All Forum Posts by: Michael J Scanlon

@Dan Sherry

Would love to work with you. I sent you a connection request

@Bill Brandt

The problem is that you can’t wholesale in illinois without a license so there is obviously a way to go about it. There’s nothing immoral about wholesaling, the guy has a price, he knows it’s low and just wants to get rid of it fast. I know the value is more, he knows it’s more, he strictly wants nothing to do with listing it.

I was simply asking if I can put it on the mls to find buyers to assign it to. Not sure why that triggered some negative responses.

@Mike Cumbie

“Weasel” isn’t a right term here Mike. Just asking a question here.

I have a seller who is refusing to do anything except FSBO. He's offering it at a very low price (mother passed and he doesn't have the money to rehab it) and there seems to be a large margin there.

As a Realtor, if I get it under contract, can I then put it on the MLS to find buyers to assign the contract to?

@Natalie Kolodij

According to the bigger pockets official write up, you can depreciate common areas if shared equally.

“If you own a 3 bedroom single-family home, live in one room, and rent out the remaining two, you occupy 33% and rent out 67% of the property (this is assuming all other rooms, such as bathrooms, kitchens, living rooms, etc., are all shared equally).”

So I’m trying to figure out which is accurate.

So I’m a bit confused about what I can and can not deduct in taxes when my rental property is a house hack. I’ve compiled this list with what I’ve found to be deductible and what might be. I am living in one room and renting the other 2. Everything I’ve found online is either “personal residence” or “rental property” so obviously this is a mixed bag and creates some confusion. Thanks!

Tax deductible

PMI

MIP/84 months

Utilities

2/3 depreciation

Property taxes

Mortgage interest

HOA

Insurance

Expenses/repairs

Maybe?

Inspection

Appraisal

Pass through deduction

Attorney fees

@Patti Robertson

Thank you!

Does anyone know if HUD-VASH rates are the same as section 8 for the equivalent bedroom amounts?

I am working with a veteran on a deal and we want to offer veteran housing if we can so I’m trying to gather as much information as possible.

Does anyone have a zip code specific table for HUD-VASH rates? I have one for section 8 but haven't found one yet for this.

Thanks!

@Mark Faustrum

Yessss Mark this is the one! Thank you

I am considering BRRRRing properties in lower income areas then renting them using the Section 8 (housing choice voucher) program.

However,

I’m having difficulty figuring out what the standard payouts are and how they work?

I was told by a representative to: “take the zip code and look at the range (ie d18). Then look at bedroom amounts and what the tenant has a voucher for.

However, for the life of me I can’t find a chart discussing this and I’m not sure where to find differences in zip codes when I can’t even find one standard chart (and how that makes the standard payment change). I also don’t know what D18 is...

Can anyone help?