All Forum Posts by: Danielle Jackson

@Chad Hale is right. Home warranty programs will come up with a million different "contract reasons" not to cover it. 

You can usually see which state they are registered/licensed in on their website. Here is a site that can be helpful - not a complete list but a good start and you can search by state: 

Private Loans - By State | PrivateLenders.com

 As Greg said, hard to adjust a historical tax event. Given this was the first year of the impacts of the $60k loan, I would absolutely work to identify any potential tax benefits or structure for 2022. 

What an unfortunate situation, especially when it comes to the family dynamic. With that said, I'm not a tax professional, but this is CERTAINLY something I would be running by my CPA.

How do you hold title? Did you have a formal agreement/entity re: how business income on the rental property is to be allocated? I would be asking my CPA if I could classify this as business expense against your income for the property. Also, I don't believe they can take $120k for a buyout and not be reporting it as income....so not tax free, although certainly not the same as the penalty for your 401k withdrawal. 

Lenders or brokers are getting paid one way or another.

If it’s not an up front origination point or points, then they will charge it on the back end ie your rate. 

It should come down to the numbers, also taking into consideration closing costs/fees when selling. 

Have you done research into your local market to identify what market rents are? There are a ton of great tools here on BP to help you analyze your deal. 

Is the year over year increase from property taxes? 

Given the circumstances, perhaps John's approach would be the best solution for multiple reasons. You will also have first-hand knowledge of the process/turn for each rental and if you decide you want to try a different property management company, then you will be able to provide clearer direction on expectations with the next rental company. 

You may also realize that it is something you can easily handle and save yourself the PM expense.

Hi Ian. I recently moved to AZ, but have lived (born and raised) in the Portland/Vancouver area, and that is where my first SFR rentals were, and one still is. Happy to connect and share any insights.

I would suggest posting within social media groups focused on renting in Tampa. Facebook groups are really popular right now. Make sure you have your ducks in a row i.e. rental agreement, researched and identified local market rent, tenant screening service, learn all local landlord/tenant laws, etc. 

Do all your homework up front if you are going to self-manage. Much less painful than the headache of not having the necessary systems in place. 

Agree with the advice on investing in markets relative to the strategy you are choosing...and of course your budget. Just considering markets, if it is a buy/hold in a SFR or small MF, then the west valley still has some good values and achieving good rent rates. I recommend looking in Buckeye and Goodyear. If you are looking at STR I would take a look at some of the cities up north such as Prescott, Cottonwood....still good values but won't be as expensive as Sedona or even Flagstaff. Good luck!