All Forum Posts by: Rick Jones

... No as in those things are not deductable or they are not deductable in '16 but are deductable in '17 or are added to basis and depreciated when rent ready? Can I not write off mortgage interest and taxes paid as a personal itemized deduction as a "second home" expense then?

I know that this can be done but not sure how how to do it. I want to write off property taxes and mortgage interest paid for property purchased in 11/16. Its still undergoing a rehab so its not "rent ready" yet. I know that the rehab expenses are added to the basis once it becomes rent ready but what about property taxes, mortgage interest, and utilities paid in 2016? Thanks!

Hi Jason!

Have you tried posting a faux Craigslist ad to gauge rental interest in that area? That could be a good place to start. Hope that helps!

-Rick

I will definitely do that in the future but still not sure how I should proceed in the current scenario. 

Hi Zac!

Cant speak for the other methods but I've been using the BRRR method with great success with about the same amount of funds as you and purchased 3 houses last year and looking to do even more this year. Best part is I still have the capital and can use it for any of the other methods you wrote about at another time. I think if you have contractor experience this could be a great route for you.

P.S. I LOVE Clearwater Beach, Florida. favorite vacation spot of all time!

So I have my lease structured that the tenants pay all utilities, water, sewer, trash, ect. I received the yearly trash bill for the property and would like to bill fairly. My tenants have been at the property since 10/15, this trash bill is for 1/1/16-12/31/16. The bill is $113. Would you bill the full amount since they did not pay 10/15-12/15 last year? Bill from now until 10/16 when there lease is up? Would it be normal to bill for the entire year even though there lease is up in October. If they continue to stay how would I bill for trash in a month-to-month scenario? Sorry, I am probably way over thinking this, just want to see how you guys handle these situations. Thanks so much!

Hi Edgar! Nice to see some more local people. I closed on my first house in the beginning of the year and am now closing on my second tomorrow! As far as list source, I haven't used it. I've become pretty good at searching and getting information from county assessors sites.

Welcome from a fellow Montco member!

anyone got any ideas?