All Forum Posts by: Orita Issartel

I don't know much details about reverse mortgages but we purchase a triplex a couple years back and it had a reverse mortgage. The difference maybe that this one was in default. I don't see why it couldn't work. 

But you have to analyze it to see if it's a deal. Good luck!!

So, that won't be taxed as a flip. 

You should talk to your tax consultant to get the most benefit from this. If you have rented it for the last three years and have declared your earnings, depreciated, etc, this is a rental business. 

I'm not a CPA or a lawyer. Not qualified to give you better advice than to tell you to talk to a professional. Good luck!

It depends on a lot of things. 

How long have you had the property for?

Did you live in it? 

Have you made any improvements?

Is it a homestead?

Which state is it in?

You best talk to a CPA or a tax lawyer. 

@Lucas Duncan I charge my prospective tenant a flat fee, non refundable, have them fill out an application that covers the cost of research and a little more for my time. I myself do not like to work with many applicants at a time. When I advertise to rent I disclose before hand the non refundable fee for background and credit check, total to move in, and when showing the property I ask questions that already guide me to wether or not I will even consider the people as tenants in  my property. 

If your prospects are paying the website directly I believe the website must have a policy as to refunds. 

You said the tenants have cats right? And most likely they keep cat food outside. So, it's actually the tenants fault for keeping cat food outside. Most wild animals like that are attracted to the food people leave out.

@Sean McDonnell In Miami I paid the engineer to come do the inspection $450. But that's for the inspections. If there are any repairs or modifications to be done before you can get the recertification approved that is not included.

Thanks @Nathan Gesner and @Jerome K.  I think I'll forget the headaches of paying for a warranty. 

A shout out to @Mindy Jensen for taking the time to give me her insight on the matter. I'm sure you're quite busy with everything else. I appreciate it!

@Luke Anderson Thanks.

@Luke Anderson Thanks. May ask what company do you use?

I would like an opinion on paying a Home Warranty Service company for SFH rentals.

Thanks for any insights on the subject.