All Forum Posts by: Karen Young

@Wayne Brooks - thank you!

so there is no firm guideline to determine land percentage? you can just pick a reasonable number?

Good morning everyone!

Let me thank you in advance for taking the time to help us newbies!

Question: to calculate depreciation, what price do you use? the county tax assessment, the sale price, or the appraisal price?

2nd Question: what percentage do you use to subtract the land?

The property is a condo in SC; the sale price was $103k; appraisal price was $113k; the county tax assessment was $105,500.

thank you everyone, I sincerely appreciate the time you took to comment.

Definitely a lesson learned from my first purchase!

@Colleen F., no it is not in closing documents

@Brandon L., it was a short sale and I never saw the original seller. The answer to your question is no, this was not discussed.

My husband and I purchased a property on May 11th that had an existing tenant.  The seller has the original deposit and is not communicating with anyone regarding transferring it, although she has been contacted several times.

Options:

A. Small claims court?

B. Have lawyer write a letter?

C. Other?

thanks in advance for your advice.

would like to learn about financing through LLC

go to citydata.com and check out the location - is the area growing or contracting? that website will give you a ton of info about the area.

The best book I can recommend is "What Every Real Estate Investor Needs to Know About Cash Flow" by Frank Gallinelli - after all it IS all about the numbers.

As others have pointed out, you have missed a lot of the expenses that need to be taken into account to insure you will have cash flow. Using the BiggerPockets calculator is a good idea.

If you ever get over to Kaua'i look me up!

Mike, may I have your mailing address? you were so generous with your advice I would like to send you some macadamia nuts as a thank you.

Karen