All Forum Posts by: Justin Pumpr

Thanks for the replies! Sounds like laminate could be the way to go. I found a place that I can get some clearance granite for a reasonable price, but installing seems to be more expensive. I was also unsure about granite because we have terracotta tiles which I won't be changing and the butcher block seemed to compliment that well. I was also leaning towards butcher block because I thought I could install it myself whereas I don't feel as comfortable with granite. $600 to install a counter seems high and that's about what I've been quoted.

@Gerald Demers I will be refinishing the cabinets properly. White finish with some new hardware. Undecided on the backsplash at the minute, but if I can keep the costs down then I will.

Hey all,

I know the countertops question has been asked quite a bit, but wanted to get some answers from people who have installed butcher block (Ikea specifically) in their rentals and how they have held up.

My kitchen will have terracotta tiles, so I'm thinking white cabinets with a light, neutral colour for the walls. I think butcher block will look great with this, but not sure if they will hold up over time.

I can seal them weekly for the first month, but once tenants are in then sealing them regularly after that is going to be really hard. Does anybody have any experience with anything like this? 

Here's a link to how it currently is: https://goo.gl/photos/uucuauZgjXesUZbg7

Unless I can find a slab of granite for $150 a slab, I'll be using either laminate, or butcher block, so no other suggestions please :)

Thanks as always!

Link to the survey: https://jpumpr.typeform.com/to/uX5qY3

Any more responses? I only have 5 so far. Would love some more!

Thanks for the replies and for those taking the survey! 

@Nathan Miller I've gone back and forth between used and new. I'm thinking new at the minute, as there's some great 4th July sales on, so I can get a brand new oven, fridge and dishwasher from home depot for about $1,500 which isn't much different to used ones. Going to keep the fridge as basic as possible though for the reason you mentioned. Probably not supplying a microwave, they are cheap enough for the tenant if they want one.

What's wrong with food disposal units? Don't they stop sinks from getting clogged?

@Adrian Smudge Unfortunately, I don't think that would fly in the Bay Area. EVERY property comes with at least a fridge and a range, or at least all the ones I've looked at do.

I know there have been a LOT of questions asked about rental property appliances, but there doesn't seem to be ad definitive answer and there's too much old info to sift through, so I thought I'd make a poll to ask people about specific appliances, as different brands seem to have strengths in different appliance types. I'm currently in a C class property that may become a B class in the coming years (hopefully anyway!).

Here's the link to the poll: Appliance Questionnaire

I'll share the results out once I get a good sample size.

Thanks!

I would also love to know this. If I don't have earthquake insurance on my rental property and the tenants get injured during a quake, am I going to have any coverage?

Thanks for the responses. I have an accountant who is pretty well versed in all of this and I have a sense of what is deductible, what can be depreciated e.t.c, but I was hoping there was a place that I could put everything into that would calculate for me. Sounds like Quicken, or Quickbooks might have that, but neither seem tailored specifically to rental property only with all of the use cases available. Sounds like there's a business opportunity there....

Hey all,

Curious if anybody has found a "one shoe fits all" place that they can input all of their deductible items in, so they know roughly how much they might owe/be due when tax season comes around.

I found one excel sheet that seems to have everything for depreciation, but it doesn't let  me add in items that are fully tax deductible (i.e. repairs). I'd also like to add in the rental income, my current wage and all other general deductions, so I can get an overall sense of where things will end up.

To make things even more complicated, I have an owner-occupied duplex.

Has anybody found a service that allows you to do all of this reasonably easily?

Thanks!

Sweet. Glad I have some sense of all the terminology.

In terms of insurance, I think I'm covered.They're aware that it's half rented and I have loss of use and liability on there.

In terms of depreciation, how does that work with property that may not last the full 27.5 years? Say I buy a dishwasher and it breaks after 10 years, or I have to replace a roof again after 20 years? What happens to those lost years of depreciation? 

hi all,

I'm on the cusp of buying my first ever property and it will be an owner occupied duplex. I'm trying to navigate the maze of tax deductions and was hoping to get clarification/confirmation on a few things:

• I can deduct 50% of the mortgage interest and property taxes
• I can deduct 50% of the homeowners insurance
• I can depreciate 50% of the structure value over 27.5 years
• I can deduct 100% of all repairs maintenance for the rented unit
• I can depreciate 100% of improvements for the rented unit 
• I can depreciate 50% of improvements that affect both units e.g. a new roof

Some other questions:

Are all of those statements true?

Is there anything else I've missed, or any secret deductions I should know about?

How is depreciation affected when my home value increases? Do I need to get an appraisal to confirm the new value and then change my basis based off of that?

As always, thanks!