Investor · Chicago, IL · Member since 2020 · 66 posts · 55 votes
I am curious if I will qualify for real estate professional status once I buy my first rental property. I will satisfy the 750 hour requirement as I will be managing my own property and also working as a real estate agent. My W-2 job will still be my main job and my work selling real estate and operating my rental property will not take up more time than this W-2 job.
However, my W-2 job is in real estate lending at a bank. Will I be able to qualify as a real estate professional because all of my working time is spent in real estate or am I disqualified since I spend the majority of my time in my W-2 job (even though it is related to real estate)?
Twice no, sorry. First - because lending is not considered a real estate occupation for this rule. Second - because it's a W2, no matter what you do, unless you owned the business.
You now have to marry a woman who would qualify a REPro. :)