All Forum Posts by: Ravi P.

@Tina Christianson If you are looking at an existing property, ask your buyer's agent to ask the seller's agent. Or ask the owner directly. It should be on the P&L. You can always add 5% or 10% to the previous years expense, to be conservative.

@Johnny Szeto no you do not need to create a LLC to deduct the expenses for your rental. As Paul mentioned, you or your tax professional would enter your rental income and expenses on the Schedule E. I would recommend googling IRS Schedule E form. it will give yoy an idea of how you can categorize your expenses.

@Brooks Foster Your best bet would be to discuss this with a few Leasing Brokers that specialize in retail leasing. As many have mentioned you will find that a number of companies piggyback on the locations of other tenants. For example, I think family dollar or dollar tree, open many of their stores near Walmart. They both target the same client base, people looking for value. Also you will find that these national tenants will negotiate co-tenancy clauses in their leases. If the major anchor tenant leave, they will request a reduced rent or have the abilty to terminate their lease. Also how far along are you in the process? is their a sign listed for sale? Just because their is sign is could be a contract pending. or some else is already in discussions with the seller and or city. These commercial deals could take 6-9 months and have a contigency regarding the zoning and tenant approval. Another factor to consider is zoning. too much to consider. hope this helps. a final thought. around here you can find a few Potbelly Sandwiches near Starbucks. I think Howard Schultz(Starbucks CEO) sits on Potbelly's board of directors, or atleast did at one point. good luck seems like it can be a great opportunity.

the BP app for Andriod is awful! I am reluctant to post anything and share my wisdom with fellow bp members. Although it does not seem too bad right now.

@Diane G. sorry I do not have much experience with the green fiber cellulose. seems pretty convenient considering the method of application and installation method. what I was mentioning was the process for Roxul sound and safe. It may be best to find out more regarding the process with the contractor and also you would want to know how effective it is. what should you expect, in regards to sound reduction rating.

@Diane G. Hey Diane, I just purchased some Roxul sound n safe from Home Depot 2 weeks ago this is my second job using it. First, to address the cost concerns. 1 package of roxul is about $45.00 and that covers about 50 or 60 sq ft. I needed to cover about 500 sq ft, so I only needed about 10 packages but bought 15, "just in case" ; ) and I got a break on the price too. Why? There is typically bulk pricing that brought the price down to $33.00 if you purhase 15 packs of roxul which would cover 750-900 sq ft. In addition, I was able to get a bigger discount, if I recall correctly, I ended up getting it for around $22.00/pack since I bundle this order with ither items and made over $3,000 purchase and submitted this to the Bid Room with the Pro Desk. Secondly, this is not a job you want to do if you have tenents occupying a property. you need to remove the drywall, install roxul and rehang drywall, tape and mud and finally paint to finish it off. There is way too much dust. You have to have a tolerant tenet that would live in these conditions. if you have any other questions feel free to ask.

@jan brumec

If you need a GC. I can recommend mine. I am finishing up a house we did a complete gut rehab on now. I can send you some pictures and contact info for my GC if you PM me. 

@Jon Quijas lets say you live in the home for 20 years. in order to qualify for the 121 capital gains exclusion you must live in the home for 2 years of the last 5 years. so as long as you live in the home for 2 years in years 16-20, you will qualify. if you own and live in the home for just 2 years and sell after 2 years you qualify. also, 1031 like kind exchange allows you to defer capital gains not exclude it. unless you die....

@Chris Toedter This is interesting and seems like he is trying to shake you down for a few extra bucks. he should have disclosed this pruor to signing the deal. the "premium" was not reflected in your due diligence l, does this payment make it a bad deal. Another thing to consider is what your intentions are for the property. If it is a flip, then refuse to pay and promise him the listing, or the management, if this is a rental. If you decide to pay, don't pay cash, use a c ashiers check and request your attorney to disclose this in the HUD as POC. That way you may,be able to add it to the basis of the property. All in all this seems shady, on your agents behave. one last thing to consider is the payment relative to the PP, and if this is residential or Commerical. Commercial does not have a formal commission structure and it is not unusual to get 1-2% commission split.

I have someone I can recommend. Send me a pm if you still need someone. Not sure on his availability.