All Forum Posts by: Michael DiFranco

I used pay your rent for 3 months.  I am not trying to put down the site but i just got off the phone with their customer support and am cancelling.  There monthly charge isn't ridiculous, what hurts is the NSF charge when tenants are trying to figure out how it works.  Not to mention i would receive a notification on the 1st that the tenant pays their rent, then it would clear to my bank on the 6th...and then i would get a notification on the 10th!!!! yes the 10th! that the payment was NSF and they pulled the money from my bank account.  After being out an additional $90 in 3 months from NSF payments alone i decided im going to Chase quick pay.  PYR's interface is okay but i think the company is still in startup/work out the kinks mode...thats just my .02 cents...i also have probably spent a total of 5 hours in the past 3 months on the phone with customer support which i think is just wasted time.

@Brandon Hall and @Ned Carey thanks for info, very helpful..yes depreciation is factored..definitely planning on talking to my accountant but i thought it was an interesting untouched (i think) topic that could shed light for others

@Marco CamposThere are definitely still deals in Cleveland, OH depending on your acquisition criteria! Are you looking at SFR's or multifamily, or retail? Also, i may have some personally coming available that i could keep management on.

If you have a couple hundred thousand sitting around {who doesn't right ;) }

You should look at buying absolute triple net properties.  Little to no management!

Thanks for the reply!

Lets say I sell the property for 1.1. mil.

It cost 500k to rebuild.

I am trying to sell a commercial investment property and am wondering the tax implications.

Here is the example.

I had a long term tenant, 40 + years.  Original Value of Building in 1970 was like $500k.

In 2007 there was a fire and the building was a total loss and I rebuilt the building 8 years ago after a fire.

If i am planning selling the building how is my basis factored?  Will all the depreciation i had written off the past 33 years prior to the building burning down essentially up in smoke?

Thanks!

I've had some good fortune buy bidding through homepath.  I just go in low and fight- the last one i purchased took about a month of haggling but i bought it for 10k- half of list price!  Always cash as-is deals.