the capital gain for rentals.
I bought some rental properties for the sake of kids. In the past years, I had all kind of renters, good or bad, clean or sloppy, too stupid or too smart… I know there are lots of smart, hard working, and hardy people here have rental business. Does any one know the exact what the owner’s responsibility is?
There are many responsibliyies as a landlord. I saw many earn big money in real estate and also some bankrupt just did not disclosure lead based paint.
Do owners need to check the renters’ criminal history for the security reason?
Yes. You need to select tenant for your reason. Usually you charge $35 to $50 application fee for that. Setup an account with an credit report vendor let you check credit. If you do not like to setup account by your self, ask a management company for help. I just setup my account and can help you to do so.
Do owners have to tell the renter the history of the past renters?
No never, it may violate law.
We have 3 kids (one is 9 month) and full time jobs. LG also works overtime in the evening and weekends a lot. I thought it would be a good ideal to have real estate properties for the kids. Now, I feel the work is a little bit too much for us. How are you guys deal with it? Shall we sell one of our rentals now?
depend market. some place it is good to seller and some, good to buy.
Then, the next question came. How much do we need to pay for the capital gain for the rental properties? We have this rental for nearly 2 years. We bought at $146,000 and the recent sell for the same units are around $190,000 to $210,000. How many percent shall we pay tax for the capital gain?
I counted recently that we would be mortgage free if we did not have these extra properties. The interest rates for all of our loans are between 5.5 and 6.5. Do you think we should keep these properties?
Thanks in advance for all kind of suggestions!
I bought some rental properties for the sake of kids. In the past years, I had all kind of renters, good or bad, clean or sloppy, too stupid or too smart… I know there are lots of smart, hard working, and hardy people here have rental business. Does any one know the exact what the owner’s responsibility is?
There are many responsibliyies as a landlord. I saw many earn big money in real estate and also some bankrupt just did not disclosure lead based paint.
Do owners need to check the renters’ criminal history for the security reason?
Yes. You need to select tenant for your reason. Usually you charge $35 to $50 application fee for that. Setup an account with an credit report vendor let you check credit. If you do not like to setup account by your self, ask a management company for help. I just setup my account and can help you to do so.
Do owners have to tell the renter the history of the past renters?
No never, it may violate law.
We have 3 kids (one is 9 month) and full time jobs. LG also works overtime in the evening and weekends a lot. I thought it would be a good ideal to have real estate properties for the kids. Now, I feel the work is a little bit too much for us. How are you guys deal with it? Shall we sell one of our rentals now?
depend market. some place it is good to seller and some, good to buy.
Then, the next question came. How much do we need to pay for the capital gain for the rental properties? We have this rental for nearly 2 years. We bought at $146,000 and the recent sell for the same units are around $190,000 to $210,000. How many percent shall we pay tax for the capital gain?
I counted recently that we would be mortgage free if we did not have these extra properties. The interest rates for all of our loans are between 5.5 and 6.5. Do you think we should keep these properties?
Thanks in advance for all kind of suggestions!
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