 2 bedroom house, does Section 8 have all three listed?  What happened at the time of inspection, did the inspector not notice 3 bedrooms as opposed to 2?

You have opened yourself up to many problems with section 8.  You may also want to review your lease as well regarding access to the garage.

I invest in Washington.  Real estate investing has not been passive for me, but has proved very lucrative over the long haul.  Initial cash flows were not great but between adding value and appreciation my wife and I have been built a great retirement income and equity.

Everything I have heard about Texas over the years, tells me you live in a gold field.

Real estate investing though is not right for everyone.  

You should record the full rent of $2000 and show and expense/capitalize the $1000 payments on the roof.  The roof might be an expense depending on the specifics of your situation.

I would also get a contract and invoice for the $8000 quote that notes $1000 payments being applied from rent monthly.

I just rented a SFR here in the greater Seattle area. It took a little longer but the rental prices are remaining the same. There are some areas nearby still seeing increases.