All Forum Posts by: Jane Dang

No, I didn't go through insurance.  I talked to the roof company and they said it is very complicated so I didn't.  I am in California.  

@Bill Hampton thanks for your response.  Is that still true even the roof was torn and impacted the service? i.e property can't be rented with a leaking roof.  If I have to do depreciation, will it be 27.5 years for roof?  I have heard some people doing it for 7 years, which one is correct?  thanks.  Jane

Hi,

My rental property's roof is 20+ years old.  Last year, a heavy rain and storm damaged it and I had to replace the entire roof which costed me $21K.  I understand that a roof repairs can be deducted as expense in the same year and a roof replacement needs to be depreciated over 27.5 years.  But how can we draw a line between repairs and replacement? Is it the repair is to fix the it and make it functioning, and replacement is to improve and add more value to it?  Will my case consider a repair or replacement? Appreciate if anyone have experience in this giving me your advice.

Thanks,

Jane

Hi Matthew,

how does the HELOC/cash out compared to the 1031 exchange? I don't have enough knowledge to tell which one is better choice. thanks Jane

Hi Eric,

I haven't heard about buying first deed trust.  The 9% return sounds very tempted.  Could you please share more details?

thanks 

Jane

Hi Alicia,

What states do you suggest for oos market? and where/how you look for a deal?  I have a busy schedule with teenage kid and 8-5 job so I don't know how to navigate this successfully.  I have another two SFHs with similar situations but I only took depreciations for a few years.  This one will end its deprecation in 7 years so I want to test out this property to see how it goes.

If you could, please share with me some tips.

thanks 

Jane

Hi Dave, 

Thanks for your advice, I am also having a W2 income so without the depreciation, tax will hit me hard.  I heard the 1031 super challenge, especially if I have to do out of state since the opportunity in CA is low.  

what is the success rate to do the 1031 or rental out of state if you can tell?

thanks 

Jane

I have a rental SFH, renting out $3500/month. It will be paid off in six months. The zillow estimate is 1M. I have been taking depreciation on this rental property for 20 years. I bought it 22 years ago $200k. Should I continue renting it and collect $3500/month or doing 1031 exchange to get multiple units as I will get a decent amount of equity after 6 month when the mortgage is paid off.

Appreciate your advice very much.

thanks 

Jane

 It is the same here in California, double of the deposit.  However we want to counter the claim to get back the repair money, so we need a lawyer.

Thanks.  The tenant didn't request for a refund or demanded any explanation for two years.  We read the California landlord and tenants there was a guideline that tenants need to send a "demand" for refund before suing.  So we hope that we can get a lawyer to use that guideline to fight back the case.  Unfortunately we can't find any lawyer in this field yet.