All Forum Posts by: Account Closed

I would totally rent that out.  Not sure what you make on your W2 job, but depreciation increases that profit come tax time.  I don't plan on ever selling a house again.  Maybe when I'm in my hundreds I'll change my mind.  

In just about every case, you can patch roof to make it last another few years.  Same with the HVAC.  Get the interior stuff done and get it rented.  You can replace the roof and work on the HVAC after someone moves in.  I bet you have friends who have done some kind of rehab in the past.

Not sure you can stop them from doing that.  This is their home after all and window coverings are a reasonable item for them to put up.  Watch out on this though.  If they break and you provide them, then you are responsible for fixing them.  I have a section in my lease that says any window coverings become the property of the tenant upon execution of the lease.  If they do not want them, I can take them down before they move in.  I don't fix blinds.  I also do not provide them.  Leaving yours will probably mitigate their putting up a sheet.

These would go under Schedule C I think.  Since it pertains to your business and not really a property.  

Open a Home Depot Commercial account.  Use it to fund the materials.  Get your friends and relatives to help with the work.  If I had a duplex in your situation, I would be rehabbing it.  This will be good because you will learn a TON that you can use to evaluate future projects and also what it takes to do certain jobs.

That is pretty common to have a separate entrance.  Is it expensive?  It will cost you some money (in the thousands most likely).  Electricians are in demand with the building boom, but in my opinion it is something I would have to do.

If the city says it is a 3 unit then it is already a "legal" 3 unit.   As far as splitting off the electricity, you will have to have an electrician involved.  The electric company won't put in a new meter without the permits being pulled and the city saying it is safe.  Being the 3rd floor and I assume attic access, it won't be all the difficult, just a pain in the rump working up there and running/separating the lines.  If I was in your position, I would looking to do just that.

Just an FYI.  It is a Quit Claim Deed.  In the end it doesn't really matter.  It all goes through your taxes.  Just act like it is in the name of your business and you will be find.

DO NOT DO THIS.  This is a recipe for not getting paid and the work being crap.  Get the work done and go through your due diligence process of evaluating potential tenants.  If he wants to put in an application, let him.  We regularly accept applications before the home is rehabbed.  Think how you will explain this to a judge in the event that you have to evict.

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