All Forum Posts by: Sam Booth

I have 2 rental properties in alabama and I am thinking about doing a cash out refinance with the point being to cash out the equity to purchase a new investment property. 

Any tips for this? 

Alabama lenders who so this?

What sort of rates should I expect? (Currently in the 4% on both properties).

Thanks!

Hi all,

I have purchased a few rentals with my income but now want to move to purchasing based on the rent the property would give. Do you have any recommendations for lenders in Alabama?

Ok so it was $2700 for the waterheater and its installation, including correcting 20 years of no maintenance, fixing a red rag by the gas co, and fixing the chimney pipe. I am out of state so it seems like everyone takes advantage of me where they can! Haha.

Back to taxes, should I expense stuff if there was no income from the property yet? Purchased last fall and didnt rent until this year.

I just purchased 2 single family homes as rentals and there are some items I was wondering how you get the correct tax deduction. I am somewhat familiar with taxes, and bonus depreciation, etc, but just needed more clarity on what goes where.

Replaced Waterheater - is this a 27.5 year depreciation or is there a way to expense (~$2700)

Replaced floors with floating vinyl floors (~$3600)

New Appliances (~$2,400)

Lots of misc, painted whole house, new hardware - I assume all of that is probably an improvement rather then repair?

Thanks so much!

Thanks guys!

The communication has always been really good up to this point. 

When I asked last about the status of the situation they immediately responded and said they would check with the handyman company. But I have not heard anything since then. 

As as as the shortage on the last payout, they said they would look into it (I think they have an accountant they use) but I have not heard anything for several weeks on this.

Hi all,

I am a brand new investor just purchased my first 2 single family homes out of state. We got one last year and its been rented under management and everything has gone great on that one. 

We got the 2nd home this year, and we're having issues with the (same) property management company. They were going to finish up some loose ends (just small random things, haul trash, install threshold, etc) on the house for me through their preferred handyman. (They also did this on the first home to get it ready as well).

I got a list back from them that included some of the things I wanted done, and some new things they added. When I asked about these new items, my property manager doesn't seem to be communicating with them or me very clearly. Should I be sticking to my list or leaning on the property manager's handymen to advise what to be done? To be clear, I am very handy myself, having renovated 99% of both these homes myself. I just had some loose ends for them to finish.

In addition, at the same time, our normal payout on house #1 was short a few dollars. I have been waiting almost a month for them to let me know what the situation is here. 

What's your advice?? - I realize now I probably should have made sure everyone was in agreement on the list of work to be done, but I am past that point and want to make sure everything is done right and smoothly. Also, I already paid for the work, the total amount they had requested. Please help!