All Forum Posts by: Seth Nowak

@Rico Stewart sustainability and environmental performance are my top priority in real estate investing

I don't know about Indiana, however, some state and international trends are for more energy-efficient, low carbon rentals. I have been adding green/sustainability features on my first rental property gradually over time. It has solar for about half the electricity, and I buy green power from the utility for the rest. I have added insulation and air sealing to reduce heating costs and for comfort. It is on bus line and commuter bicycle route. There is a garden if tenants want to use it. 

My background is in energy efficiency and there are many opportunities to add value for both owner and tenant by increasing EE in apartment houses' building envelope, appliances, and lighting. Would be happy to discuss if you message me. 

Sounds like you answered your own question partially . . . if you can find a deal, and can line up contractors and/or do the work yourself, it could still work. How about creating a new category of "slow-habs", in which you do only the repairs and upgrades needed for the property to be rentable (in the currently hot market that allows higher than usual rents), then schedule the contractors for months down the road when they're available. This could work if you have financing arrangements that allow for a longer hold period before refinancing and selling.

@Jason Ericksen no I have not listened to them. Thank you for the suggestion. 

Found an old small mobile home for sale for a very low price. Needs work. Looking for expertise, resources, and possible partner to do a fix and flip.  Needs lots of cosmetic work, new appliances.  Rehab cost estimate worksheets, sale prices? 

Thanks, everyone, this is quite helpful. 

Last December I bought my second rental property and have deeded it over to my LLC which I set up for this purpose.

It has been cash flowing very well every month, so I'm thinking I'll have to pay income tax on the profits. Until now, I've been doing my own federal and state income tax returns through TurboTax.

I'm wondering about the basics of accounting and tax for this -- wondering what I don't know, that I don't know about it.

Do you have any tips or advice? Is it worth it at this point to hire an accountant? Or is it just an IRS form or two that are built into TurboTax that will flow the income through to increase my taxable income from my day job, no big deal? 

I have got a residential rental property that I bought last year and I want to put it into my LLC . Can I just download a quit claim deed for free off the internet or should I hire a lawyer or get a title company or other professional to work with me on this ?

I apologize. I wanted to turn the conversation to facts, which is why I posted the link showing where I got my information.  I agree that power outages are not relevant, that was my main point.