Questions tagged [rental-property]

Questions around the use of property that is rented to others.

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5
votes
2answers
642 views

Sale of a rental property, looking to buy a new house that the seller can't move out of right away

I recently sold my rental property (owned for 5yrs, rented out for the last 3.5yrs) and netted $50k. I am currently under contract to purchase a new house for $55k down that I plan on living in. The ...
0
votes
4answers
186 views

Should tenant be allowed to have rent due on x days past start of the lease?

A tenant ask if he could pay rent on the 10th of the month when the lease starts on the first. Is this common or be allowed? Seems like he is asking for 10 days of courtesy habitation.
4
votes
0answers
174 views

How long must I wait after buying a property to rent it out?

I bought a place as a first time buyer without mortgage. Consequently I paid a 3% stamp duty. Due to certain circumstances, I will have to rent it out. I would like to know how long before I could ...
48
votes
6answers
8k views

Unexpected large rent payments, by moneygram, for my apartment, not by me

I'm used to scams where they ask you for moneygrams, but not the other way around. I applied for an apartment Oct 7th, and moved in Nov 13th. When I tried to pay December's rent, I saw that my ...
-2
votes
1answer
94 views

Is there a general rule on how to most efficiently purchase rental properties? [closed]

The way I see it, there are two general options to acquiring a slew of rental properties. Save up for 20% down, and then buy as a pure rental property. Put <20% down, live in it for a year (while ...
2
votes
0answers
89 views

Can landlord's business expenses be retroactive?

Say, I am planning on moving out of my house and keeping it as a rental. The house needs a bit of work, which I can start before I move out to save on the downtime before I look for renters. Can the ...
1
vote
2answers
100 views

Investment split

How do you split the profits on an investment property when one person pays the down payment and the other person takes the mortgage? Each party would be paying the same amount. For ex. One person ...
6
votes
1answer
357 views

Rental Application Fees

I've been trying to find a new apartment. Each application I've submitted cost between $20-$35 and I've yet to find a new place. A lot of these places have me just write out a check which I never see ...
0
votes
1answer
148 views

Planning overall cost of rental for the next 20 years [closed]

I'm helping my mother plan senior housing. She has a fixed amount of money in the bank that she can use to pay for housing. Generally housing has an annual increase of, say, 4%. Using Google ...
3
votes
1answer
43 views

Form W-9 for payments between property management companies

I collect rent on behalf of a client, deduct a management fee, then send the remaining rent to the client. One client's residential property is leased by a company who is a "master tenant." This ...
2
votes
0answers
30 views

How do I allocate gains on Form 4797 for the sale of a rental property?

I sold a rental property last year, so I'm filing Form 4797. I owned it for several years, and had a new roof installed a couple years ago. As I understand, the land (which cannot be depreciated) goes ...
1
vote
2answers
143 views

UK - letting agency / landlord responsibility to provide documentation for a heating system

This question is based on renting a property via a letting agent in the United Kingdom. I am renting a small flat as I've sold one house and am considering my options before purchasing another. I ...
3
votes
2answers
284 views

Renting at a Loss While Banking on Capital Gains

I live in an area that is rapidly growing. My current house (based on comps) has appreciated $50k in two years to give an example. I currently have an opportunity to buy another for a reasonable price ...
8
votes
3answers
377 views

Is it tax-inefficient to receive and pay rent?

Suppose I own a home and live in it. Then I realize I want to move to another part of town that is closer to work. But this is temporary because I don't know what my job will be in 5 years. So I rent ...
0
votes
3answers
226 views

Buying a flat abroad through British LTD company

I'm an IT contractor in the UK, I'm considering buying a flat in Poland, rent it on Airbnb or work remotely from there. I'm thinking if it's worth buying it through LTD company in my case. Would it ...
2
votes
1answer
251 views

Capital Gains Tax allowance sharing for married couples

A husband owns a flat (mortgaged). He is selling it after marrying earlier in the year. Some capital gains tax will be payable as he no longer lives there - the couple moved into a larger place ...
3
votes
2answers
322 views

Canceling a Rental lease hours after signing

I am looking for an apartment and I came across a property management that had some rentals available. The person in the leasing office of the property management gave me a sheet with buildings ...
2
votes
2answers
302 views

Along the path of buying the first, second, and third house. Should I rent one myself?

If I have 2 houses, and rent out both of them for $4,000 each, then the bank will take into account the rental income of $8,000. But if I live in one and rent out the other, the bank only accounts ...
0
votes
1answer
89 views

Would condo HOA insurance cover damage to guest vehicles? [closed]

I recently stayed in an airbnb; it was a unit in a condo complex with a shared parking lot and an HOA. I drove my Tesla there, and plugged it into an outdoor outlet on the side of a covered parking ...
0
votes
2answers
773 views

Financial information for applying an apartment

I am applying an apartment whose management company will do some credit and background checking on me. The application form asks for my employment information and my monthly income. My financial ...
1
vote
0answers
20 views

Combine 121 and 1031 - how much capital gain is non taxable?

Section 121 allows $500k of cap-gain to be non taxable (in the right circumstances) Section 1031 allows the deferral of capital gain taxes (in the right circumstances), and they can be combined. But I'...
1
vote
1answer
191 views

Interest accrued on $2600 security deposit for 5 years

I paid a $2600 security deposit. We were there 5 years. What should my deposit have earned in interest in NY?This particular landlord never gave us any information on an escrow account. He owns ...
1
vote
2answers
247 views

How common is it among people who are successful investing in a second property to pay the down payment with a home equity loan?

Can someone share insight into how common it is among people who make a decent profit buying a second home to pay for it by making a down payment using equity against their first home? I am ...
2
votes
1answer
84 views

Can I do a 1031 exchange and later get Section 121 tax free gain

My wife owns a condo from before. We plan on doing a 1031 exchange and getting one instead in our city partly b/c it will be easy to manage rental rather than having to fly cross country. Down the ...
2
votes
0answers
165 views

Landlord/Property managers broke contract (I think) but I never did anything about it due to hassle involved, what are my options now?

So, about a year ago some people came in and changed the Electric and Gas meters to Pay as you go meters because the landlord hadn't paid the bills. Since my contract was an all-inclusive contract ...
0
votes
1answer
69 views

Calculating real estate rental yield with a mortgage?

I'm struggling to work out how to calculate real estate rental yield in a way that makes it somewhat comparable to any other income-generating asset (e.g., given an investment of X, and a periodic ...
2
votes
0answers
53 views

Do I need to report rental income on my apartment? [duplicate]

Say I am renting an apartment for ~$1000 a month and I have a friend that needs a place to say. I let him stay on my couch and he pays me ~$999 a month. So I'm at a loss of $1 each month. Do I need ...
12
votes
8answers
6k views

How much income am I getting by renting my house?

I am moving from Portland, OR to SF Bay area and therefore contemplating whether to sell or rent the house. I am not planning to move back to this house. Property details: Bought for : $267,000 Paid ...
62
votes
10answers
19k views

Why does it seem the best way to make a living is to invest in real estate?

I can't get past the idea that, if you work well in your job, you may get laid off or fired, and companies do not like to hire you when you get past the age 45 or 50. But if you invest in some houses ...
3
votes
1answer
222 views

Choose students or working adults with low credit as tenants?

Currently I am trying to pick the tenants for my condo in downtown Toronto ($2400 a month). There are two options: Two international students from university of Toronto, but they are only willing to ...
1
vote
1answer
283 views

How long do I have to wait to start renting out a newly bought flat?

I've purchased a new flat outright as a cash buyer. The solicitor documentation suggests there is a 'SDLT' (stamp duty) tax of around £8,000. I believe this can be avoided by living in the property ...
5
votes
1answer
295 views

Can suspended passive losses of a former passive activity be used to offset capital gains on a current passive activity?

I had two rental properties, each of which had its own column on Schedule E. I purchased one in 2001 and one in 2007. The 2001 property has had minor Schedule E losses along the way, and has built up ...
0
votes
2answers
155 views

buying property , loan and collateral

If one owns a property that's worth 200K, is it possible to get a loan to buy a second rental property for 100K, given one owns the first property outright, using it as collateral? Does this person ...
4
votes
2answers
169 views

Security deposit as rental application deposit

I'm considering renting a particular apartment in the Pittsburgh area and the landlord is asking for the security deposit of one month's rent to be submitted along with the rental application, before ...
42
votes
6answers
10k views

Why invest in becoming a landlord?

One of the most recommended ways to invest one's money still is real estate. Sure there are different ways to invest in real estate, but why does it make sense financially to buy property and become a ...
0
votes
1answer
116 views

Do I have to pay tax on Capital Gained on primary property?

I am a Canadian citizen. I have been worked for a company in Mississauga, Ontario since 2016. Around this time my dad was diagnosed with illness so in March 2016, he added my name to his property in ...
0
votes
0answers
77 views

Can I run a renting business in USA as a foreign citizen?

I'm considering buying a property in Houston, TX for the purpose of renting it. I'm a foreign citizen and don't know much about how renting functions in the USA. So far I found out that it's possible ...
2
votes
0answers
55 views

Joint checking account with renter who is a close relative

I am the owner of a property. I am currently renting out that property to my close relative. I trust this family member to use my money to pay a contractor to make small fixes to the property. For ...
5
votes
0answers
132 views

Euro rental income earned in Spain but can it be paid in Sterling in UK

I am a UK national with a property in Spain. The tenants of this property currently pay the monthly rental in Euros to my Spanish bank account but have asked if they can change this arrangement and ...
4
votes
4answers
4k views

Why does FlagStar Bank harass you about payments within grace period?

I just bought my 4th rental property. I always set up everything for automatic payment after the 1st day and before the 2nd week of the month. The reason being, I get all of my rents by that time. Not ...
0
votes
3answers
185 views

Able to pool funds for a downpayment and co-ownership of a home?

I want to buy a house but I do not have quite enough for the 20% down payment I'd ideally like to post for the mortgage. My wife and I are thinking of chatting with our family and getting together ...
0
votes
0answers
93 views

Lower rental amount found on an ad

I paid a deposit on an apartment and a day later I found an ad for my same apartment with a lower monthly rent amount. Can I use a screenshot of that ad to get my monthly rental amount to match the ...
1
vote
1answer
207 views

Is it better for a couple to buy a house together?

Is it better for a couple to buy a house together; forfeiting (I believe) one of their First home buyer's grant. This way both put into the loan and it gets paid off much sooner resulting in less ...
2
votes
1answer
109 views

Expenses prior to selling a rental property

I have a rental property that needs a new HVAC system. If I have this done just prior to selling, my understanding is I would add the cost of that improvement to the basis. But what about ongoing ...
9
votes
6answers
6k views

Should I move out from my current apartment before the contract ends to save more money?

I'm renting a room at $800 per month. I've lived here 2 months and I have a contract of 12 months. So, I have 10 more months before the contract ends. I have deposited $1300 as a security deposit. ...
1
vote
2answers
178 views

Is it a wise decision to buy a home in the current market in a coastal market where prices are at a premium [closed]

I am looking at the possibility of purchasing a property in the San Diego costal area, however I wanted to get some feedback from people that know the economic outlook better than I would. Is it a ...
1
vote
2answers
977 views

Can I use a property I own as a permanent mailing address even if I'm renting it to someone else?

This SE is the most applicable I think because it is in the context of business (renting) and personal finance (permanent address) logistics, even if mainly about mail. A friend bought a property in ...
46
votes
12answers
24k views

How much more than my mortgage should I charge for rent?

We're considering moving at some point in the future, and right now we have a mortgage on our home. So far we've been here about 3 years, and we're considering renting out our home. Obviously there ...
2
votes
3answers
5k views

Is there a rule of thumb when getting roommates in a house?

I have a 3 br house, and I'm considering getting roommates. For the sake of round numbers, let's say my mortgage and all bills(water, electricity, cable, internet, etc) comes to $1,500 a month. Of ...
14
votes
5answers
5k views

When leasing/renting out an owned property, is there a standard ratio between monthly rent and the mortgage? [duplicate]

I'm leaving the country for work for roughly a year, and would like to sublease my home to a friend of mine living in the area. I have no experience as a landlord, and I've had a tough time figuring ...

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