All Forum Posts by: Shadonna N.

What is the STR loophole? How do you handle a situation where you have repairs where the tenant cannot live in the property until the repairs are made. When the tenant leaves is the property considered out of service and those expenses are depreciated?

Agree with @Mark Castellino inventory is on the market longer and I see a lot of properties where prices are being lowered.

Fortunately it was not my property.  I hear the posters comments on DC.  I was asking for a friend.  Bad situation though.  I don't the tenant is going to leave easily.  Will keep you all posted.

Experts,

Here is the scenario:

Property Location: DC

Tenant has been in place for 8 years.  Not elderly or disabled.  Wants to but the property.

Owner wants to sell

Option 1

Tenant purchases property.  If there is a mortgage on the property can the owner sell the property to the tenant and hold the note?   If the owner does not want to keep the note what is the market for a performing loan and where can it be sold.

Since you have a W2, are you considered a passive investor and limited by the amount you can deduct?

This is the Mega Millions question.  I would take the lump sum and create my own passive income stream.

Radiators heat well but the if you going on the higher end it would make the property an easier sell if there was a HVAC system.  Especially if you are competing with other properties in the area.  Find subtle ways to cut down on cost ex: finishes, windows, carpet in bedrooms vs hardwood, landscaping.

Congrats, looks nice

Great post and congrats on your accomplishments.  I think the most challenging item on the list is finding the right partner.  The steps you list are helpful.  I would also add steps to create an exit strategy and/or alternate course just in case.

What type of license do you need to rent rooms.  This is not to be confused with a boarding house.