All Forum Posts by: Steve Kirsch

Investment Info:

Single-family residence buy & hold investment.

SFH investment. Hold for approx 5-8 years

What made you interested in investing in this type of deal?

Location and is in-line with long term investment goals

How did you find this deal and how did you negotiate it?

Agent Lead

How did you finance this deal?

traditional 30yr

How did you add value to the deal?

rehab. adding 3/4 bath

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

agents, lenders, property managers.

Howzit all of BP World. 

I would love some feedback either positive or negative or both regarding BuildingBITs. Not looking at this as a primary source of RE revenue (I already have short and long term goals for that).  Investing in BuildingBITS would be a passive income side hustle. Anyone invested in this as a small, medium or large investor? Would love some feedback...

thanks,

Steve K

Thank you @Courtney Jones

Thank you @Luke Burnidge

hi BPers,

Here’s another tax question. 

Do I need to claim/file income tax in the state that I purchased an investment property in AND claim that same income (rent) for that property for the state of which I reside in? Or do I only need to pay for the property tax in state where the property is located? I don’t want to have yo pay twice. The investment property is not located in the state where I live. 

Thank you

Hi Eamonn,

 The unit is not accessible from within the house. It has its own separate entrance. So a 280A form would be applicable I presume. 

thank you @Eamonn McElroy

Hello BPers,

I am hacking my primary res SFH. It has an non-conforming basement unit that I am renting out. I am claiming that revenue as taxable income and am wondering if I am able to also claim a percentage of all of the expenses tied to the property? Utilities, maintenance repairs, homeowner's insurance? What about the closing costs associated with with purchase: appraisal, origination fee, etc... This property is titled as individually owned under my name and not my business. However, I am renting the basement unit and receiving income. Please advise and much appreciated.

thank you 

Steve K.

Hello BP'ers,

 Regarding obtaining an Umbrella Insurance Policy for liability protection for both personal and professional assets, is there a rule of thumb on the coverage amount based on total asset worth?

Thank you 

Steve K

Hello, BP Family,

I am looking for a program (or app) that will help me track my monthly revenue and expense so I can forecast cash flow and avoid going in the red. I currently have a few properties under my belt and am growing as I type this.  Can I please have some recommendations. Not necessarily looking for tax purposes, but something that I can use to create reports and projections with would be great.  

Thank you for your support

Steve K. 

@Jason Bott thank you for the response. Checking with my providers...

Steve

Hello All,

Regarding obtaining an “Umbrella” liability  insurance policy, is it possible to cover properties from various states or will separate policies need to be issued?

Thank you for your feedback

Steve