Madeline Zook

We are not having any issues renting our properties in Sparks, or in Reno for that matter. BUT- if you are intersted in renting your home, every second counts- because we are coming up to the Holidays, and it's doubtful if you will find any tenants until January- maybe longer if we get smacked with a tough winter.

Therefore I counsel you to put it on the market immediately if at all possible.

I will also suggest that you sign up with a property management company, such as my own. The reason is that many defaulting investors are running a scam, whereby they get in a tenant, take thier security deposit, rent money, and then the sheriff knocks on the door to tell the tenants that the house has been foreclosed upon, and they have 3 days to leave......almost assuredly, they will lose their security deposit.

So, upscale tenants are very wary of dealing directly with owners, and I can't blame them. Word has gotten around- especially since most of the prime tenants for a property such as your own are folks who have lost their house. Once burned, twice shy.

Property management companies keep those funds in trust accounts, where they can't be touched by the owners, no matter what happens. Property management companies also can put tenants into another home if the owner can't keep up the payments. Tenants really have no rights, so this degree of protection is appreciated by tenants.

For more on the current real estate market, you can read the lead article I wrote for the Reno News & Review-

http://www.newsreview.com/reno/Content?oid=877478

I also track the market monthly - you can take a look at:

http://www.sierranvrealestate.com/curmktdata.htm - Sat Nov 8 2008, 08:21

Our entire company specializes in property management- you can learn more about us by going to our web site- http://www.SierraNVRealEstate.com.

We offer the best property managment in the area- including our own handyman/construction company, and direct deposit of owners proceeds into your account.

We are very hands on, and have been managing rentals for a decade plus.

We'd love to discuss your needs, especially if you have a "problem" tenant- - Wed Nov 5 2008, 12:14

Maybe. Sometimes. Depends. - Tue Oct 28 2008, 17:12

Although I am not a tax expert, I've been in your situation, and that's what I was able to do with a capital loss.
Quickly glancing through 1040 D Capital Gains and Losses, it appears that is still the case, but you'll want to check with an expert.

Here is the IRS form:
http://www.irs.gov/pub/irs-pdf/i1040sd.pdf - Mon Oct 27 2008, 08:17

First that happens gets it. - Fri Sep 19 2008, 12:11