All Forum Posts by: Kyle Meyers

Check state law title 9 section 8728 and 8758. 60 day redemption period with 15% penalty. The deed has priority over and extinguishes other liens.

I believe I do not have to do 1099s for 2011 since I am not claiming to be a real estate professional for that year. But, I do believe I will have the required hours properly documented to be a real estate professional in 2012 and will have to send 1099s. If I already have a W9 for a contractor, would I need to get a new one for 2012, or is the one I got in 2011 ok?

So I don't need to send 1099s for 2011? I am not going to claim RE Pro since I lack the records, but I am going to keep better records for 2012 and expect to claim RE Pro for the year. Is that the threshold for a landlord to have trade/business instead of investment?

I was just trying to figure out what the IRS would say about me. I am a landlord, actively involved in the management of my rentals. I had 3 units rented most of the year and I managed the rehab of a duplex to get it rent ready. I also purchase tax liens with the intention of getting the deed and adding to my rental portfolio. I think I probably could qualify for the IRS RE Pro requirements for 2011, but I didn't keep great records of my time at the beginning of the year, so I can't show proof of 750 hours. Any thoughts on whether my activities would be a trade or business for IRS purposes?

If I buy something for a property and get a rebate, do I have to reduce the deduction amount by the amount of the rebate? What about reward credit cards, if I get 5% back on purchases, do I have to take that out of the deduction as well?

I managed most of a major rehab myself, hiring all the subs. I got kind of tired of all of them telling me that their part of the project wasn't done because the other sub hadn't finished something, etc. I found a great GC while I was doing that rehab and I have called him for almost every project, big or small, since then.

In my state you can list charges for certain items in the lease and if it is agreed to by the tenant it is legal to charge that instead of the actual cost, whether actual charges incurred are higher or lower. Carpet cleaning would have to be agreed to in the lease because otherwise it would likely be considered wear and tear and the costs would not be passed on to the tenant.

I was at Lowes today and they said they don't sell the rekey kit for kwickset locks, but they will rekey them for $5 per lock if you bring them in. I am going to look at Menards or Home Depot tomorrow.

Welcome to Bigger Pockets. To find a lawyer, you can talk to other landlords in your area, try to join an association and meet some people there who can help you with local aspects. I use a service called LegalShield, they are great to call up and ask a question or get some help with what your legal options are on landlord tenant issues, I didn't especially care for the way they reviewed my lease though, so I would recommend taking that to an actual attorney. You can always ask questions here too. I wrote my own lease based off the local laws here, several samples, and many online articles and forums on lease agreements and tenant horror stories. Good luck.

I would add it to the lease just cause there isn't a down side. If something comes up where a money order was forged or something, I would prefer to have the lease protect me. Still, whether it's in the lease or not, no one moves in without first month's rent and security deposit.