Other than telling you to read this post by Jeff Brown I have nothing to say. Quit reading and hit the link. Do it now.
Renting Your Home To Family
I got a phone call today from a person wanting to know about real estate investing. In fact, she and her husband will probably read this post and know I am talking about them. 🙂
Anyway, the subject of buying a home and letting their mother live in it came up. Is that an investment rental property?
Maybe yes. Maybe no. The IRS, as I understand it, wouldn’t look too kindly on that situation. It’s not “arms length.” So if you are going to do something like that you had better check with your CPA first. One thing you could do is to make sure, and document, that your family member pays fair market rents for that housing unit.
Of course, if the IRS disallows the rental property as an investment you might be able to count it as a second home. Any thoughts chimed in here by CPAs would be most appreciated.
Filed under Real Estate Investing
American Royal Barbecuelooza This Weekend
I can’t say as I know very much about horses and rodeos. But I do know bbq. And there is a very exciting weekend coming up down at the American Royal.
Barbecuelooza will be kicking off at 3:00 pm on Friday, October 5 and again on Saturday, October 6 at 10:00 am.
Yeah. There’s music. Fireworks. And horses, I guess. But more importantly there will be bbq. And lots of it!
Come hungry. You won’t be disappointed. For more information on this subject visit this site.
Filed under Kansas City BBQ
Football Update: I’m Feeling Frisky
For our San Diego area readers who may have missed the score:
Kansas City 30 San Diego 16
For our Texas area readers who may have missed the score:
Kansas State 41 Texas 21
Why do I do things like this? I don’t know, civic pride? Heck, I’m not even a ‘Cats fan.
Filed under Kansas City Sports
Kansas City Real Estate Attorney
I would like to introduce a new blog to you by Eric Moore, Esq. with Ghafoor, Cook and Associates in Independence, Missouri.
(Not actual portrait.)
Eric and I had lunch over at BB’s Lawnside BBQ about a month ago. I was very impressed with his focus on real estate and real estate investing law.
It is my hope that we will be able to get him to do a guest appearance here every now and again. But until then, stop by his blog at Kansas City Real Estate & Zoning Lawyer.
Filed under Worth Reading
Condos for College Students
I’ve helped several people do this over the years who have students over at the University of Kansas. Want to know more? Contact me at listwithchris@kw.com.
Thank you to Ilyce Powell for pointing this video out.
Filed under Uncategorized
Real Estate Investment Analysis Is Not Sexy
Some people think I live a pretty exciting life. Ah, the world of real estate investing. Living the in the life of the BMW driving & Starbucks swilling elite of Kansas City.
If only it were that cool.
Let’s see. First I left the house earlier than usual to meet a contractor at a house getting a rehab job. Then it was off to meet an HVAC guy to inspect a furnace. Afterwards, I stopped by two duplexes I needed to see to examine whether or not to tell my clients about. Then I did grab lunch (Arby’s – I used a coupon for the Jamoca shake) on my way to a closing.
Family responsibilities came next. Dinner, football practice and tickle time with the girls. Then off to the home office to run numbers on 4 properties so I can send them off to a client tomorrow morning.
That’s right. I ran numbers for an hour. Examining expenses, income and forecasting future repairs, appreciation and rent rates. Figuring equity rates of return, cap rates and cash on cash.
Pretty exciting, huh? No. But that is why you don’t see any HGTV or A&E programs about the real estate investors that buy right, rent at good to great rates and then sell when appropriate. When is appropriate? I don’t really know at this point. But I’ll tell you when you get there. Maybe 3 years. Probably closer to 5-7 years. Rest assured, I’ll let you know when the time is right.
Real estate investment analysis is not sexy. But if you want to have a retirement worth having, it’s necessary.
Filed under Real Estate Investing
BBQ Capital | Kansas City Real Estate Investing 