All Forum Posts by: Duane Hundley

I’m purchasing another property and most of my current properties are with people I know. I hadn’t managed a tenant that I don’t know in a while. I’m located in VA, if someone could give me any must dos? Requirements that I must do on my part? Also any websites to checkout and where I could get a lease printed for my area? I’m getting a tenant that’s already in place and that’s been at the property since 2010. Thanks!! I

I paid the pmi in full for that tax year.

So I'll have to pay part of this and adjust 2016 since I didn't claim this at all. Do you think the tax preparer should be liable?

I purchased a house and closed in 2015 of July. I choose to pay my pmi up front in full at closing. It's listed on my hud statement and was $4,820. I filed my 2015 tax return and showed my tax preparer I prepaid the pmi. Well today I got a letter from the IRS saying they didn't show record of that and added the $4820 to my taxable income. So after research I know I'm able to claim this on my taxes but most places say it as to be broken down over an 84 month period. I think that applies to monthly pmi or does it matter? My next question is if it's suppose to be broken down over 84 months and the tax preparer didn't do there job correctly who should pay the $1200 taxes due plus the $74 interest charge? If the 84 months is correct I missed a deduction for my 2016 return and will need her to amend them also. Thanks

A property just listed in a area I'm very familiar with and I have one property already about 2 mins away. The numbers on the property are:

•Asking $33k

•3Br 1 1/2 bath brick 

Full unfinished basement 

Carport 

•Loan numbers 

Purchase price $25k

Repairs estimated $3k

$416 a month 5% interest using 401k loan 60 month term ( I could possibly get financing and get a 10 year loan)

•Property Numbers 

Rent $750

Management $90 month

Taxes & insurance $70 month 

$174 profit not counting capx so net around $100-$120 a month

Thanks,

Duane 

Anyone have any recommendations for getting a loan of about $30k for an investment property in the Lynchburg VA area or surrounding?

Thinking about selling out 3100sq house and buying a duplex. Would save about $1,120 a month in payment compared to our current home. I also would make over $13k in the sell of our current mortgage, plus the down payment back we paid. 

The numbers on the duplex are 

Asking $169,900

Rented both sides $675x2

Built 2004

Water $65x2 a month owner pays (of course I would change that and one water bill would be ours. 

What are your thoughts? We plan to stay 1-3 years and save a big downpayment for our next home. 

I've found a duplex for sale that's rented on both sides and I think the rents are about $750 each side. The asking price is $169,900, we're thinking about house hacking and living in one side and rent the other side out, by doing so it would break even.

We currently have a large home, but not sure if we should sell it and make any where from $10k-$20k at closing, or rent it out also. It would rent from around $1,500 a month and make around $100 after all expenses. We would be saving our current mortgage payment either way.

We plan to live in the duplex for 1-3 years and either move back into our old home, keep renting the old home or sell it, and just purchase another property as a primary. Then rent out both sides of the duplex and make around $700 a month.

Hopefully this makes senses please ask any questions, state what you would do, and why?

Thanks,

Duane

I've found a duplex for sale that's rented on both sides and I think the rents are about $750 each side. The asking price is $169,900, we're thinking about house hacking and living in one side and rent the other side out, by doing so it would break even. 

We currently have a large home, but not sure if we should sell it and make any where from $10k-$20k at closing, or rent it out also. It would rent from around $1,500 a month and make around $100 after all expenses.  We would be saving our current mortgage payment either way.

We plan to live in the duplex for 1-3 years and either move back into our old home, keep renting the old home or sell it, and just purchase another property as a primary. Then rent out both sides of the duplex and make around $700 a month.

Hopefully this makes senses please ask any questions, state what you would do, and why?

Thanks,

Duane

awesome! I'll have cash to pay off the property in 6 months.