All Forum Posts by: Philip Johnson

Can someone chime in about claiming accelerated depreciation using a cost segregation study on carpet that I quickly tore out and replaced? I imagine that I can claim it, because after all, I paid for that carpet in the home when I bought the home!

0 Votes

Can someone post an output of a report for a cost segregation study?

Also, can I claim accelerated depreciation on appliances that I Just replaced this year, or on carpet that I just replaced?

0 Votes

2020 update: the AHS paid for itself again, right now I'm about -$250 with the premiums I've paid vs. the coverage they've provided. Well worth the time its saved.

3 Votes

Originally posted by @Thomas Meyer:

4 SFH all paid up. I contemplated sending out an email/letter but chose not to open that door.

That was a can of worms, the letter that the BP guy sent to his tenants.... why create a problem that doesn't exist? I think paranoia got to him.

1 Vote

7/8 have paid. I have B and C properties. One has not paid but she always pays midnight on the 5th

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Originally posted by @Account Closed:

Originally posted by @Max T.:

@Philip Johnson

I would consider how difficult it is to find another similar paying job. Maybe in the same field.

3.25% unemployment rate. If u quaLifted u should easily find a job.

Of course, we don't know why you got Fired.

Thankfully I'm qualified . The reason I got fired was pretty juicy. I worked for a small county agency. We were short staffed and the director was a supreme micromanager. Nothing was ever good enough, the finance lady and everyone above me got their jollies from degrading the workhorses. I had unresolved human resources complaints as well. Icing on the cake was the director was a complete hypocrite. Wouldn't let anything slide with anyone but she showed up whenever she wanted to and literally drank on the job. I complained to the board but it was too late, while the board was still deciding what to do, the director fires me.

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Originally posted by @Jermell Shavers:

@Philip Johnson. Honestly you have enough cash to finish the rehab and the house is paid for.. keep the house and just pay the rent to the private investor and explain the situation I don’t have trust in people especially family people you trust see that money and that house you freshly rehabbed and they see a come up slow down keep what you got and wait till you can do it yourself

Thanks jermell! outside perspective helps I didn't consider that yet the investor would have good cash flow from the rent and I would probably be able to refinance it within a year. but if I can qualify for any loan and still cash flow for myself I think I will prefer that. It may just cost more in loan fees when I go back for a traditional loan.

1 Vote

Originally posted by @Stephanie Medellin:

@Philip Johnson I would not involve a family member in this, there are several loan options that only need the property to be leased, and the rates really aren't that much higher as long as you have 25% equity. Once you have your cash back and possibly a new job, you can always refinance into a conventional loan.

This is music to my ears. Is it possible to get the loan with no job ? It should lease easily once we are done with said project.

1 Vote

Originally posted by @Darrell Cropper:

@Philip Johnson. I often see co-borrowers on mortgages. Their income would have to be sufficient to cover their debts and your debts if going Fannie Mae or Freddie mac.

I would recommend getting another job ASAP. Many loans that allow for new employment if there is not a significant job gap.

I would really hesitate just transferring ownership of a property unless they actually "purchase" it.

Thanks! I'll look into the co-signing or co-borrowing and look for jobs.

1 Vote

All Forum Posts by: Philip Johnson

Philip Johnson has started 16 posts and replied 175 times.

Post: cost segregation study

Post: cost segregation study

Post: cost segregation study

Post: AMERICAN HOME SHIELD Home Warranty Company

Post: OK who has received all or most of their rent this month ?

Post: OK who has received all or most of their rent this month ?

Post: Just got fired from my day job in the middle of a rehab >.<

Post: Just got fired from my day job in the middle of a rehab >.<

Post: Just got fired from my day job in the middle of a rehab >.<

Post: Just got fired from my day job in the middle of a rehab >.<