All Forum Posts by: Jeremy S.

congrats! I'm working on number 4 too

home office supplies and home office deduction

Advertising costs

Maybe cell phone and Internet if used for business?

be careful with the zoning of basement and garage rentals. I almost got burnt on that as a newbie. Easier to pay a small premium to have that part already done. Look for a legal duplex with separated utilities.

yes the properties are in my personal name and I only purchased them a month ago.

75% of the appraised value or my purchase price? I bought from a distressed seller who needed a quick cash closing. I want 75% of the appraisal

I recently purchased 2 rental properties that are cash flowing very well. I bought them both outright with cash from my savings. The problem is that it took up about 60% of my savings and there are so many great deals available right now. How do I go about getting financing for more deals? My properties and the ones I'm interested in are in the $20-30k range.

I was going to continue using a home equity line of credit but my rate it prime +1.5% and I'm concerned about being over leveraged and the prime rate rising.

How can I get fixed rate loans for my properties without paying unnecessary costs? My credit is close to 800, I have good income from my job and about 45k in savings and own 2 properties that assess for $40k each so don't tell me to slow down or how I need to save for emergencies, I've accounted for that.

Thank you

#1)I was at my property yesterday for some maintenance and I noticed the tenant did not clear the sidewalk or steps of ice like the lease says is their responsibility. She said they usually do it but "forgot" this time. I pointed out the part of the lease that outlines this to them and she said they will take care of it in the future. We had yet another ice storm today so my question is i how do I handle this if I go back over tomorrow and its still not cleared? I'm concerned because my city requires a landlord license that says it is ultimately my responsibility to maintain the sidewalks but I can't be driving there everytime it snows.

#2) my other tenant of the property I just purchased has a list of maintenance issues she would like addressed and most of them are legitimate concerns. My question here is she does not answer the phone or return my calls to schedule time to come make the repairs. What is the procedure in PA for entering the home for this purpose. The only thing I have been able to do is leave messages on the machine. I know she wants the repairs done but I want to make sure I'm doing things by the book.

Thank you

thank you Brian, could I just have them write me a cash receipt the same way I do when I accept my rent in cash?

if I pay my brother or young cousins $10/hr for demo or cleaning work, can I write that off the same way I would for any other contractor?

How about if I were to replace a range hood or other appliance with one from craigslist?

Are tax deductions limited to professional contractors and items purchased from stores? 2014 will be my first year as a landlord and I want to make sure my records are being kept properly. Thank you

thank you for all of your replies. I will casually mention it to them to gauge interest then I will speak with the mortgage consultant at my local bank.