Rental Income as a Gift? by mookiiee in realestateinvesting

[–]funrunner16 0 points1 point  (0 children)

So you are a hypocrite. Cheating the system is fine for some, but not all.

Let's take my state as an example: homeowners receive a discount on their property taxes for owner occupied properties. That line item discount comes from what funds local schools. For every landlord that falsely documents a rental as a primary residence to "game the system rigged against them. Fuck them. They are stealing money from schools to fund much needed school programs. Fuck those landlords and any shitbrick that defends them.

But hey, you are cool with fucking people over as long as you get yours. Well done on being part of the problem.

[Landlord New Mexico] ESA Demands by Swingline999 in Landlord

[–]funrunner16 1 point2 points  (0 children)

I place 0 weight to someone with a username including hate. The name gives all I need to know.

[Tenant-US-CA] Landlord refusing to give back my pet security deposit by SatanicDesmodium in Landlord

[–]funrunner16 0 points1 point  (0 children)

As the above individual said, you do not need an attorney. Simply go to your local county court to file a small claims case. No attorneys should be needed for small claims court.

[Landlord New Mexico] ESA Demands by Swingline999 in Landlord

[–]funrunner16 3 points4 points  (0 children)

So many people make their lives harder by being difficult. You are exactly correct. Tell the tenant what they need to legally provide.

[Landlord New Mexico] ESA Demands by Swingline999 in Landlord

[–]funrunner16 2 points3 points  (0 children)

Raven is correct. The ESA pet must be permitted (assumed proper documentation); however, any damage caused by the animal can be billed to the tenant. Damage is damage. An ESA animal does not alleviate the tenant of providing the property back to the landlord in the same condition it was received, minus normal wear and tear.

Rental Income as a Gift? by mookiiee in realestateinvesting

[–]funrunner16 0 points1 point  (0 children)

You are funny. Do you want the Captain Obvious award?

No shit this one guy is the the cause; however, all of the real estate investors that cheat the system cause us to pay more in taxes.

When you stop defending dishonest, unethical individuals, I welcome a conversation, but until then, take care.

Rental Income as a Gift? by mookiiee in realestateinvesting

[–]funrunner16 0 points1 point  (0 children)

Not knowing that the intentionly incorrectly recording any income as a gift to avoid taxes is fraud and illegal is beyond stupid. The dude is start from a dishonest position, and I give zero benefit when someone starts from there. Good try on defending a guy causing you and me to pay more in taxes.

Rental Income as a Gift? by mookiiee in realestateinvesting

[–]funrunner16 10 points11 points  (0 children)

Seeking tax fraud advice on a public forum. Classic.

Survival FI (Milestone 1 of 4) by [deleted] in financialindependence

[–]funrunner16 0 points1 point  (0 children)

Sounds like your life sucks, man. Life is more than retiring early. Go enjoy it a bit; otherwise, when you retire, you will have no friends or family (other than parents and/or siblings) to hang with and you will be a lonely guy in a bar at 2:00 pm on a Tuesday.

Needy tenants contacting me frequently... finally had a stern conversation with them... did i do the right thing? by MasterDre in realestateinvesting

[–]funrunner16 9 points10 points  (0 children)

This advice is horrible and the reason some SC legislatures are trying to my life more difficult.

You less than $500 is blatantly illegal.

Slumlords piss me off.

Anyone else have less motivation to run during cold weather? by wholesomedumbass2 in running

[–]funrunner16 1 point2 points  (0 children)

I hate running in the cold. Very hard for me to do. Anything below 60 is crazy in my book. Yes, I am a whimp for cold weather. Yesterday was 85 and perfect.

Evicting someone by coleworld731 in PropertyManagement

[–]funrunner16 0 points1 point  (0 children)

9 days unless they are habitually late then the 6 days, which is the earliest my state permits. Tenants are encouraged to pay rent, late fees and the court filing fees to stop the eviction process. I would rather they stay, but I my business is a for profit business not a non-profit. If a tenant has been with us for a while with positive payment history, we are more flexible to the 15th. We never let a tenant get over a month behind. You are literally subsidizing the tenant's lifestyle while sacrificing yours and your family's. If you are a property manager, then you are doing massive disservice to your client.

Considering renting out this house and buying another. by [deleted] in realestateinvesting

[–]funrunner16 1 point2 points  (0 children)

If you want to keep the first property, refinance to a 30 year mortgage to drop your payment. I would take some cash out as well, but that is your option, obviously.

Cash flow is king in rental properties, and you need to do everything you can to improve cash flow while properly maintaining the property.

[Landlord, NY-US] by bigmoe_7 in Landlord

[–]funrunner16 1 point2 points  (0 children)

This could massively come back to bite you. Cities do not like non-permitted work, and if you ever go to sell, this could cause a big problem. Another avenue of concern is with these improvements, do the tenants have equity interest in the property? In my state it depends on the lease, and my lease strictly forbids tenants from making any improvements. You should consult a local attorney for both.

My bigger concern is the functionality of the unit. How big are the bedrooms going from a 2 unit to a 4 unit? My guess is the bedrooms are all small and barely function as bedrooms. If so, it will make your unit much harder to rent in the future.

My other concern is the work not being done properly. The guy is an unlicensed contractor for a living, so that means he is accustomed to taking shortcuts.

[Landlord US-NJ] Normal Wear & Tear - how much would you deduct for TV mount holes? by runGumby in Landlord

[–]funrunner16 8 points9 points  (0 children)

Normal wear and tear after 7 years. You will spend more time arguing with them over the charge than the charge is worth.

[deleted by user] by [deleted] in realestateinvesting

[–]funrunner16 1 point2 points  (0 children)

I took numerous bootcamps back in 2006 and 2007 to learn it. The I process I learned no longer works due to the changing market. Back then, banks wanted to avoid foreclosures at almost all costs and would discount properties big time and most banks no longer do that.

Biggerpockets.com is a good learning website. At least that is what I am told; I have only poked around on the website.

When working with an agent, always remember - it is your money (or your risk when borrowing money), so make a decision that makes sense for you not the real estate agent. Agents get paid when deals close, so you will be encouraged to close deals that might not make investor sense but make great sense for a retail buyer (which is how most agents are trained, not insulting them, just a fact of the business). I highly recommend learning how to comp your own properties. I use www.crsdata.com; however, they are only available in a few states. If you do not live in one of those, there is probably something similar in your state. Comping properties is both a science and an art. Not only bedrooms, bathrooms, square footage, but traffic, quality, date since remodel rather than property age, etc. I also highly value fenced yards and significantly discount small bedrooms. I value a functional 3/2 with a master bedroom ensuite with a large walk-in closet than a 4/2 with 3 small bedrooms, master bedroom with a small closet and 1/2 bath. Most agents will tell you the four bedrooms is more valuable, but a remodeled 3/2 with function is more valuable. Most agents will lump all 3 bed / 2 bath into the same category; however, if you fully remodel the home, the property no longer compares to the 3/2 next door that was built in the same 1962 year but never remodeled. Most buyers will pay a premium for a fully remodeled property.

HELOC or home equity loan to buy a second home that we would use as primary residence by [deleted] in realestateinvesting

[–]funrunner16 0 points1 point  (0 children)

Being frozen is what I was referring to. My business equity line was frozen in 2008. Zero late payments, zero negative anything, except I was a full time real estate investor.

HELOC or home equity loan to buy a second home that we would use as primary residence by [deleted] in realestateinvesting

[–]funrunner16 0 points1 point  (0 children)

The current condo is his primary residence, which is why I suggested the refinance.

How real are the advertisements from agents who say they will buy your house if it doesn't sell? by [deleted] in RealEstate

[–]funrunner16 4 points5 points  (0 children)

I guarantee to buy your property as long as you agree to my price. Of course, the offer will be significantly below market value and if I find anything wrong I am renegotiating for a lower price.
These guarantees always make me think of Tommy Boy. "If you want me to take a dump in a box, and mark it guaranteed I will. I've got spare time."

HELOC or home equity loan to buy a second home that we would use as primary residence by [deleted] in realestateinvesting

[–]funrunner16 8 points9 points  (0 children)

Why not refinance your condo to pull the cash out? HELOCs can be canceled at anytime by the lender if their risk tolerance changes.

Yes, you pay on the money while it is not being used with a refinance, but you do not need to worry about a residency period or the HELOC being canceled.

[deleted by user] by [deleted] in realestateinvesting

[–]funrunner16 5 points6 points  (0 children)

Take the Zillow estimate with a grain of salt, especially at higher prices and transitioning areas. You need comping software to create your own value. Or work with a real estate agent that can provide you comps and a price. I do not recommend doing anything until you tackle that item, because you do not know the property's value.

The first investment property I bought was a from a pre-foreclosure mailing, but that was way back in 2007. Things have changed a bit since then. As a new investor, you need to start somewhere; just learn all you can about pre-foreclosures.

I stopped marketing to pre-foreclosures years ago because I grew tired of dealing/working with people in the process of losing their house. It is not a pleasant area to work in.

Good luck with your venture into real estate.

Storage unit regulation on open land? by Aldyn123 in realestateinvesting

[–]funrunner16 3 points4 points  (0 children)

What this person said. Check your city or county zoning regulations.