All Forum Posts by: Derek Smith

I know that you may deduct mortgage interest paid back to a loan, so I'm curious to know is the interest paid back 100% deductible or only a portion?

thanks for the post! I plan on completing the RSVP tonight!

I've heard of increasing the deposit, as Jeremy has mentioned. At the same time, I've also pondered the same question as Naveen.

In my research there seems to be not much information about the subject, yet I did manage to find something about it. It boils down to you MAY charge more each month, but you MUST provide the tenant with the agency/address who reported the negative info.

The article I found may be viewed here:

http://www.nolo.com/legal-encyclopedia/how-landlords-can-check-tenant-s-credit-report.html

For my own personal clarification, from what I'm understanding is this...regardless if I own or have started a business (SP or LLC etc.) I may track my expenses for deduction. However, unless I purchase a property I may not actually deduct them on my taxes.

Did I read this correctly?

@Brandon Krieg

Yes, I am referring to the Detroit House Auction. I personally do not plan on purchasing through the auction, main reason I am no longer a resident.

Just curious if anyone is planning on doing so.

Brandon, I also see you were in K-zoo/GR area before moving to the west side, I grew up in Battle Creek, practically neighbors!

This is simply my two cent...

Detroit is a great rental market currently. Although, I haven't lived in Michigan for 10+ years, if you're willing to buy a property and put some TLC into it, the rental rates seem to be on the rise due to how badly the city was hit.

One thing to consider in this market, some properties may be subject to sale ONLY if you're a Michigan resident. However, from what I've read, this applies to the SFH being placed up on auction (BuildingDetroit.org)

@Bill Exeter thank you!

As a side question, must you fill out documentation that you're completing a 1031 exchange?

Just curious if anyone from Michigan has signed up for the vacant property auction.

@Rick H. Thanks for the suggestion. As I continue to mull over the possible scenarios of writing the letter I will take that into deep consideration.

Primarily I choose more of a "me" route is based off what I know about my audience.

What I know is she is an elderly with high probability of children, not currently married; possibly widowed, so. I am looking to relate to her on a personal level. More than likely experienced this exact phase in her life. Building a rapport through shared experiences can be a powerful motivator (or so we hope given we do not know her full story).

Finally, perhaps the answer to the question of, "What can Derek do for me?" Is buying this lonely home from her so she can stop bleeding out money. Maybe? Lol.