All Forum Posts by: Paul Staszel

Has anyone used their 401K to buy a rental and receive tax free income ?   If so, how does one go about doing so?  Would  I be able to make repairs out of pocket or does everything have to be from the 401K?

Google how to get rid of skunks. 

I would get more details or the invoice with specific information on what was performed.  Then call the company that performed the service and ask them for their prices to see if they match up.   Depending on your plumbing, snaking can be a hit or miss depending on where the clog formed. For example, a standard tee is harder to unclog versus a sanitary tee.  

What bank refinanced the 8-plex?  All of the banks/CU around me will only refinance 1-4 unit buildings. 

Just curious on tax deductions people utilize on their schedule E that I might be missing.  To start off I have a couple of questions...

Can I deduct my BiggerPockets membership?

Should I deduct my full cellphone bill or just a partial amount?

Please include any creative tax deductions that may not be so obvious to a beginning investor. Thanks!

You can tile the bedrooms but it might cost an arm and a leg if you have to support the sub floor for the tile (i.e. cement board on the floor).  Have you considered commercial laminate, AC5 grade.  They are a little bit more expensive but hold up pretty well.  

@Allen McGlashing, make sure you put in your lease a clause stating that if you have to come unlock a door you will charge $XX per instance.  

I tell them a locksmith will charge at least $100 for the service call and unlocking the door so I charge them $40-$50 per instance.  I do not mind making that kind of money in 30 min (property is 10 min away). 

Why didin't you refinance them under your personal name and then transfer the properties to the LLC?

I think this is possible but I am not 100%.  Correct me if I am wrong. 

It all depends!  I have a six flat and some months have been less than 5 hours others more than 40 hours.

I do all the maintenance and manage the property myself.  The 40 plus hours usually happens if someone moves out and I have some rehabbing to do.  

Hours per month can be significantly suppressed with a property manager and outsourcing maintenance and rehabbing.  

Take into consideration the type of tenant you get and also the condition the property is in.  Older properties might need updating and newer properties could be left alone other than regular maintenance.