All Forum Posts by: Mariah Jeffery

Does this affect your opinion of investing in a Family Dollar or Dollar Tree building? I've been looking at a Family Dollar that claims to be among the top 1% of Dollar Tree stores. I assume if they were going to close one, it wouldn't be this one. But it is in BFE on a reservation. It claims to have a 7.5% cap.

https://www.businessinsider.com/dollar-tree-closes-hundreds-of-family-dollar-stores-2019-3

All,

My husband and I own 28 rent units in another state. I co-manager these with my father-in-law. He is local and does showings and maintenance, and sends apps to me for processing. I do the advertising, and have to coach him through anything legal or financial. We also have a ranch that we lease out. My primary job is teaching college courses online part-time. 

We are considering some additional investments that would mean I would be more involved in the real estate. One of them would essentially be a full-time job for about 10 days out of the year, plus some marketing and book-keeping during the rest of the year. If we purchase this, I am considering declaring myself a RE Professional. I have no problem meeting the 750 hour requirement. I may be on the fence with the > 50% requirement. My husband actually suggested cutting back on my teaching responsibilities so I am spending less time on it. We paid $71K in federal and state taxes last year, and we estimate we could save about half of that through writing off losses such as depreciation and mortgage interest. Currently, we're unable to write off losses due to income, and have a significant capital loss carry forward. It seems like if I spend less time teaching and reduce my income a little, we could save quite a bit more in taxes. What am I missing? 

Would it be beneficial for me to get my RE license to strengthen my claim to be a RE professional? Could I find a broker to sponsor me to be a real estate agent for just a few hours per week? Or is this unnecessary? 

Thanks,

Mariah

Yes, it's a duplex. Good suggestion.

I'll add that the process server tried every day for a week and he never went to the door. That was almost a week ago and we still haven't received the paperwork we need to request an appointment with the judge and then it will probably take a week to see the judge. The we get the ad in the paper.

In SD the tenant must be served the 4-day summons in person. He refused to answer the door and no longer works where he worked when he moved in. Now we are waiting for an appearance with the judge to get permission to put an ad in the paper to start the 4 day process. After the ad runs it will take about 2 more weeks in the best case.

He's definitely still there.

Hmm, good point. I see a high of 18 degrees next week.

I am in the process of evicting a tenant and just got a notice from the power company that the power was switched into my name. This is almost surely because the tenant didn't pay. Can I shut off the power since the tenant agree to pay? This is is South Dakota and he has two young kids. He has refused to answer the door when the process server went to serve him the Summons.

The owner of the company is a Realtor, but she is mostly retired and her daughter is the one who handled the garage rent. It was 6 months of rent that they owed me. I strongly suspect this happened last summer; I was told by my father in law at that time the garage was rented and when I asked about it, the rent started showing up on the next month's statement.

I had asked them to rent the garage. They are managing 4 homes for me and there are 2 garages in between the homes. They apparently just decided to pocket the garage rent and claim it wasn't rented. I will look into filing a complaint with the DRE.

I called them with the tenant on the line and all of a sudden "Oh, yeah. It is rented! The computer had a glitch and we didn't pay you. Oops! Sorry. We won't even charge you a management fee on that money."