All Forum Posts by: Justin Fox

@Account Closed

My wife only does RE stuff now (building rentals and buying property) so we'll qualify this year.  Which will also allow us to take the home office deduction and deduct miles that are typically classified as 'commuting'.

@Carrie A.

This may help:

Deductible HUD-1

@Paul Allen

@Jason Cox

@Brandon Hall

I though it was if your MAGI (AGI with rentals losses,  passive losses or passive income added back) is above 100,000 that passive activity losses starts to phase out and above 150,000 it's completely gone.

@Kara Haney

"Renting B-A+ properties to tenants with 650+ credit scores isn't hard."   

@John Nachtigall

That cladding was used to meet environmental standards regarding emissions during the energy efficiency renovation (it's main purpose).  So is the Grenfell Tower fire a result of not enough codes and standards, or too many?  Not to mention the elected bureaucracy in charge of all key aspects of the renovation deciding that retrofitted sprinklers to be of lesser importance.

In the aftermath of the Oakland fire, many people who rely on unconventional living spaces are now being evicted in droves.  I'm sure they feel much more safe and better off though.

Whatever I'm making in total between retirement and rental cashflow earnings at the time of retirement from W-2.  If I'm making 10,000 in net money fine, if it's 25,000 fine.  I'm not wasting 1 more minute working past my retirement age.  If I contract some type of terminal illness at some point after retirement, I'll just die in the Galapagos.

No LL in the burbs with a 3/2 slab home would have rented to my parents, my brother and I for $275/mo, I can guarantee you that.  

Sure the place my parents rented was a, "I'll rent to you for $x but I'm not fixin' ****." kind of deal but it provided us with a centrally cooled 3/1.5 trailer to call home, a place to eat as family and a place full of fond memories (birthdays, Thanksgiving, etc...).  Renting B-A+ properties to tenants with 650+ credit scores isn't hard.  

'Slumlords' don't get the credit they deserve.  Posturing and virtue signalling don't impress me much.  Do something or get out of the way.

Did you guys make 40k per flip farming out the labor?  I love it when I hear people say, "What?!  You're driving nails?!  Why, you could be hiring unicorns that always do things correct and on time, and understand you're on a budget!"  

On a serious note, use screws.  

@David Dachtera  I think the quarter blocking the drain hole is an anomaly as the repair guy had never seen it before, but I watched what he did > : ).  This was in my first house before we moved and became landlords.

The laundry center is now 12 years old and has only had the dryer drum's bearings changed since being a rental.  It's been a pretty reliable appliance.  Same for my 12 year old water heater, range and dish washer.

We had a guy come look at a slow draining issue for our laundry center and there was a quarter perfectly covering the drain hole for the washer.  A quarter was worth $180 that day.