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OfflineTheBandit
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Registered: 03/03/08
Posts: 1,655
Last seen: 13 years, 5 months
Thinking about becoming a landlord.
    #12191920 - 03/12/10 06:13 PM (14 years, 19 days ago)

My wife and I (as well as our baby as of next month! yay soon to be father) live in a house on a property that has 3 other homes on it.
They each have their own yard, and parking area.
Our current rent is $800 per month, and I'm assuming the other tenants pay around the same.

The entire property however is for sale at $300k.
I used a mortgage calculator and that comes to around 1200 per month for all the properties combined.
Plus the down payment of $60,000.

My question to all of you is what I need to learn before becoming a landlord, and if there is any classes I should take at the local community college, and so on.

It seems like a great investment, and I'm willing to learn what I need to learn to take part in this endeavor.

Any experienced feedback is much appreciated!

Thank you for reading, and after I return from enjoying my dinner I will respond to any replies!

:thaaannks:


--------------------




[quote]RogerRabbit said:
Ah, that explains it.  Typical know-it-all noob.  We get a few thousand just like you register here every year.  They try a few grows, fail miserably and then after a few months or one bad trip, go back to sniffing glue, never to be seen again.

We have a basic pf tek that's idiot proof enough for noobs to get fucked up with their friends. 

Mycologists on the other hand grow for the love of growing.  They want to experiment with various species, substrates, and fruiting environments. They'll move on to isolate strains, attempt hybridization, and in general treat cultivation as an artform, rather than a chore that must be performed as a means to an end.  They'll work twice as hard for a ten percent gain, just for the love of perfection.  These are the ones who will isolate strains, not the dumb fucks who treat mushrooms as a drug, or even worse, a pathogen, as if mushrooms cause disease.
RR [/quote]

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Invisibledesertturtle
not like the others
 User Gallery

Registered: 06/15/07
Posts: 426
Re: Thinking about becoming a landlord. [Re: TheBandit]
    #12192055 - 03/12/10 06:46 PM (14 years, 19 days ago)

Most importantly you would want an attorney's help to help make the lease/other paperwork airtight.
You could also save a lot of money by having plumbing/electrical/painting/maintenance skills.
Insurance.

Don't take my post too seriously, I just wanted to respond.:grin:


--------------------
:discorex::kickflip:

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OfflineTheBandit
Infidel
Male


Registered: 03/03/08
Posts: 1,655
Last seen: 13 years, 5 months
Re: Thinking about becoming a landlord. [Re: desertturtle]
    #12192715 - 03/12/10 09:15 PM (14 years, 19 days ago)

hm.
not terrible advice. :strokebeard:


anyone else like to chip in?


--------------------




[quote]RogerRabbit said:
Ah, that explains it.  Typical know-it-all noob.  We get a few thousand just like you register here every year.  They try a few grows, fail miserably and then after a few months or one bad trip, go back to sniffing glue, never to be seen again.

We have a basic pf tek that's idiot proof enough for noobs to get fucked up with their friends. 

Mycologists on the other hand grow for the love of growing.  They want to experiment with various species, substrates, and fruiting environments. They'll move on to isolate strains, attempt hybridization, and in general treat cultivation as an artform, rather than a chore that must be performed as a means to an end.  They'll work twice as hard for a ten percent gain, just for the love of perfection.  These are the ones who will isolate strains, not the dumb fucks who treat mushrooms as a drug, or even worse, a pathogen, as if mushrooms cause disease.
RR [/quote]

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Invisiblebadchad
Mad Scientist

Registered: 03/02/05
Posts: 13,377
Re: Thinking about becoming a landlord. [Re: desertturtle]
    #12192717 - 03/12/10 09:15 PM (14 years, 19 days ago)

I'd take a peak at the finances again.  I think you'd be stretching to get 300k for $1200/month (more like $1600). 

As a landlord, my guess is that the majority of the expenses come in upkeep.  Fixing people's crap.  If you can't do it, don't be a landlord. 

I'm looking at houses now.  Little things add up to huge expenses. New roof: 8-12k.  New hot water heater: 3k or so. 

If I were a tenant, I'd be calling YOU to take care of such things.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436

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OfflineTheBandit
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Male


Registered: 03/03/08
Posts: 1,655
Last seen: 13 years, 5 months
Re: Thinking about becoming a landlord. [Re: badchad]
    #12192869 - 03/12/10 09:43 PM (14 years, 19 days ago)

What about hiring property management?

they would take a fee from my rent, and they would have to deal with most of the accounting, and the tenants.


--------------------




[quote]RogerRabbit said:
Ah, that explains it.  Typical know-it-all noob.  We get a few thousand just like you register here every year.  They try a few grows, fail miserably and then after a few months or one bad trip, go back to sniffing glue, never to be seen again.

We have a basic pf tek that's idiot proof enough for noobs to get fucked up with their friends. 

Mycologists on the other hand grow for the love of growing.  They want to experiment with various species, substrates, and fruiting environments. They'll move on to isolate strains, attempt hybridization, and in general treat cultivation as an artform, rather than a chore that must be performed as a means to an end.  They'll work twice as hard for a ten percent gain, just for the love of perfection.  These are the ones who will isolate strains, not the dumb fucks who treat mushrooms as a drug, or even worse, a pathogen, as if mushrooms cause disease.
RR [/quote]

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Invisiblebadchad
Mad Scientist

Registered: 03/02/05
Posts: 13,377
Re: Thinking about becoming a landlord. [Re: TheBandit]
    #12194060 - 03/13/10 06:02 AM (14 years, 19 days ago)

You could do property management, it'll just cut into your profits.  I have no idea how much.  Even then though, you're still footing the bills for repairs, and ultimately dealing with tenants.  Look into it.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436

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OfflineGroovy Grant
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Registered: 07/31/00
Posts: 6,635
Loc: TX Flag
Last seen: 20 days, 14 hours
Re: Thinking about becoming a landlord. [Re: TheBandit]
    #12194081 - 03/13/10 06:19 AM (14 years, 19 days ago)

Badchad is right. The mortgage will most likely be more than $1,200, and will near $2,000 a month if you also include RE taxes and homeowner's insurance. You'll also need to get renter's permits, and insurance to cover the buildings if your tenants burn it down.

The property management company would be a waste. Are you planning on living one of these four units? If so, they aren't going to call the property management company, but knock on your door every time something is wrong. So you'll be paying for a manager, but still taking all the nuisances.

This isn't so say you couldn't make it work. Real property has so nice potential, eventually if the property's are well kept, it could be pretty nice passive income. Also, you'll be able to itemize the expenses, claiming the interest on the mortgage, as well as some sq. ft. in your place as an office, etc. So it may help with your taxes, but I'd look into tax law on rental income. I'd imagine it's taxed at a marginal rate.

Good luck to you! Sounds very exciting, but don't over extend yourself with a new baby and a massive project!

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Offlinezappaisgod
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Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 9 months
Re: Thinking about becoming a landlord. [Re: Groovy Grant]
    #12194624 - 03/13/10 11:29 AM (14 years, 19 days ago)

I believe he was basing his mortgage calculation on financing $240,000.  Regardless:

1.  Do not for one second assume anything about the other leases.  Read them.  Demand financials for the last 5 years.
2.  Always figure a 2 month per year vacancy and a 1 month per year maintenance.  The maintenance could well be more depending on the condition.  You WILL inspect all structures carefully.
3.  The taxes are a matter of public record.  Look them up yourself and don't take anyone's word for it.
4.  Bid anonymously
5.  Consult a lender regarding financing.  Your mortgage calculator is bullshit and there are different rules for non-owner occupied RE. 
6.  After you have done all that consult a professional tax adviser.
7.  Don't ever forget that by investing the $60,000 you are forfeiting the income it could be earning by its own fat self and that you are seriously eroding your liquidity. 
8.  Do not invest your last nickel in this.  Make sure you still can cover expenses in case of medium disaster.  Buy insurance against job loss, etc.
9.  Do not use friends for any kind of professional advice.  Pay somebody.  Then you can sue them if they fuck up.  It's a kind of insurance.
Then, go for it.


--------------------

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OfflineGroovy Grant
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Registered: 07/31/00
Posts: 6,635
Loc: TX Flag
Last seen: 20 days, 14 hours
Re: Thinking about becoming a landlord. [Re: zappaisgod]
    #12194776 - 03/13/10 12:03 PM (14 years, 19 days ago)

Great advice Zappa! The friends and advice thing is great!

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InvisibleLunarEclipse
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Registered: 10/31/04
Posts: 21,407
Loc: Building 7
Re: Thinking about becoming a landlord. [Re: zappaisgod]
    #12201825 - 03/14/10 05:26 PM (14 years, 18 days ago)

Quote:

zappaisgod said:
I believe he was basing his mortgage calculation on financing $240,000.  Regardless:

1.  Do not for one second assume anything about the other leases.  Read them.  Demand financials for the last 5 years.
2.  Always figure a 2 month per year vacancy and a 1 month per year maintenance.  The maintenance could well be more depending on the condition.  You WILL inspect all structures carefully.
3.  The taxes are a matter of public record.  Look them up yourself and don't take anyone's word for it.
4.  Bid anonymously
5.  Consult a lender regarding financing.  Your mortgage calculator is bullshit and there are different rules for non-owner occupied RE. 
6.  After you have done all that consult a professional tax adviser.
7.  Don't ever forget that by investing the $60,000 you are forfeiting the income it could be earning by its own fat self and that you are seriously eroding your liquidity. 
8.  Do not invest your last nickel in this.  Make sure you still can cover expenses in case of medium disaster.  Buy insurance against job loss, etc.
9.  Do not use friends for any kind of professional advice.  Pay somebody.  Then you can sue them if they fuck up.  It's a kind of insurance.
Then, go for it.




10.  Never rent to relatives or friends.

11.  Small pets CONSIDERED.

12.  If you really had to ask for advice about becoming a landlord on the Shroomery :rofl: and really have a young child then I would say NO WAY you aren't ready

13.  See 12.


--------------------
Anxiety is what you make it.

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OfflineTheBandit
Infidel
Male


Registered: 03/03/08
Posts: 1,655
Last seen: 13 years, 5 months
Re: Thinking about becoming a landlord. [Re: LunarEclipse]
    #12203203 - 03/14/10 09:33 PM (14 years, 17 days ago)

Quote:

LunarEclipse said:
Quote:

zappaisgod said:
I believe he was basing his mortgage calculation on financing $240,000.  Regardless:

1.  Do not for one second assume anything about the other leases.  Read them.  Demand financials for the last 5 years.
2.  Always figure a 2 month per year vacancy and a 1 month per year maintenance.  The maintenance could well be more depending on the condition.  You WILL inspect all structures carefully.
3.  The taxes are a matter of public record.  Look them up yourself and don't take anyone's word for it.
4.  Bid anonymously
5.  Consult a lender regarding financing.  Your mortgage calculator is bullshit and there are different rules for non-owner occupied RE. 
6.  After you have done all that consult a professional tax adviser.
7.  Don't ever forget that by investing the $60,000 you are forfeiting the income it could be earning by its own fat self and that you are seriously eroding your liquidity. 
8.  Do not invest your last nickel in this.  Make sure you still can cover expenses in case of medium disaster.  Buy insurance against job loss, etc.
9.  Do not use friends for any kind of professional advice.  Pay somebody.  Then you can sue them if they fuck up.  It's a kind of insurance.
Then, go for it.




10.  Never rent to relatives or friends.

11.  Small pets CONSIDERED.

12.  If you really had to ask for advice about becoming a landlord on the Shroomery :rofl: and really have a young child then I would say NO WAY you aren't ready

13.  See 12.





i have the money, and i have the time.
that alone says i'm ready.
i use the shroomery as my one stop shop.
philosophy, cultivation, pubbin, etc.


--------------------




[quote]RogerRabbit said:
Ah, that explains it.  Typical know-it-all noob.  We get a few thousand just like you register here every year.  They try a few grows, fail miserably and then after a few months or one bad trip, go back to sniffing glue, never to be seen again.

We have a basic pf tek that's idiot proof enough for noobs to get fucked up with their friends. 

Mycologists on the other hand grow for the love of growing.  They want to experiment with various species, substrates, and fruiting environments. They'll move on to isolate strains, attempt hybridization, and in general treat cultivation as an artform, rather than a chore that must be performed as a means to an end.  They'll work twice as hard for a ten percent gain, just for the love of perfection.  These are the ones who will isolate strains, not the dumb fucks who treat mushrooms as a drug, or even worse, a pathogen, as if mushrooms cause disease.
RR [/quote]

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OfflineStatisticons_win
Stranger


Registered: 03/20/09
Posts: 2,372
Last seen: 10 years, 7 months
Re: Thinking about becoming a landlord. [Re: TheBandit]
    #12205381 - 03/15/10 10:16 AM (14 years, 17 days ago)

don't listent o loonereclipse.

scared money doesn't make money.

Just cross your t's and dot your i's.

find a good lawyer.  Play the game, play it fully engaged.


--------------------

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InvisibleLunarEclipse
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Registered: 10/31/04
Posts: 21,407
Loc: Building 7
Re: Thinking about becoming a landlord. [Re: Statisticons_win]
    #12211439 - 03/16/10 08:25 AM (14 years, 16 days ago)

Quote:

Statisticons_win said:
don't listent o loonereclipse.

scared money doesn't make money.

Just cross your t's and dot your i's.

find a good lawyer.  Play the game, play it fully engaged.




Be the ball, hit it hard.  Hit it often.

A stitch in time saves Nine.

"Find a Good Lawyer".  :ilold:


--------------------
Anxiety is what you make it.

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OfflineStatisticons_win
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Registered: 03/20/09
Posts: 2,372
Last seen: 10 years, 7 months
Re: Thinking about becoming a landlord. [Re: LunarEclipse]
    #12211461 - 03/16/10 08:34 AM (14 years, 16 days ago)

lawyers and money go together like guns and coke.  Didn't you know?


--------------------

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InvisibleLunarEclipse
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Male User Gallery

Registered: 10/31/04
Posts: 21,407
Loc: Building 7
Re: Thinking about becoming a landlord. [Re: TheBandit]
    #12211484 - 03/16/10 08:42 AM (14 years, 16 days ago)

Quote:

TheBandit said:
Quote:

LunarEclipse said:
Quote:

zappaisgod said:
I believe he was basing his mortgage calculation on financing $240,000.  Regardless:

1.  Do not for one second assume anything about the other leases.  Read them.  Demand financials for the last 5 years.
2.  Always figure a 2 month per year vacancy and a 1 month per year maintenance.  The maintenance could well be more depending on the condition.  You WILL inspect all structures carefully.
3.  The taxes are a matter of public record.  Look them up yourself and don't take anyone's word for it.
4.  Bid anonymously
5.  Consult a lender regarding financing.  Your mortgage calculator is bullshit and there are different rules for non-owner occupied RE. 
6.  After you have done all that consult a professional tax adviser.
7.  Don't ever forget that by investing the $60,000 you are forfeiting the income it could be earning by its own fat self and that you are seriously eroding your liquidity. 
8.  Do not invest your last nickel in this.  Make sure you still can cover expenses in case of medium disaster.  Buy insurance against job loss, etc.
9.  Do not use friends for any kind of professional advice.  Pay somebody.  Then you can sue them if they fuck up.  It's a kind of insurance.
Then, go for it.




10.  Never rent to relatives or friends.

11.  Small pets CONSIDERED.

12.  If you really had to ask for advice about becoming a landlord on the Shroomery :rofl: and really have a young child then I would say NO WAY you aren't ready

13.  See 12.





i have the money, and i have the time.
that alone says i'm ready.
i use the shroomery as my one stop shop.
philosophy, cultivation, pubbin, etc.




sorry pal having the money and time doesn't make you ready to be a landlord.  it just means you have the means to buy a property.

i could go buy a bunch of car fixing tools and open up a car fixing shop but until i learn how to fix cars i will have to hire a mechanic to do my work.  likewise if you are the type that can't fix houses for the most part you shouldn't be a landlord.  granted there are times when you have to hire a plumber or electrician (sometimes it's the law for a rental) but otherwise you better be mr. fixit.


--------------------
Anxiety is what you make it.

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OfflineStatisticons_win
Stranger


Registered: 03/20/09
Posts: 2,372
Last seen: 10 years, 7 months
Re: Thinking about becoming a landlord. [Re: LunarEclipse]
    #12211539 - 03/16/10 09:05 AM (14 years, 16 days ago)

Quote:

LunarEclipse said:
Quote:

TheBandit said:
Quote:

LunarEclipse said:
Quote:

zappaisgod said:
I believe he was basing his mortgage calculation on financing $240,000.  Regardless:

1.  Do not for one second assume anything about the other leases.  Read them.  Demand financials for the last 5 years.
2.  Always figure a 2 month per year vacancy and a 1 month per year maintenance.  The maintenance could well be more depending on the condition.  You WILL inspect all structures carefully.
3.  The taxes are a matter of public record.  Look them up yourself and don't take anyone's word for it.
4.  Bid anonymously
5.  Consult a lender regarding financing.  Your mortgage calculator is bullshit and there are different rules for non-owner occupied RE. 
6.  After you have done all that consult a professional tax adviser.
7.  Don't ever forget that by investing the $60,000 you are forfeiting the income it could be earning by its own fat self and that you are seriously eroding your liquidity. 
8.  Do not invest your last nickel in this.  Make sure you still can cover expenses in case of medium disaster.  Buy insurance against job loss, etc.
9.  Do not use friends for any kind of professional advice.  Pay somebody.  Then you can sue them if they fuck up.  It's a kind of insurance.
Then, go for it.




10.  Never rent to relatives or friends.

11.  Small pets CONSIDERED.

12.  If you really had to ask for advice about becoming a landlord on the Shroomery :rofl: and really have a young child then I would say NO WAY you aren't ready

13.  See 12.





i have the money, and i have the time.
that alone says i'm ready.
i use the shroomery as my one stop shop.
philosophy, cultivation, pubbin, etc.




sorry pal having the money and time doesn't make you ready to be a landlord.  it just means you have the means to buy a property.

i could go buy a bunch of car fixing tools and open up a car fixing shop but until i learn how to fix cars i will have to hire a mechanic to do my work.  likewise if you are the type that can't fix houses for the most part you shouldn't be a landlord.  granted there are times when you have to hire a plumber or electrician (sometimes it's the law for a rental) but otherwise you better be mr. fixit.




you obviously don't know what the fuck you are talking about.  My landlord owns two apartment  buildings and five houses.  he doesn't do shit, and still c.r.e.a.m.s.
before he even buys the house he should have a professional he trusts examine the structural integrity.  Then he should find tradesmen with honorable reps and build lasting relationships with them.  He doesn't have to be a jack-of-all trades to be a successful landlord.


--------------------

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InvisibleStonehenge
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Registered: 06/20/04
Posts: 14,850
Loc: S.E.
Re: Thinking about becoming a landlord. [Re: Statisticons_win]
    #12213964 - 03/16/10 04:45 PM (14 years, 16 days ago)

GG and zap seem to have the best advice here. You have to make the purchase contingent on passing a professional inspection. That alone will probably cost over 1k but don't skimp on it. Before you get that far go down to the local courthouse and look up any liens, assessments, judgements etc that might be owed on it. Look at the yearly taxes. Get a quote on insurance. Get all your ducks in a row before you make an offer. And don't be afraid to offer way less than they are asking. Don't let your heart get set on one property, they will always disappoint you. Look at others and you may find a better deal. Offer way low and they may make a counter offer just a little higher. Or you can offer more later on. You can't offer high and then go down after you realize your mistake.

On the plus side, if you are living there you can get a break on financing and if you close soon you will get a rebate from the govt. You will get a break on taxes by being an owner occupant, but just on the part you are living in. Still, every little break helps.


--------------------
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755

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InvisibleLunarEclipse
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Registered: 10/31/04
Posts: 21,407
Loc: Building 7
Re: Thinking about becoming a landlord. [Re: Stonehenge]
    #12217315 - 03/17/10 07:37 AM (14 years, 15 days ago)

Quote:

Stonehenge said:
GG and zap seem to have the best advice here. You have to make the purchase contingent on passing a professional inspection. That alone will probably cost over 1k but don't skimp on it. Before you get that far go down to the local courthouse and look up any liens, assessments, judgements etc that might be owed on it. Look at the yearly taxes. Get a quote on insurance. Get all your ducks in a row before you make an offer. And don't be afraid to offer way less than they are asking. Don't let your heart get set on one property, they will always disappoint you. Look at others and you may find a better deal. Offer way low and they may make a counter offer just a little higher. Or you can offer more later on. You can't offer high and then go down after you realize your mistake.

On the plus side, if you are living there you can get a break on financing and if you close soon you will get a rebate from the govt. You will get a break on taxes by being an owner occupant, but just on the part you are living in. Still, every little break helps.




As to getting your "rebate from the govt" for owner occupied property that is true but does it apply if purchased as a package with rental property?  Even a portion as you mention?  I would doubt it but a good question for an accountant or the IRS.


--------------------
Anxiety is what you make it.

Edited by LunarEclipse (03/17/10 08:03 AM)

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InvisibleStonehenge
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Re: Thinking about becoming a landlord. [Re: LunarEclipse]
    #12218451 - 03/17/10 12:34 PM (14 years, 15 days ago)

LE, i heard that it does. But they only figure the rebate on the portion that you live in. Max of 8k, you must have never bought a house before or if you did, you must have lived in it 3 of the last 5 years. If it's your second time buying a house you get a max of 6.5k. The rules are very complicated. Definitely look into it. Even if a govt agent tells you something they might be wrong.

I think i'm done buying r/e until after 4-30. Thats when the current round of rebates end. There should be less buyers and more bargains then. Of course i wont turn down any great deals before then but they will have to be very good.


--------------------
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755

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InvisibleLunarEclipse
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Registered: 10/31/04
Posts: 21,407
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Re: Thinking about becoming a landlord. [Re: Stonehenge]
    #12219375 - 03/17/10 03:15 PM (14 years, 15 days ago)

Quote:

Stonehenge said:
LE, i heard that it does. But they only figure the rebate on the portion that you live in. Max of 8k, you must have never bought a house before or if you did, you must have lived in it 3 of the last 5 years. If it's your second time buying a house you get a max of 6.5k. The rules are very complicated. Definitely look into it. Even if a govt agent tells you something they might be wrong.

I think i'm done buying r/e until after 4-30. Thats when the current round of rebates end. There should be less buyers and more bargains then. Of course i wont turn down any great deals before then but they will have to be very good.




Govt agent might be wrong?  Sounds serious.

Got a pal waiting on ur cherished hoped for rebate portion of a stanky tax cruddit.  They didn't have good answers either.

BTW all you wannabe landlords you think you get money for non owner occupied you betta be GOOD Cruddit...


--------------------
Anxiety is what you make it.

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