All Forum Posts by: Jake Holmes

Sorry for the delay in a response. Yes I own the property free and clear. I would rather not sell the property as it has an amazing view is across the street from national forest and I fell the income potential out weighs the sell value.

As far as the donation, I would in theory get a tax write off as they are titled much like a car is.

When the house was in decent condition,(2003ish) i got $650 pr mo if im not mistaken

I would have to do an almost complete rehab on it to get it in livable condition, New siding, roof, Ceilings, carpet, doors, back porch and patch alot of holes in walls.

@Bill S. While I dont know for sure that they would burn it, it is in between 2 fire jurisdictions, one being a 50/50 department (half paid and half volunteers) and the other is completely volunteer and I dont see them turning down the chance to burn a building for fun.

@Anson

Thank you. My guess is that he rolled his property tax's into his loan. Thats all I can think of.

@Mark

Ive been trying to read as much as I could but working 60 hrs a week weith a 6month old baby and a 1 1/2 hr drive each way limits my reading. Ill look into the podcasts.

Hows it going, Im John but go by Jake. Im just in the research stages right now. I still have to work on my fico score as well as my wifes score. Im currently a manager at a Gentelmans club in the Denver area but life in the south colorado springs area. 

Now my question, I have a double wide home on a foundation in the woodland park area that is extreamly delapidated. Time and bad renters have taken its toll on the house. I am currently using it as storrage for the time being. What I want to know is should I 

1 Donate it to the fire departmen for training and let them burn it down for training (take the tax write off) and put a new trailor there

2 Just tear it down and put something else there 

3 Rehab it, it will need to be gutted and a new roof

My second question is, The house Im renting is owned by a military guy. Ive spoken with him and hes willing to sell it to me for what he owes on it plus tax's so about 150-160. How do I find out what the actual value is to decide if its worth it to buy it as a rental. I used the calculator on here and it said i would pretty much break even but I also dont know what to put in for some of the values.