All Forum Posts by: Daria B.

 Hi Dave 

The part about mortgage interest first being taken on SchA: aren’t all investment properties relegated to SchE. Why would there be this split of use. 

 This is interesting. 

What are your thoughts on the rental market (albeit differs from one state or local municipality to another) in general for primary home buyers that would have otherwise rented that may continue to seek purchasing because of the interest rates. 

I had a conversation with a local PM office who said they now see trends of people buying rather than renting because they view the int rates as favorable to that of renting.

@Juan Rubio

It all depends on your experience and comfort level. 

If you understand your state/city landlord rules and know what to do for things like evictions and other potential risk items then go for it. 

If you have the time to put into managing for what ever that entails (marketing, rent collections, serving notices, etc) then once you have the process you should be able to sit back with ease.

Several people here in the BiggerPockets self manage with no issues whatsoever. And then there are some who seem to have problems and aren’t able to self manage because they don’t understand their local municipality rules when it comes to contracts, evictions, serving notices the proper way, and just the general overall scheme of managing. 

 You can always figure out what you need to do to put everything in place and see what happens. Otherwise, find a manager and tell them exactly what you want and find out exactly what they will do and what percentage of gross rent you’re willing to pay. And then just negotiate with them so that you’re actually getting what you want, which would be a certain level of attention to detail.  You don’t want someone who is just going to collect the rent and never informed you on issues that are occurring with the tenant until it’s too late.

@LaTonya Johnson

The managing member of my LLC initials every page with his initials and then signs with his name on the signature page. However, the title (LLC name and manager name) are typed up in the signature line even though he signs his name. Make sense? That's what we do.

@Steven Hamilton II is also a CPA @Dennis M. but I could not get the tag to appear in my original post.

Perhaps reach out to these guys for a concrete answer.

Hope this helps!

@Dennis M. I can only speak from my experience. 

I don't have an LLC but in the generic sense, I don't think it matters if you are an individual or LLC, a 1099 would still be issued to any non-Inc company you pay over $600 for work in the year.

The 1099 is more for them and keeping them honest to pay their tax on income. Fines may or can be levied on the person who did not issue one of the IRS finds out - again from others and their experience.

Last year I had two people, one LLC and one individual perform work for my rentals and I gave my CPA what I paid them including copies of their W9 (to get their names and ein/ssn) and 1099s were sent.

@Brandon Hall

You can get a quote to find out how much for remove and replace with updated siding. As long as asbestos isn’t disturbed it should not cause harm or be an issue - from what I’m told by the experts but it’s also a case by case and the current condition. You can also use that as a negotiating tool for a low price. A 3 unit -  that sq ft is a lot to replace - get a company to give an estimate of replacing - they should be free estimates. They are in my area.   

You have a lot of questions that a CPA can answer for you, hopefully one in this forum and not someone just giving you answers on incomplete information. Everyone has a different set of circumstances.  

I was considering painting the 28 yr cabinets in my rental but considering  the aged wood and the grain, it’s likely not the best solution. I am now looking at replacing the cabinets and counter tops. I have found a local in that area who not only an investor but also RE broker, PM, and contractor. I contacted them for the contractor work but was delighted to find they had investment properties and understood spending levels for rentals for still good quality merchandise.

One of my other rentals had new cabinets and counter tops installed by a local cabinet maker - total price (material and labor) was better than other considerations (refinishing or replacement by HD and Lowe’s).

While I have yet to really buy cabinets from places like HD or Lowe’s I don’t think they would be off my list as every project is different and presents its own unique circumstances.

have you tried searching public records for the deed or a trust name associated to the estate?