All Forum Posts by: Account Closed

Be very careful! As Jon Holdman mentioned above, you may need a license to provide this type of service (in most states). If you did it for yourself it wouldn't be a problem. But because you are doing it for somebody else, you need to follow your state's rules.

Charles Morgan

I am also in El Paso, TX and I agree, the taxes are absolutely ridiculous! I saw the number the OP posted and almost fell out of my chair compared to what we pay down here! But, like you said, no state income tax. One way or another though, they get their money.

Izzac

By the way, I know the name of a great home inspection company up there. Let me know if you want their details. Good luck!

Frank Gucciardo

Welcome to the forum. Glad to see some action going on in the Hudson Valley. I lived in Poughkeepsie for 8 years and have many friends that live over in Highland, Marlborough, and throughout the HV. I wish you luck in all your deals.

Izzac

I'm working on completing Schedule C for a rental property I purchased last year. Unfortunately, I'm stuck on one very minor detail. Publication 551 clearly states on page 2 that the cost of owner's title insurance must be included in the basis of the property. It does not state how the lender's title insurance policy should be treated?

Does anybody know if the lender's title insurance policy is an expensable item or must it be amortized over the life of the loan?

Thank you in advance

Izzac

Elliot,
I have to be honest, I am a little surprised to hear a 1700sqft house is renting for $1800. I have an idea of the area you are talking about and it just seems high to me. Do you know if there is anything special with this house or the area around it?

My primary focus area is just west of the area you are focusing on (assuming my assumption is correct) and I would say the average rents are between $1k and $1.5k for a similar sized house.

As Will Barnard mentioned, my primary concern would be the sustainability of the rent levels. I drive around my primary focus area almost on a daily basis and I am seeing more and more for rent signs going up each day. I would definitely recommend you get in touch with a Realtor who knows the area to get a proper rent analysis.

PS: I'm also a little leery of the construction quality of some of those new homes. Just my opinion.

Izzac

In this case, that cheap light switch saved my butt! Thank you cheap Chinese craftsmanship! :)

Tenant called me on Saturday saying the bathroom light wasn't turning on. Went on Sunday to check it out. Turns out it was a bad light switch.. YES, A BAD LIGHT SWITCH! How often does that happen?!? Anyway, on my way out of the house, I decided to take a quick peek at the water heater and furnace. Looked underneath water heater and saw a pool of water. OH CRAP! Long story short, plumber installed a new water heater today and said the whole thing was about to go! PHHHEEWWW!!!!!!!!

Lessons learned: Don't neglect water heater maintenance. And always check your systems every chance you get.

Is this microphone on?

Did you pay the gas bill? ...Do you realize what you've done!!