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Do you know of anyone who will refinance a rental property with mobile home in Oklahoma?

admin — Sat, 10 Jul 2010 23:24:40 +0000

I have a 10 acre farm in Oklahoma and I would like to refinance at the new rate? Does anyone know who will refinance a rental property with a mobile home on it?

You should take a look at How Does Refinancing Work website on how this would work.
http://www.how-does-refinancing-work.com/mobile-home-refinance.html with a rental property

There is a wealth of information on various refis that you would be looking to do. Then I would suggest you reaching out to your local banks and banks that you presently have your loans with.

Deducting mortage interest on a rental property (first home)…?

admin — Mon, 28 Jun 2010 02:40:31 +0000

My husband and I are considering buying a 4 family house. This will be our first home and we do NOT plan on living in it. We currently rent an apartment which is much closer to our jobs and we want to stay in the apartment. We want to rent out the 4 family house if we buy it.

Would the mortage interest on the 4 family home be tax deductible? And if we choose to some day buy a 1 family house for ourselves to live in would that mortgage also be deductible? Thanks!

For tax purposes the rental property would be seen as an income bearing asset.
You would file taxes as if it were a business in that the rent you receive would be considered the business’s revenue. From the total revenue you can deduct the expenses related to running the rental property. These deductions include, property taxes, mortgage interest, repairs, etc…

When you buy a house for yourselves, the taxes and interest would be deducted in your personal income tax return.

For details on each situation you should speak w/ your accountant and Publication 530 at the irs website:
http://www.irs.gov/publications/p530/index.html

Do short term home security systems (for rentals) exist?

admin — Thu, 24 Jun 2010 19:42:39 +0000

I live in a rented house. Every now and then I wonder if we should have a fire alarm and / or burglar alarm. But since it isn’t our house I can’t really get one installed. Is there such a thing as a simple home security system you can use for a short time in a rental property? And that doesn’t require lots of drilling or wire running?

Yes, I searched for the same thing and found a company called SimpliSafe that does exactly that.

If i purchase a rental property would i still qualify as a new home buyer?

admin — Wed, 02 Jun 2010 00:18:24 +0000

I am considering purchasing a rental property with a family member but i am worried i will not qualify for the new home buyer tax status.

No, investment property never does.

What are good home rental property websites?

admin — Sun, 30 May 2010 05:49:22 +0000

Web sites are a good place to find an apartment or house to rent, if you want to go through the entire list to find one in your state and then city.

The best place to look for places to rent is to go to the yellow pages of your telephone book, look under property managers.

These individuals list properties for rent in certain areas, so make sure you select the areas in which you wish to rent.

Call several of the property managers listed there, tell them you want a list of properties that they have for rent. Some will fax, email or mail the list of local places to rent along with the address, number of bedrooms and bath rooms, amenities available, such as washer and dryers or gyms, the monthly rental of the unit. Most will include a rental application. These list will include the monthly rental required, if a lease or month to month agreement will be signed. They will also indicate if they will accept Section 8 vouchers. They will also indicate it they have disabled access, allow pets and if so the type allowed.

They might indicate a web site that you might visit to get their list of places to rent. It does not cost to get a rental list from a reputable property manager.

Some will require you to stop by their office and pick up the list. A lot of them post their list outside so the list are available 24/7 360.

Make sure you don’t fall for the scams and purchase a list as 70%-80% of these list are composed of free list they have compiled. They are not the property managers of any property in most instances.

You might also google Property managers in whatever city or community you want to live in and see what comes up. Again do not pay for this information as it is free from reliable property managers.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

can they go after my new home if I short sale my rental property?

admin — Fri, 21 May 2010 10:21:54 +0000

if I short sale my rental property, can the lender go after my new home?

Not if they agreed to the short sale, which is unusual with investment property.

Rental Property Advice : How to Be a Good Landlord

admin — Sat, 17 Apr 2010 21:46:34 +0000

Being a good landlord involves knowing legal rights, meeting with an attorney, drafting a rental lease and maintaining the property well. Keep open lines of communication as a good landlord with advice from an experienced property manager and landlord in this free video on rental property.

Expert: Damon Thompson
Bio: Damon Thompson owns three rental properties in Detroit, Mich. and has owned up to seven rental properties at once for more than 15 years.
Filmmaker: Lynell Doyle

Duration : 0:2:12

[youtube W1Mv8OXUnIA]

Rental Property Advice : How to Check References of Prospective Tenants for Your Rental Property

admin — Wed, 14 Apr 2010 20:21:08 +0000

Checking references of prospective tenants for a rental property is important to verify employment, get an idea for their credibility and find out what kind of tenants they were in the past. Check personal references and previous landlords before renting with advice from an experienced property manager and landlord in this free video on rental property.

Expert: Damon Thompson
Bio: Damon Thompson owns three rental properties in Detroit, Mich. and has owned up to seven rental properties at once for more than 15 years.
Filmmaker: Lynell Doyle

Duration : 0:1:27

[youtube lFWgbarKUhQ]

Turning Home into Rental Property?

admin — Wed, 14 Apr 2010 13:35:37 +0000

My wife and I are expecting another child, and we need to purchase a larger house. Unfortunately, we’ve only owned our house for 2 years, and it’s not entirely worth it to sell our house, so we’d like to turn it into a rental property. What are the requirements to accomplish this?

You should just be able to list the property with a real estate office or advertise it yourself on Craigslist, for instance.
You will need to make sure that everything is in working order or you’ll be back over there once the tenant moves in to fix things. Better to do it now.
The place should be very clean if you want to rent it quickly and get maximum price. Shampoo carpets and paint any rooms that need it.
Use a satin finish latex in a neutral shade. Don’t use flat paint, it does not clean well at all.

If you opt for listing w/ an agent, they will list the property on the multi-list for all agents to see. They will also show the property and do all the lease paperwork for you. They will also run the credit reports of all the potential tenants.
For this service, they will want 1 months rent as payment.
I am a real estate agent that has done this for clients many times. If you home is in a good location, clean and priced appropriately, it should lease quickly.
The agent will help you determine the proper rent based on similar homes in the area.

If you decide to list the home yourself, check craigslist for rental homes and try to determine a price for rent.
You can print copies of lease agreements from online.
You should always do a credit check, credit report, or have the potential client bring you a recent copy of theirs (no older than 2 months).
Here in Michigan, a landlord can charge up to 1 1/2 times the rent for security.
So, if the rent is $1000. per month, you could ask for $1500. for security. Making a total move-in cost of $2500.
Do not let a new tenant talk you into paying the security later. Often does not work out. They just continue to get behind and take advantage of the landlords.
Get references from the potential tenant. Check out how their car looks. Is it trashed in and out. May be an indication of how they will care for the house.
Here is one link to create some free documents and you can make them State specific depending on where the rental property is..http://www.ezlandlordforms.com/documents/free_documents/

One other thing..keep copies of all keys to the property. Tenants have a way of losing them.

Homes For Rent In Fresno CA

admin — Sun, 11 Apr 2010 17:38:02 +0000

http://www.robertljensen.com/gallery/newgallery.asp This has to be one of the most beautiful homes for rent in Fresno CA that you will come across. This eye popping beautiful house for rent in Clovis has 3 bedrooms, 2 1/2 baths, and a 3 car garage with opener. This two story home is in a desirable area off of Bullard and Armstrong in the Clovis Unified School District. There is new carpet, a big living room with vaulted ceilings, a kitchen with white wash cabinets, electric cooktop, range and microwave, and a huge pantry. This home comes with the biggest master bedroom I have ever seen complete with its own private fireplace and master bath with a relaxing soaking tub, stand up shower, and even a built-in ironing board with mirror-and that’s just a small part of what this house has to offer! You must see this video then pick up the phone and call me for a personal tour and to get a rental application. Call Teri Haag, agent (DRE Lic # 01301608) now at (559) 252-4525.

Duration : 0:4:50

[youtube 5TRZfHhxFIE]