All Forum Posts by: Troy Longtine

I see this post resurrected from when I posted over a year ago. 

Update: I decided to rent to them after meeting the dog. It was fine, but every time I saw a news article about a pit bull attack I felt sick. They ended up having a kid, and buying a house. I let them break the lease a month early and leave on good terms. They were super nice people, and the dog was “one of the good ones”. However, going forward I’m not allowing large or dangerous breeds. Not worth it to me. 

Wow!.  I don't know that I've had a post on any forum draw so much quick response.  Thanks for all the replies.  I'm going to check with my insurance agent today.

Thans for the replies.  I read the other thread and I do have State Farm.  I'll still give the agent a call to discuss.  She sounds like she could be a great tenant, so I hope I'm covered.  Renters insurance for her  is also a good idea.  

I have a dilema.  A potential renter has  a pit bull and I'm a little nervous.  What is my liability if I allow pets, and her dog bites someone?  The unique thing is she is a Sheriff's deputy and has better credit than I'm used to receiving in this part of town.    I'd really like to accept her, but the dog has me wondering.  

Anyone dealt with this breed?  

Scott,

Thanks for the reply.  To clarify, I need additional storage for personal use.  I was just hoping to partially justify using it for my real estate purposes, so some of the ongoing expenses can offset rental income. 

I don't do a lot of my own rehab or repairs. I mostly buy turn-key properties since my time is required elsewhere. 

Thanks,

Troy

Here's my situation. I've currently only have two SFH, but plan to add a couple more this year. I've essentially only been doing this for a year, and things have been accumulating such as mowers, snowblowers, flooring, fixtures, paint, etc. The house I personally live in has an HOA that does not allow a shed. I've been diligently looking for a future rental that has a larger shed or pole barn to use for storage, but it is tough to find one that the numbers work (too expensive in the Minneapolis area).

I'd like to get my personal garage back, so I'm contemplating buying a garage condo.  Basically self-storage that you own the title to instead of paying rent.  Depending on size, it could be as much as 40% rental related items (biggest is a 5x10 enclosed trailer), and the remaining 60% would be personal (vehicles, boat, etc.).

Is what I've described deductible in some capacity?  Am I looking for trouble?  Is there a better way to accomplish this goal from a tax of business perspective?  

Appreciate any comments!

Thanks,

Troy

Great!  I'll check them out.  

Hi,

I'm Troy Longtine from Cottage Grove, MN.  Pretty new to real estate, and decided to jump in after reading as much as I could.  I bought two SFHs last year, and they have been repaired and rented.  They both were pretty ready to rent as-is, just minor updates.  They both rented within a few weeks of being listed.  I used a management company since I have a full time job.  

There has been a few months I've questioned what I've gotten myself into, but they are cash flowing and things seem to be working well.  

The one thing I wish I'd have done a little differently, was how I have them structured (under my own name).  My goal for 2016 is to re-structure and get a little more asset protection.  Any suggestions for a local attorney would be appreciated.  

Thanks for reading!

Troy