All Forum Posts by: Kinjal Patel
Kinjal Patel has started 12 posts and replied 42 times.
Post: Please advise - NEKCAP ( section8 ) tenant
- Investor
- Austin, Tx
- Posts 42
- Votes 4
Originally posted by @Casandra M.:
What was the tenant's prior lease - are they legally in a month-to-month with you right now? If so, then you need to give the appropriate month-to-month notice to the tenant per your state guidelines. In Wisconsin, this is typically a 28 day notice, or 1 full rental period worth of notice.
In Wisconsin, but I'm sure is somewhat common in other Section 8 states, you cannot evict a tenant just because Section 8 stopped. Section 8 from what I understand is considered apart of the income to cover the rent - if section 8 is cancelled, the tenant is still responsible for coming up with the full rent amount out that is listed on the lease. With that said, in Wisconsin, you don't need a reason to not renew a lease (year or month-to-month leases), so as long as you send proper notice, you can remove them.
They have made all prior rent payment. But I still want them to leave by April 30 as they have given us lot of headaches in the past.
Problem here is I asked PM to give them “Notice to vacant” and PM is telling me that there is nothing needs to be done as they told them their lease ends on April 30 in January.
Post: Rentals Taxed on Net Income Which Doesn't Include Mortgage?
- Investor
- Austin, Tx
- Posts 42
- Votes 4
Originally posted by @Chase Cline:
@Tim Schroeder Ha no, she included it, but it was on a lower amount that was calculated from a previous tax guy at H&R Block for about 1/3 of what it should've been. We mentioned the new value amount but I dont remember her writing it down so I think it was missed.
I thought depreciation don't change every year, only first year it doesn't have full amount if you don't have property for full year. so second year, it changes but then it will stay same.
Post: What’s your biggest expense as a real estate investor?
- Investor
- Austin, Tx
- Posts 42
- Votes 4
@Suly Bolanos
property taxes, mortgage interest, HOA fees but tenant turnover us biggest.
Post: What’s your biggest expense as a real estate investor?
- Investor
- Austin, Tx
- Posts 42
- Votes 4
@Maurice Smith
Which warranty company you use?
Post: Kansas City duplex deal
- Investor
- Austin, Tx
- Posts 42
- Votes 4
taxes $13795 looks very high
Post: Tax question from a newbie
- Investor
- Austin, Tx
- Posts 42
- Votes 4
@Larry Spradling
Turbotax will allow you to enter each expense. Did your PM give you statement with income and expense? You need to give them to your CPA as well.
Post: Please advise - NEKCAP ( section8 ) tenant
- Investor
- Austin, Tx
- Posts 42
- Votes 4
I bought a duplex last summer and inherited NEK-CAP (section8) tenant on one side. Their lease ended in last year with previous owner. Tenant never sign the lease with us. This is professional Tenant. Recently NEK-CAP kick them out from program and told tenant that NEK-CAP will pay only till April. What kind of notice we needs to send to tenant to vacant property by 4/30/19? I have a PM on this property and when I told them to send some notice then they told me that we just have to hope for this kind of people to leave the property. Please advise.
Post: No Reserve + Need Tenant to Afford Mortgage = Too much risk?
- Investor
- Austin, Tx
- Posts 42
- Votes 4
@Joe Pearson
Very Risky. I wouldn't start this way.
Post: is rental income consider as earned income for form 2441?
- Investor
- Austin, Tx
- Posts 42
- Votes 4
Is rental income consider as earned income for childcare credit? My spouse has w2 income and we have some rentals that I manage. we has positive rental income on schedule E even after depreciation, high HOA fees, int, taxes, etc. and since we don't have PM, does rental income can go towards earned income so it meets both spouse working or rental income still consider as passive income.
Thank you in advance for your reply.
Post: How I made 144K in 21 Months House Hacking
- Investor
- Austin, Tx
- Posts 42
- Votes 4
Well done @Gary Crawford.ould love to hear more about 3 duplex that you purchase.