All Forum Posts by: Denise B.

My understanding is that only the property taxes that you deduct on your personal home would be impacted.  The property taxes related to your rental properties are a business expense on Schedule E and not itemized deductions.   I'm not an accountant but that's how I'm reading it. 

@Mindy Jensen and @Marian Smith - thanks for your responses!

It definitely is weird.   I think you're right Marian - that she was trying to figure out if they would approve her for electric service.  I asked the electric company to flag my address to notify me of any attempted name changes.

I'm in the process of trying to fill an open unit.  One prospective applicant seemed great in person - very friendly, polite, punctual, gainfully employed, etc.  She said she had 'average' credit.  When I ran her credit, it was a disaster.  Low score, accounts in collection and a recently repossessed car.  I sent her a denial letter.  Well, I just received a letter addressed to her at the rental unit's address from the electric utility.  She applied for service at that address and was declined an account (she owed them over $6K).  Why would she apply for electric service when I denied her application?  I'm worried there's a scam in the making here.  Any thoughts?

If my offer was fair, my response often is 'That was my best offer'.  

My husband bought a rental property in his name only and we now have an approved applicant ready to sign a lease. I did the tenant screening and will be the main point of contact for the tenant i.e. serve as the property manager. Should my name be on the lease or should the lease list my husband as the landlord even though he intends to have little to no contact with the tenant? If he goes on the lease as the landlord, I'm concerned it will undermine my position with tenants.
Thanks in advance for your help!
Denise

Hi Bill,
4.5% is good, assuming no points. I just closed (6/18) on a duplex (non-owner occupied) with 25% down and got 4.125% with 1 pt for 30 year fixed. I think anything under 5% is pretty cheap money in the long term!

Not sure if you've heard about the recall on Flushmate...

http://online.wsj.com/article/SB10001424052702304765304577480450904272714.html

Thanks Bill and Steve.

Steve - this was my suggestion to the mortgage broker as well. He indicated that we were too late in the process to do that since the deposit was required within a certain time period from the signing of the P&S. Since it's apparent from the documentation that he has access to enough funds to cover the cash needed for closing including the deposit, it just doesn't make sense to me that this is an issue.

I'm wondering if I could just add my husband to the checking account to make it a joint account and thus joint funds. The timing might be a problem again but I'll run it by the mortgage broker.

Hi!
My husband put a duplex under contract for $225K. He wants to finance 75% and submitted the mortgage application with all requested documentation. He has strong W-2 income, excellent credit, a bank statement showing $108K in cash and only a $106K mortgage liability (held jointly with me on our primary residence).

The underwriters are holding up approval of the mortgage because the $10K EM deposit was a check written off a bank account in my name only. They are saying that it constitutes a gift which is not allowed for investors. They want my name added to the deed and mortgage note to get around this. This was a dumb mistake on my part but who knew it would cause such a problem. I'm not sure how they even got a copy of the check. I'd prefer to keep the property titled in only his name for liability reasons. Has anyone else encountered this issue? Any other suggestions?

Hi,
I'm in PA also - Lehigh Valley area (Bethlehem-Easton) and just raised rents on both sides of a duplex I own in Easton. Increase was about 2% ($25) and both units are townhouse style with 3BR/1.5BA ~1300 sq ft.

Hope this helps!