All Forum Posts by: Elvin Torres
Elvin Torres has started 12 posts and replied 38 times.
Post: taxes after rinsing and repeating
- Posts 38
- Votes 7
Hi everyone. how do you deal with property taxes after you rinse and repeat several times? meaning you buy a single family home, live in it for one year and then rent it out, and do that same thing several times, since if you move, that residense will no longer be your primary residence, and you can no longer claim property exemption/homestead exemptio? depending on your location, that could be a few hundred dollars a month in extra expenses.
Hi everyone. where do you find most of the forms you may need when dealing with tenants? eviction, notice of late rent, etc. and what are some of the best websites for on line lease signing? Thanks in advance
Hi Gianfranco. I just bought a house and I'm looking for the same thing. Please let me know if you find good people. I will do the same.
Hi Ken, and thanks for the response. When I was connected to realtors using the BP web, they were not investors. They were realtors. When was the last time you used that system?
I may get someone to help me manage it. I have not closed on the house yet, so we will see.
Thank you. I appreciate it.
Quote from @Rick Albert:
Quote from @Elvin Torres:
Thanks for the response. would you involve the same amount of paperwork that you get when you are renting a regular apartment, when you rent out a room? meaning addendums such as lead paint, pet policy, behaviour in the community etc
Absolutely. That's the law. It's not up for debate.
Plus you have to protect yourself. Everything needs to be in writing, including a lease.
Also, in case you are wondering, yes you need to report all rental income on your tax return. I'm not a CPA but that is tax fraud to not report it.
Thanks for the response, Jonathan. Can you elaborate a bit on that? What kind of exposure?
Thanks Drago. I am planning to hold and rent rooms. Perhaps after 2 years, do it all over again. I have to see how this one goes.
Hi Everyone. does anyone knows of a good website/company I could use to provide tennants with the capability to sign the entire lease on line? adendums and all?
Hi everyone. I just signed the purchase agreement for a new single family home., and i want to start building a real estate support/team. I tried to connect with an investor friendly realtor using bigger pockets, but I was not able to connect with someone that was a seasoned investor, as well as a realtor., so i ended up picking someone ramdom from zillow, and did some of the leg work mysel. If you know anyone in the following categories, please pass me down their information. in the jacksonville fl area, i am looking for a realtor that is also an active investor in the area and knows the market, contractors that you had good experiences with, a CPA that has expernece working with investor.