Plumbing: Rental Property
Tina S
4 years ago
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selling a rental property
Comments (14)"Your renters may not be too cooperative. There are lots of subtle ways they can sink your potential sales. For one thing, they will resent people touring their homes for your convenience. It doesn't matter that you are they owner, they are the ones living there." You right about that. We looked at a house for sale that had the renters living in it. They weren't untidy, but they had a number of cats and the place smelled like it. My spouse likes to ride a mountain bike. They told him he would be fine riding the bike around so long as he wore orange (hunters). They also casually mentioned a buried oil tank and flood issues. The real estate agent didn't seem to pleased. We could tell they didn't want to move. I asked why they didn't buy the place themselves and they said they couldn't afford it. I personally wouldn't try to sell a house with renters. I'd give them the necessary notice and see what shape the house is in after they move out. Especially if they feel they are being given the heave ho. If they don't own the house in the first place they probably won't care what shape they leave it in. Many people who rent live paycheck to paycheck. If you have to sue for damages, you won't have much luck getting money out of a stone....See MoreRental Property as an investment
Comments (30)We have a rental property at a ski resort in Colorado (townhome 1/2 duplex with a nice yard) that our DD manages for us. We bought it because we sold some timber land here and did a tax free exchange. It made sense for us because DD has experience in property management and her DH can fix anything. It's 2 blocks from our ski house where DD and her husband live full time and is in a relatively high end area and that commands pretty high rent. Although the neighborhood zoning allows short term vacation rentals, we prefer long-term, and DD checks out prospective tenants thoroughly. Our last tenants were just for 10 months while they were building a home, but we knew that coming in and we were immediately able to re-lease. We are not planning on selling anytime soon, but a recent sale of a slightly smaller place across the street, indicates that it's worth about $100,000 more than we bought it for 3 years ago and the rent account has a healty balance, despite having done some significant updates (new kitchen appliances and granite last year and new deck this year). We hire out lawn work and snow plowing. No HOA dues or mortgag, so those only ongoing costs other than property taxes and insurance. So far so good. For the first eight years we owned the ski house, we also rented out its basement apartment, but when we lost the 'best tenant ever' who stayed for six years, we decided to take over basement ourselves rather than risk a bad tenant in our own house. We just redid it completly and use it for extra guests. We will probably sell this house in the next year or so, so the new owner can decide whether to rent it out or not, but it will be a bonus because at current rentals even this 600 sq. ft. apt, would rent very quickly at about $1,000 - 1,200 per month. We did have a bad experience with a tenant in a rental condo we once had and grew frustrated for a while. Luckily prices skyrocketed by 50% in the year we owned it, so it turned out to be a really nice investment nonetheless....See MoreInsurance deductible on rental property - Is it a rental expense?
Comments (7)"I am an insurance agent (and own a rental property myself) and I have never heard of someone charging a claim deductible to the tenants as a rental expense. At the end of the day, if you own the property and damage caused by weather aka “act of god” then you are responsible for paying the deductible. Any improvements should be tax deductible though. The joys of property ownership! Hope that helps" Improvements on rental property are almost never tax deductible. Improvements increase the basis in the property. A rental expense is not a renter's expense. Traditionally, we think of rental expenses as expenditures that are tax deductible for rental property that may not be tax deductible on personal residences. I believe Bruce was asking about expense versus capitalization....See MoreOur rental property is getting a huge makeover and I'm trying to make
Comments (3)Paint the house foundation to match the siding - that will make a big difference. If you leave the shutters off, you may need to add trim around the windows to bring balance - notice the house pictured above has well-proportioned window trim. But, in this case, I think shutters are fine. If you feel inclined, I would suggest giving your porch railing somewhat thicker posts. The spindles just don't feel right. I would paint the cedar to match the siding. Put a little trim along the bottom of the cedar, and paint that to match the other trim....See MoreJenn TheCaLLisComingFromInsideTheHouse
4 years agoTina S thanked Jenn TheCaLLisComingFromInsideTheHouseTina S
4 years agogreg_2015
4 years agokudzu9
4 years ago
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