All Forum Posts by: Samantha Hiscock

Oh yeah, I did hear some of our friends squawking about the new Roth TSP. But still, interest is returned back to your account, so trying to deduct it on your taxes seems sketchy.

I'm going to agree with Joel on this one, the only person you are paying interest to is YOURSELF. And are you sure it is post-tax? My understanding is that TSP contributions are pre-tax, I know ours are.

I got HD carpet installed in my house and then a month later had a local flooring company put carpet down in an apartment.  I was definitely NOT impressed with the quality of the carpet or install of the HD folks. The local guys were better quality,  cheaper, and installed it the very next day. The only benefit I've seen for the HD stuff is that I get 12-18 months at 0% interest. 

When do I become an "experienced landlord"?! ;-) 

I bought my first property at 25, a 4-unit that I lived in. At 27 I unexpectedly got married and bought a house, which we now rent. At 29 we bought our "forever" house. I am 30 now with 5 units in 2 properties and expect to have a duplex by fall.

I had about 60k in rental income before expenses this year, and ended up with a 6k profit on my schedule E. However, like @Jerry W. I tend to fix up more than I need to. This was actually the first year I have ever posted a profit, but we had a few wonky things like prepaid rent and not alot of vacancies. Next year my goal is to "lose" money again. ;-) 

You shouldn't compare yourself to others, you aren't them! If you are truly desperate to get started, sell your house and find a small multi to live in. It is much harder to house hack now that I have 3 kids (and one due any day) than it was back when I was a broke single mom of 1 and bought my first house, but if you are willing to sacrifice for a little bit it will be well worth it in a few years. Start when you can, how you can. 

I haven't pursued putting it in an LLC. I dont live there anymore; I acquired a husband and a few kids, so we bought another house, and then another.

He was probably referring to the capital gains exemption on the first 250k of your primary residence. The IRS requires that for 2 of the previous 5 years it needs to be your primary residence to qualify. He likely needs to sell it within the year to qualify or move back in for a year. 

As long as he sells the house, even if he holds the paper, he should still qualify. 

Schedule E. 

I googled each adult tenant listed on the application and I went to the local police department to see if they had dealings with any of the tenants.  Also, when the other tenants in the building were quick to let me know about the shortcomings of the other tenants when I let them know I was trying to figure out what unit to move into. 

I got copies of all the rental applications and I talked to each tenant during showings and inspections.  I decided which one I wanted out and had it listed as a contingency (just like financing and inspection) and the seller gave them proper notice. It also means that on day 1 of being a landlord you aren't in a position of potentially evicting someone.  

In terms of "getting one of the tenants out" you will have your first opportunity to chose which one. Is someone not paying rent? Below FMR? Is there one you absolutely wouldn't want as your neighbor? Is there a unit in need of an upgrade? YOU can decide which tenant has to go, and not leave it up to the seller. I house hacked a 4 unit and got rid of the tenant that creeped me out the most.