All Forum Posts by: Rob Golob
Rob Golob has started 15 posts and replied 80 times.
Post: Can't qualify for a loan but have the money
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
Funny no one has mentioned the problems with tax evasion.
Post: Doubling rents without loosing tenants?
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
@Joe Splitrock
Although there are rules and consequences to under market rent to family members, please don’t over state the peril.
It is not illegal at all.
Simply put, the IRS would not allow “normal” schedule E deductions.
The income would be reported on schedule 1.
Post: Cash out refi interest rates
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
I’m in NW Indiana and am surprised at my primary residence refi rates.
All no points offers are coming in at 3.5%.
Thoughts and or advice?
Are all of the advertising of lower rates just malarkey?
Value 500k
Balance 200k
Looking to borrow 400k for 200k cash out
750+ credit and very low DTI
30 yr fixed
Thanks I’m advance
Post: Office space financing terms
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
I know specifics will vary greatly, but today one could assume:
Primary residence mortgage in the 3% / 30 year range
Rental property in the 4.5% / 30 year range.
What can I best guess for a single tenant stand alone office building? - Roughly $400,000 Should I figure 30% down?
Thanks in advance
Post: Tenant Applicants say the dumbest things
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
Originally posted by @Mj Schindler:
How do you feel about potential tenants who immediately ask if there’s any wiggle room on the rent amount, or if they can get a discount on the rent? For me that’s a huge red flag. Apparently there are lots of articles out there telling potential tenants to try to negotiate rent, and I feel like it’s a sign that they can’t really afford the property or don’t really value it.
You can't be serious about this question...
One asks to negotiate and you leap to the conclusion "that they can’t really afford the property or don’t really value it."
Have you ever bought a house? a car? an appliance? anything on Craig's List?
The epitome of a Holier than though attitude.
And as I reread this before hitting enter I really have to laugh as it most likely that you negotiated to purchase the very asset that you feel puts the Tennant Application in the category of saying "The dumbest things."
New category: Prospective landlords say the dumbest things.
Post: Recommendation for a "time stamp" appraisal in NW Indiana
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
Can someone please recommend an appraiser for a Property Tax dispute in Valparaiso, IN.
Need appraisal for 2019.
Thanks in advance, Rob
Post: Should I refinance w/ cash-out or use my taxable account?
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
@Dan Marl
Where/how are you going to get a 2.60 fixed?
Post: Coin laundry - help I’m in drowning quarters
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
@Bjorn Ahlblad
What other kind of money is there?
Post: What's your non-real estate side hustle these days?
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
Originally posted by @Alecia Loveless:
It doesn’t compare money-wise to OT at my regular job but it’s been a nice fill in and it’s also at a lower tax rate than the OT is.
To clarify - It is not true that the part time income is taxed at a lower rate. That's a fairly common misconception.
It may (or may not) be withheld at a lower rate at the time of payment, but when filing your taxes all income is combined to determine the rate. If anything, the extra income could cause a higher rate for the incremental income over various thresholds.
Post: Tenant refuses to pay rent online
- Investor
- Valparaiso, IN
- Posts 84
- Votes 47
@Brian Garlington
Remind her who is boss?
Really?
No, she is not your employee.
If you feel the need to remind her who the landlord is, I guess that is accurate.
However, she should then remind you who the Tennant is.
Ps. I’m not saying she is right in her Dan and.
But the landlord is not necessarily either.
The “boss” or governing body is the lease.
What does the lease say about payment?