All Forum Posts by: Kyle J.

The accountant may be referring to a prohibited transaction known as "self dealing".

Here's some more info on that: http://www.trustetc.com/new/rules-and-regulations/plain-english/self-dealing.html

One question I had was how old is your dad? If he's at least 59-1/2, he may be able to make withdrawals without the penalty.

What they did is a crime (actually a felony in my state), not to mention extremely dangerous. Unless you want criminals for tenants, I would evict them.

The "real estate market" sounds pretty broad, so it would probably depend on what information specifically you are looking for (i.e. sales prices, rental rates, census data, etc).

How about talking with other local investors and/or visiting a local REI club?

Ideally it would be nice to get that when the application is submitted. But the reality is that not everyone carries around their DL and social security card so they may very well not have it with them when they apply.

I don't worry about it too much because the tenant screening I do always tells me if the social security number and DL number match the other information the applicant provided. So, assuming the information verified, as long as I get it before we finalize the agreement I'm fine with it.

That's a good point. After I have chosen the tenants, I have them bring a copy of their driver's license and social security card to give to me when they sign the lease agreement.

You just need to keep a written record/log with information such as: Where you drove to/from, how many miles it was, date, reason, etc.

Here's some more info:

http://www.biggerpockets.com/articles/2218-documenting-business-expenses-adequately

@K. Marie Poe - That's interesting. It's possible they may have changed their policy from last year when I spoke to them. However, I wouldn't know for sure unless I called them back. Though from their website info (which is all newly designed I see) it does sound like the tenant can now pay a portion of their rent like in other surrounding counties.

I no longer have any interest in the Section 8 program myself. I briefly considered it last year and went to the landlord orientation meeting. But I ultimately decided against it based on the rules (at least at that time) in my county. Now I'm glad I decided not to participate. You just hear too many horror stories about Section 8 tenants.

K. Marie Poe I understand what you're saying. However, we're talking about different things.

I'm not saying I THINK there is a difference between counties, I am saying that I KNOW there is and have been told this from numerous people at the Section 8 office in my county.

I couldn't believe it either myself at first, but after speaking with multiple people there (including people up the chain) who all told me the same thing, I had no choice but to believe it.

I was told very clearly, that no tenant in my county is allowed to pay any amount towards rent. It wasn't a scenario where, if they did, it would have been over their income threshold. It was a bright line rule in my county that they forbid it from all tenants.

I argued that couldn't be true because within 45 minutes away there are two different counties who operate totally different (more like the scenario you're referring to). However, the response i got each time was that the Section 8 program (actually called the Housing Choice Voucher Program to be technically correct) is adminstered separately by each county therefore each county can make up different rules for how it operates.

I know some landlords will still charge tenants a portion of rent, even in my county. But the Section 8 office was again very clear that if someone is caught doing this, both the tenant and the landlord will be kicked out of the program.

Welcome Al Williamson. I also like audio books. I love to read hardcopy books too, but sometimes it's hard to read while driving. ;)

LOL. I don't know James Vermillion but I know that whenever I get someone to sign one it is music to my ears. $$$