All Forum Posts by: Mike Hoefling

You may need to buy your primary residence first then buy another multi. That's what I ended up doing. You could contact @Ann Bellamywho does private lending.

@Logan Allec

Thank you for all the information! This has been a big help since I know little about taxes.

I think this year may be time to visit with an Accountant.

@Logan Allec

Is there another method to use other than straight line and DDB?

@Devlin Harding

You can use an IRA or 401k for reserves.

You can buy another primary residence w/5% down payment.

Mike

Thank you all for the information, I wanted to check to see if depreciating the building could be done faster which I wasn't sure but 27.5 yrs it is!

As I am getting ready to do my taxes this year I started thinking about the depreciation for my rental property. I know the standard is to depreciate the rental property over 27.5 years but since I don't plan on owning my property that long as I might sell and buy another building would it make more sense to accelerate the depreciation over 10 or 15 years.

Whats the thought process on this?

Thanks,

@Jay Hassey

I am a realtor in Worcester County and own my own rentals as well.

I would be happy to help with you with any questions you have.

Mike

@Amol Ra

Those are very nice areas, have you considered multi family investing or are you thinking of investing in single families and townhouses?

Mike

@Dan Smith

I would suggest contacting an attorney for advice on the eviction, a 30 day notice is usually not enough to get a tenant out in Massachusetts. My last eviction took 6 months+, I was lucky enough that my tenant paid the rent even though he paid it to the court and I had to go to court to collect it. From what you have said this tenant may know a little bit about his rights and if he does then likely he will make you file a summary process and make further delays.

@Dan Smith

That is a pretty step rent increase from $850 to $1200. When I raise the rent I do it in smaller increments such as $50 or sometimes $100. If you mortgage company raised your mortgage $400 bucks per month wouldn't you be pissed? Either way you can try to serve them the rent increase letter through a constable and see how that goes but that just delays the eviction process. What if you talked to them about raising the rent only to $1000? Would they consider that?

The sense I get is they don't want to pay more than $850 and they are not going to. This may end up in an eviction. 

Just some thoughts and my 2 cents

Mike