All Forum Posts by: Michael Wagner

@Ashish Acharya

Thank you very much for all of that information it is greatly appreciated. For some reason I was under the impression that there was an exclusion for unincorporated entities ( sole prop, or partnership) and it was the non-self employment income of the rental portfolio that I was going to run into issues with.  Thank you for that clarification 

With the recent change in tax laws and businesses including sole props now being able to set up a 127 education assistance plan and deduct student loan payments as a business expense. 

I was wondering if this is available to rental properties owners as well?  Based on the research I have done my understanding is they would not be able to take advantage of these plans as it is passive income but I was hoping someone would be able to confirm that if this is their understanding as well or to help me in where I may be misunderstanding? 

https://assets.kpmg/content/da...

I have attached a link to an article for anyone not familiar with education assistance plans.

The previous management company of  a property I purchased did not cancel services with a snow removal company upon the sale of the property and subsequent change in management ( it is now owner managed).   The snow removal company has approached me about payment for services subsequent to the sale and transfer.  I was not aware this service was taking place. 

My understanding is that any recourse that the snow removal company has will be with the previous management company as they entered into the agreement and therefore it should have been there responsibility to cancel. 

Has anybody had a similar experience or can corroborate if my understanding is correct?  I realize that it could vary depending on the wording in the actual agreement but I would not expect a service contract to transfer to new management with the sale of the property.

Thanks for the input!  I understand the implications and risks of putting only 5% down.  The question was not as much about the amount of money I have to invest but rather options and thought on the above scenario.  

I will check out the Tenancy law for my jurisdiction and that guide will be very helpful to have on hand.

I am currently in the process of closing on my first property, a duplex that has both units rented through the End of April.  Working with my lender and looking at my financing options available it appears my best option is a first time home buyer program (https://www.wheda.com/home-buyers/available-progra...) allowing me to only put 5% down.  However, with the first time home buyer program there are certain stipulations one of which is it needs to be my primary residence within 60 days after close.  

With that being the case, in the transfer of ownership of the property can I shorten the duration of the current lease or ask the current tenants to vacate early?    

I would prefer not to have to  make the tenants vacate prior to the agreed upon terms.  Does anyone have any other ideas to get out of this particular stipulation?  How is it determined if that property is my primary residence?   Will two months make a difference? 

Does anyone know of any other Wisconsin loan programs that are still advantageous but wouldn't have this hurdle?