All Forum Posts by: Dustan Marshall

a little more info....

My rental is not in an LLC or anything. so if I can claim that loss, will it go against my personal taxes paid and increase my tax return from my day job?

I am new to RE investing and I am concerned about how to file for 2013. I will be closing on my first rental property Dec 5. 2013. I will be doing around 7000 $ in "repairs" and "improvements" as well as other associated costs. I plan to have it ready to rent by Dec 15. 2013. And have a Tennant around Jan 1.

My question is.... how to file this. I would assume that I should show a loss with no income for 2013.

hello all,

with the potential closing on my first property quickly approaching, I was wondering what tips and tricks you all use to check up on applicants. like websites for criminal history or payment history or credit history. Any info will be greatly appreciated! Including any general info for a first time land lord.

as the closing date approaches I took some time today to create a spread sheet of all my assets. And will update it monthly. This was discussed in one of the books I read. It allows you to track the numbers better from a global view. It is so interesting once it is all on one sheet to see how much of my monthly income goes towards appreciating assets. Just food for thought. I will also be placing my second order for my 99¢ books through amazon.

Thanks for the responses! I have been working to wrap everything up and keeping my finger crossed everything will work out. It is so frustrating to me to deal with banks. I hate asking for money In general but I also hate having to turn over so many personal documents. But it is necessary at this stage i suppose. As always I still have lots to learn. And will continue to do so. And thank you for the insurance info. I will have to look into that!!

realizing that I don't know what I don't know. I have challenged myself to a 99¢ education. I have been and will continue to order books off amazon that are real estate, finance, and business realtes. All materials must be under one dollar. I plan to learn as much as I can. I have a few books down already and am excited to start some others

after viewing a number of properties with my realtor. I began to get a feel for the market and I started to Make a few offers. Yesterday I had my offer on a 2 bed 1 bath accepted. I spent my evening now sorting out the necessary documents for closing. I also am now getting nervous about the new experience of being a landlord. I have the lease agreement and 3 day notice documents I will be using. But I am wondering what time frame do you all use between the missed payment and the 3 day notice? I was also wondering what the nest way to advertise the property? I am nervous about a vacant property due to the possibility of theft. So how do you guys advertise and deal with theft?

walked through potential properties #2 and #3 today. Really liked #2. Ran all the numbers and it would have great cash flow and marginal appreciation. it is in just an okay neighborhood. I think I am going to have to pass on it though because it just is not right for me at this point. The way my loan will be structured (purchase and rehab loan) it would be difficult for me find the necessary licensed contractors to do the work required then wait for 30 for the funds to be released from escrow. This property made me realize that I will need something with more cosmetic work needed rather than major work. If I were an all cash buyer this would be a great property!

#3 was nice to see but everything about the house needed work. It was just down the street from #2 and it costs more.... I will pass.

I am new to RE investing. I have wanted to do it for years and I was never able to, until I decided that I needed to start somewhere and just make it work because there is never a "perfect time".

About me: I have a good job and already have a primary residence. I am prequalified for a purchase and rehab loan through a local bank. I want to spend between 40 and 50k to purchase and rehab. In neighborhoods that usually run 80-90k. I want to buy and hold properties. I have read a few books spent hours on BP and listened to every podcast. I still have a lot to learn and I lo g road ahead but I am excited none the less.

To date: I have my financing in order and I have been working with a local realtor. I looked at my first house today. Great deal on paper. But I just don't think it matches my long term goals. So I think I will pass for now. I have out together a business plan. My long term goals as well as a mission statement that will keep me on track.

I hope to keep this thread updated as I continue my journey to my first rental......