Questions tagged [rental-property]

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

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8
votes
1answer
555 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 ...
0
votes
1answer
83 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 ...
1
vote
2answers
282 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 ...
1
vote
0answers
19 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
184 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
237 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
0answers
160 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
58 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
51 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 ...
3
votes
1answer
215 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 ...
61
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 ...
1
vote
1answer
275 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 ...
0
votes
2answers
116 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
147 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 ...
0
votes
0answers
74 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 ...
0
votes
0answers
90 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 ...
0
votes
3answers
171 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 ...
1
vote
1answer
198 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
101 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 ...
1
vote
2answers
173 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 ...
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
631 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 ...
2
votes
1answer
83 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 ...
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 ...
3
votes
1answer
171 views

Should I rent out a home I own outright or one with a mortgage?

If I have two homes of equal value ($300K each) and one is paid off and other has a mortgage balance of $235K. I'd like to rent one of those out. Which one should give me the most advantages with ...
2
votes
2answers
186 views

Break even for renting house in California

Hi am trying to figure out what our break even would be for renting out my house in California. All the options with taxes can be a bit confusing so i wanted to ask if have calculated it correctly ...
0
votes
1answer
112 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 ...
1
vote
1answer
85 views

Status of unused depreciation on improvements to rental property, at death of owner

How is "unused" depreciation for improvements handled, on real property at time of death? Imagine my uncle purchased residential rental property for $10,000 in 1950. In 2005 he added an enclosed ...
0
votes
2answers
62 views

Claiming depreciation on a Real estate rental

Say Joe began renting out a rental property in 2015 and he has been claiming a reasonable depreciation annually for the tax years till now. For 2018 taxes, Joe wishes to stop claiming a depreciation. ...
3
votes
1answer
717 views

Schedule C vs. Schedule E for rental income

I own a few residential rental properties in the United States. I actively manage all of them, although this is not my full-time job. The properties are owned by an LLC of which I am the sole member. ...
2
votes
0answers
47 views

Can you claim past unclaimed expenses from previous years on a rental property?

My question is the following: Let's say I have some repair renovations that were performed in 2016 that I never claimed in the 2017 tax year (because I had enough expenses to fully balance out the ...
3
votes
1answer
63 views

Managed rental property: income from late fees. How to report on Schedule E?

We have a rental property that is managed by a property management company. This year, our tenants have paid late fees in addition to the rent. The management company filed these fees under Box 3, '...
2
votes
4answers
507 views

Buy 2nd house vs investing?

I've an interesting dilemma that will occur in a few years. My wife and I are currently overpaying our mortgage and will be mortgage free by the age of 35. We are also already putting away some money ...
2
votes
1answer
243 views

The formula to calculate the Net Present Value of monthly rental payment, adjusted for rental annual increase?

I am renting my apartment out, and for that I need to calculate the Net Present Value of the rental payment, after deducting the management fees (f) and adjusted for rental increased. Assuming that ...
3
votes
3answers
299 views

Splitting rental expenses between friends

I am moving in to a rented apartment in London with 2 other friends. Our contract is for 1 year, and we all intend to stay in the property for at least that long. We are trying to work out a good way ...
4
votes
4answers
2k views

Financing mother-in-law suite to rent out

Context: My wife & I just bought a home for $175,000 with 10% down. We pay $1,020 per month on our mortgage, which includes property taxes and insurance. The home has a very large, finished ...
4
votes
3answers
266 views

Are people with bad finances likelier to pay using money orders?

I manage rental properties and have noticed a trend among various tenants with a history of paying late or bad credit: They often pay rent using money orders. They do this even though I also accept ...
0
votes
0answers
87 views

Renting a property with a golf cart under a separate LLC

I am considering listing my property with VRBO / AirBNB. My property is a lake property, where other comparable houses are making a nice profit. One of my buddies is doing this, and he also has a ...
2
votes
4answers
585 views

How to know if negative cash flow rental property is a good investment?

I am completely new to the concept of investments and investment property. I've done research on rental properties and negative cash flow but am unclear how to actually measure if something is a good ...
1
vote
1answer
308 views

Trying to rent an apartment, processing fee $1000?

I am a student and soon to be tenant who is looking to rent a place for about 4 months between January and May. I have to relocate near Atlantic City, NJ and I have come across many winter rentals ...
1
vote
1answer
87 views

New York, Rental Apartment in Chinatown has issues with Gas Connection. Can I get rent abatement

I live in a rental apartment in Chinatown, New York area. My building had its gas turned off by ConEd because of a faulty pipe. Talking to the super, it seems the landlord as no immediate plans to fix ...
2
votes
1answer
93 views

Looking to calculate expected profit from sale of house

I'm trying to calculate the money I will see as profit from the sale of my house. I'm tallying the various expenses associated with selling and would like input on any costs I'm missing. I'm in ...
1
vote
1answer
65 views

Can I claim management fee as business expense?

Location is New Zealand. I have an agency that looks after a rental property for me, and they charge me management fee every two weeks. The tenants pay the agency rent, the agency deducts their ...
0
votes
1answer
415 views

Apartment rent possible fraud

I permanently moved to Spain in September and rented a one apartment through a Russian agency. I never met the Russian owner who I was told lives in Canada. A woman from the agency signed in his name ...
2
votes
2answers
75 views

Optimizing property insurance payments for tax purposes

I own a residential rental property in the United States. I recently received the bill to pay the property insurance on it. The bill can be paid in full this month, or I can pay it in monthly ...
2
votes
1answer
221 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 ...
2
votes
2answers
171 views

Capital gains when selling property

My parents bought a condo in 2005 for $75,000 and rented it out through 2015. I got married in March 2016 and moved in. I paid the HOA and property taxes to my parents. My parents gifted this ...
7
votes
2answers
139 views

Can I have a dual-purposed limited company

I am an IT Consultant and have a limited company which I use to invoice my clients a daily rate for my consulting work. Can I use this same limited company to buy property and then offset the gains ...