All Forum Posts by: Michinori Kaneko

@David Rosenbeck if i were you i would get Kathy's info from Cami and ask her to help you. Kathy helped me with my first 4 properties, and I can tell you no other realtor will go as far as she does in giving you the full picture/analysis of the property.  She is no longer providing her service to out of state investors so i had no choice but to find other agents, but i can tell you that if you are local and shes willing to help you, you are in very good hands with her. 

@David Rosenbeck welcome to BP and also to the FB REIA page. FB REIA page has lots of local landlords that are very knowledgeable. if you look to grow in fort wayne, then that might be a better place to ask questions.

And also, thanks so much for your service in the medical field.  i know things are really hard now, but we are all grateful that people in the medical field are working hard for us.  Not sure if its a local thing (I live in Queens, NY) or if it's done everywhere else, but 7pm every day everyone makes noise and cheers here to thank the medical workers from their house.  I join that almost every day :) Let me know if i can help in any ways.

one bank account, but i keep very detailed data on every cashflow which property, date, who the counter party was, what was it for, how would it get classified for tax purposes, etc. 

yep last year i only had 1 property that was rented at the end of year. this year i have a lot more so I wanted to make sure i'm not doing something stupid! I'm a CPA too but i don't specialize in personal tax so i'm not going to pretend like i know what i'm talking about haha

Chris are you in the Fort Wayne REIA page on FB? that's probably better place to ask since it's indiana specific question. I am not sure about your Q because i haven't filed my return this year, but last year i used turbo tax and i don't think i paid any state tax on my one property i had at end of 2018 (not that turbo tax is very accurate)

Thank you both.

thanks @Natalie Kolodij i was going to tag you too once you accepted my colleague request but you beat me to it :)

@Steven Hamilton II I apologize for tagging you here, i know you are very busy with tax season but would be great to get your inputs on this.  My property manager includes the advance rents receive + December rent incomes (which I do not receive until January) in 1099.  Some tax professionals above stated that it should indeed count toward 2019 income as long as the PM received it, but my CPA (and also Michael R's CPA that i tagged above) disagrees. 

In response to our inquiries, our PM sent us Publication 538 and cited the "constructive receipt" that @Basit Siddiqi above mentioned.  However, reading it through, the last sentence states Income is not constructively received if there are significant restrictions or limitations.  The PM's stance is that they have done owner distributions earlier in some cases, but my argument would be that if I had to ask my PM each time i want distributions earlier, need their approvals, and it's not an option to every investor at all times, than that would count as a restrictions/limitations.  

I would love to hear your thoughts on this.  Thank you.

All those that are talking about evictions, think about what happens AFTER the eviction.  the market will be filled with people who were either evicted via court process or cash for keys, and most likely the most tenant you place (if you could find one since there will be so many other landlords evicting and looking for new tenants) then you'd probably stuck with one that was evicted by someone else.  There will be lots of turnovers and lots of other landlords trying to fill their units for lower rents.  Personally i think its smarter to work thing out with the tenants and get through the tide together.  this way maybe they will appreciate what you did for them and stick around longer even after we get through the chaos. 

I don't think they will freeze the mortgage payments, because then what happens to the banks... guess they'll just have to print more money and give out free money out to the banks....?  If they do infact freeze the mortgage, i hope that also doesn't impact the credit scores...

and thanks, for taking your time to respond back on my thread