Red Deer Real Estate » Rental Properties

Is it good idea to get a HELCO on NEW rental property?

Admin — Thu, 29 Apr 2010 09:55:40 +0000

I have another rental property with no mortgage on it and can use that rental incomes to pay the HELCO on the other NEW rental property?
PLUS the rental incomes from the NEW rental property to pay the HELCO too.

For the last rental property your purchased, how much did it cost, and how much rent did you charge?

Admin — Thu, 29 Apr 2010 03:50:54 +0000

I’m looking to get rough rent/value ratios for various areas of the country.

I have found websites that display “average home price” and “average rent”, but that isn’t fair because most rentals are lower-end than purchases. I’m looking for an apples-to-apples comparison.

Please don’t include properties which you purchased significantly below market or invested a lot of money in improving.

–>Adam

P.S. I know I’ve asked this before, but judging from the responses, I asked it the wrong way.

Conversion of Personal Real Estate to Rental Property?

Admin — Wed, 28 Apr 2010 21:50:13 +0000

If a house’s Fair Market Value is less than mortgage due, and the taxpayer wants to convert the property to rental property, what are the tax implications of converting?

The property begins as the principal residence, but if converted will no longer be residence.

Would you buy a house with structure damage if you intend for it to be a rental property?

Admin — Wed, 28 Apr 2010 15:53:59 +0000

There is a cheap fixer upper in my area, I’m afraid the inspector is going to say it has structure damage because it’s on a hill. The house is also 50 y/o.

The house is by far livable. Just when do you know “it’s too much” to handle when you’re wanting to make a few bucks in the long run?

*I’m buying my first property in the very near future! In cash! I’m only 22 but I grew up watching my uncles make a killer living off rentals.

If I make more than $150k, can I still deduct mortgage interest on a rental property?

Admin — Wed, 28 Apr 2010 09:52:58 +0000

I recently sold my home and am now renting my primary residence. I’m considering buying a rental property to help defer taxes. Someone recently told me that I shouldn’t because my income level ($200k+) disqualifies me from deducting the interest on the rental property. Is that true?

How to transfer rental property into an LLC?

Admin — Wed, 28 Apr 2010 03:52:39 +0000

I was adviced that I should set up an LLC to hold my rental properties. How do I go about transfering these rental properties into the LLC? Are there any fees associated with these transfer?

To what extent can a municipality discriminate against rental property?

Admin — Tue, 27 Apr 2010 22:03:39 +0000

Specifically, can a municipality legally require a more rigorous code inspection for residential rental properties than for owner-occupied residential properties? I need an answer with links to case law or something specific like that.

is a lease valid on a house not mortgaged as rental property with landlord’s lender?

Admin — Tue, 27 Apr 2010 15:50:33 +0000

My room mate and i rent a house and we found out that the house isn’t mortgaged as rental property, it’s just listed as our LL being the primary dweller of the residence. From what I’ve gathered by different sites and info, is that a person with a mortgage has to go to their lender and get a consent to lease before they can rent out their house? if this is correct is the lease we signed even legally binding?

Spouse terminally ill; how do I protect our rental property investment; should I remove his name from deed?

Admin — Tue, 27 Apr 2010 09:50:16 +0000

If my spouse should be admitted to a nursing home, can I protect our rental property investment by removing his name from the deed? Or will the government force me to sell the property to pay for the nursing home?

How do i become a property rental manager?

Admin — Tue, 27 Apr 2010 03:52:52 +0000

I am looking to break into the property rental manager world. I have some repair experience, but every single ad i look at requires years of rental experience. i dont know how to gain experience if no one will hire me. i have friends who have gotten this job with no experience. can anyone give me some good tips?

thanks!

ps. im in los angeles