Questions tagged [rental-property]

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

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3answers
209 views

Is it reasonable to purchase a home as a college student?

I'm a student the University of Louisville and I'm debating trying to buy a house in the area. Essentially, instead of paying rent, I would be paying a mortgage. I currently only have about $5k saved ...
4
votes
1answer
129 views

Transfer of profits from property letting to wife, UK?

We live and work in UK. Recently I've bought a flat, which is rented, that my wife is looking after (she left a day job to look after kids). property and BTL mortgage is in my sole name wife doesn't ...
2
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5answers
470 views

Family inheritance and property

I would like some advice on property allocation between siblings and parents. We all live in England. I have a sibling whom I love very much. We both get along with our parents who are divorced. We ...
1
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4answers
1k views

Borrow from 401k for down payment on rental property?

I'm saving up to buy a rental property, it will take a few years. I've been maxing out my 401k contributions at 18k per year plus employer match. I've got plenty in the fund to borrow from it to make ...
0
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1answer
270 views

I want to rent an apartment. The landlord wants me to sign at the court. Is this safe? Or smells like fraud?

I saw an apartment in a listing (I live in Taipei, Taiwan). The websites states that the contract has to be signed at the court. Is this safe? Or smells like fraud?
3
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4answers
486 views

If I rent out my own house for $2k and rent somewhere else for $2k, do I still make taxable income?

In the U.S., if I rent out my own house for $2k and rent somewhere else for $2k, do I still make taxable income?
1
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0answers
45 views

Proper depreciation/method/duration for conversion to in-law unit, in older single family home?

IRS publication 527 covers "Basis of property changed to rental use". My question is on the proper duration for the depreciation. Imagine a home was bought for $60k in 1950, with $10k of land value. ...
0
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1answer
109 views

personal heloc to pay off rental

I have 4 properties with reasonable cash flow. These are owned by my LLC. At current payment schedules, 1 rental pays off the property in 4 years, the next in 6 Years, the next in 9 years, the last ...
-1
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1answer
646 views

Is it a wise investment to buy a second home and rent out the first?

I currently live in a house that I own with my parents. 2 years ago I got a job which lets me work remotely,and since then I wanted to move out of state because this house is in an state with killer ...
2
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0answers
127 views

what is repayment money for renting lets in UK?

I am almost about to sign a year's worth of tenancy agreement for a house in London. There is 4 weeks rent worth of Deposit and 8 weeks rent worth of Repayment to be paid in the beginning of the ...
1
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2answers
463 views

“Missing” Apartment Rent Payment

So I'm currently renting an apartment through real estate agent. I've been paying monthly. They claimed that they didn't receive the May payment and there is no unclaimed money in their account. I ...
2
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0answers
140 views

Rental income and mortgage interest deduction for married non resident alien

My wife and I acquired a property in the US in 2016 with a US mortgage. We started renting it that year and have been managing it ourselves since then (no rental management company). We are both ...
0
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4answers
248 views

How to approach building credit without a credit card

I am a recent college graduate and I've just landed a full time, good paying consulting job. I am 18 years of age and I would like to purchase a duplex(or some type of rental property) property in ...
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2answers
249 views

How to buy a second home while keeping the first and not paying for two mortgages?

I currently live in my parents' house for which I am making the mortgage payments (as a kind of rent). But I would like to buy my own house and move out, and my parents don't want to sell their house. ...
2
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2answers
190 views

Is the £2 Statutory Credit Report Suitable For Renting

We are currently viewing flats for rental. Generally going through agencies at the moment. In order to apply for a rental property the agency obviously needs to run a credit check. They charge ...
5
votes
1answer
291 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 ...
22
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10answers
12k views

Should I sell a 2nd home, or rent it out?

I have recently purchased a home which will presumably be my long-term residence. I have not yet sold my original home, and I am trying to decide whether I should rent it out, or sell it. The 1st ...
0
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2answers
136 views

How to properly split the rent/utilities

I'm confused on the order I'm supposed to calculate all of these values between me and my roommate. Rent agreement: We split the rent, utilities and internet but I pay $30 extra for the bigger room ...
1
vote
2answers
147 views

What do I need to consider when refinancing one home to pay the down-payment of another?

I recently (2+ years ago) purchased my first home, and we are financed with an 7:1 ARM loan as well as a HELOC as a second mortgage. I also have excellent (760+) credit. My family is growing and I ...
30
votes
7answers
7k views

Long Distance Landlording

I hate for this question to be overly general, but I think the problem is that I don't know what I don't know. My wife and I are thinking about becoming a long distance landlord/landlady, but having ...
42
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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 ...
3
votes
4answers
785 views

Apartment leased two month notice

I am currently living in an apartment in Atlanta, Georgia which lease ends in two weeks. I called my apartment to tell them I am leaving and wanted to pay my last month prorated bill and they said I ...
2
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1answer
136 views

Should I refinance my primary home, take cash out to pay off my investment property?

My primary home has an interest rate (15 years) 3.125% and 100k mortgage loan left. I have just bought a second home for investment with the rate 4.625% for 30 years. Should I refinance my primary ...
2
votes
1answer
69 views

Renting from self during out of area remodel project - deductible?

I own a nightly rental that's out-of-area. I was considering moving to that area for a month and renting and living in my own property while I (personally) do an extensive remodel on it. Would those ...
25
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3answers
6k views

Better to rent condo to daughter or put her on title?

We're contemplating purchasing a small condo in MI for our daughter to live in while she goes to law school. This would be an all cash purchase, so no mortgage. If daughter is listed as a co-owner, ...
3
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1answer
241 views

Aggressive Mortgage Repayment

We're 5.5yrs into a 15yr note with a rate somewhere in the high 3% range and are on our way to early payoff as-is. However, I have found a way to payoff the remaining $100k within 11mo by ...
2
votes
1answer
93 views

How to treat disposal of rental property appliance

I disposed of a broken washing machine in a rental property and purchased a new one. My question is how to handle the disposal of the old one. Should it show up on form 4797 in Part I or Part III or ...
3
votes
2answers
482 views

Second house: buy & sell, or make rental income as landlord

I'm looking into purchasing one or two modest houses (I have the budget for this), both on a mortgage, but renting out one of them. One of these would be a primary residence, and the second an "...
7
votes
4answers
378 views

I'm under contract for a house, but I'm moving away suddenly. Still purchase as an investment?

I'm under contract for my first house. But I just got an outstanding job offer across the country that is almost double what I currently make. I will be moving. Purchase price for the house is 290k, ...
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votes
2answers
439 views

Using a self-directed IRA to buy vacation condo, rent it out to an LLC for $1

Let's say I have $80k in a 401(k). I know there are benefits and drawbacks to buying property with a self-directed IRA. If I buy a condo in a vacation/rental area with the IRA for $80k, the IRA then ...
4
votes
1answer
72 views

Can I distribute a deduction from rental losses over multiple years?

Situation: During the last decade, I have accumulated significant losses from a rental property; the deductions I can get for that in every year are very limited, so there is pending carryover. Issue:...
6
votes
1answer
238 views

Rental property or second home?

I'm trying to figure out if a piece of real estate that I own should be treated as a rental property or a second home on my US 2016 income taxes. I bought the home in 2010 and lived in it until 2014 ...
1
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0answers
49 views

What documentation might be needed to support a rental property's depreciation basis, and under what circumstances? (IL, USA)

Last year, after moving out of our residential property, we converted it to a rental. When arriving at a Fair Market Value (FMV) for determining the basis for depreciation, we relied on an estimate ...
6
votes
2answers
198 views

Looking for advice on rental property

For about five years, a close relative and I have co-managed jointly owned rental properties together in California. We each have a 50% share and make joint decisions on everything together. This ...
2
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3answers
302 views

Using property to achieve financial independence

I am working towards financial independence. The most impressive rate of returns in Pakistan have been in buying property; It provides a greater return than inflation. The property could be rented ...
29
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5answers
4k views

Why are residential investment properties owned by non-professional investors and not large corporations?

This question is relevant for Australia but I would think that it would apply to other countries too. I've noticed that nearly all residential investment properties are owned by non professional ...
4
votes
2answers
515 views

How often can a landlord increase the rent in a UK Assured Shorthold Tenancy?

I came across the following page from the UK government's website: https://www.gov.uk/private-renting/rent-increases It states: For a periodic tenancy (rolling on a week-by-week or month-by-month ...
4
votes
1answer
112 views

Depreciation and capital gains on a rental condo in the US

I rent out a condo that I purchased two years ago. I make a small profit. It may be advantageous for me to depreciate the condo. This presumably will increase the capital gains that will occur when it ...
3
votes
4answers
537 views

Is it sensible to redirect retirement contributions from 401(k) towards becoming a landlord?

I understand diversification; the idea is that one should spread capital over a variety of investments to mitigate risk. This question is about diversification across Roth IRA/401(k), state pension ...
3
votes
1answer
173 views

Is a property that comes with tenants a risk?

I just saw a property listed as part of an estate liquidation of four properties. Looking through the other properties it seems that the ones that were vacant sold pretty quickly, while the ones still ...
3
votes
2answers
318 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 ...
7
votes
2answers
1k views

The cost of cleaning the house that we rented far exceeds the security deposit. Should we bother?

My wife and I rented an 1100-sqft house in Florida for the last six years. All rent was paid on time, and our credit is good. The landlord has been kind to us, doing such things as forgiving the ...
4
votes
1answer
393 views

How to protect yourself from a fake security deposit check?

I am subletting my place to someone on craigslist for the first time. The potential tenant and I have a dilemma. The tenant does not want to give me a check (with a security deposit and first months ...
12
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5answers
2k views

Avoid Capital Gains on Rental

I bought my first house in May 2012. I moved into my second (current) house in November 2014. After I moved out of my first house, I began doing repairs on it, and started renting it out around May of ...
3
votes
1answer
210 views

Do I have to find the tenant's roommate by myself?

I may purchase a condo and rent it out. The issue is the condo is two bedrooms and two bathrooms. Because the property is near a college campus. Most of the similar units are rent for college students....
5
votes
5answers
1k views

Merits of buying apartment houses and renting them

Here is my situation: I am not a U.S. citizen but I am studying here under F-1 visa. My plan is to buy 3-4 apartment houses and rent them. I am not planning to apply for a mortgage and the payment ...
3
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2answers
251 views

Diagnostic Questions to Determine if Renter intends to pay

CONTEXT As a landlord, what are the proper diagnostic questions to ask a renter that is behind on rent and does not deliver on promises? The context is Florida and the renter is my sister's ...
9
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4answers
923 views

Are REIT worth it and is it a good option to generate passive income for a while?

I was talking to a friend of my who is into investing. I told him my plan is to buy a house and rent it out for passive income and have a property management company handle it. My friend then told ...
2
votes
2answers
137 views

Is it beneficial to convert non-investment real estate to rental if I need to make major repairs? (USA/Missouri)

In 2009 I bought a small (850 sq ft) home via an FHA loan as a first time home buyer. Later, In 2013 I had a crazy month in which I accepted an out-of-state job and immediately learned my marriage was ...
3
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1answer
118 views

Security deposit Interest return

I'm getting ready to receive my $1,900 security deposit back on an apartment and I'm trying to figure out what is the additional interest I should receive at the time the account was set up the escrow ...