Consultant To Discuss Financial/Real Estate Challenges

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Consultant To Discuss Financial/Real Estate Challenges

Patrick Q.
Investor · Jersey City · Member since 2020 · 132 posts · 21 votes

Hi All,

I am reaching out for resources that somebody might know of to find somebody (perhaps a consultant) that could help taylor a strategy to stabilize financially a duplex house hack that I have purchased which includes some personal financial challenges also.

Any help finding somebody would be greatly appreciated.

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  • A.J. D'Asaro
    Investor · Chicago, IL · Member since 2016 · 49 posts · 46 votes
    4y

    @Patrick Q. I could help. I worked in investment research and financial planning before getting into real estate. I have owned 25 units in Chicago and Northwest Indiana, have sold 8 and now own 17. I do all my own management and hold agent licenses in two states. I'm not the biggest or the best investor on here, but I do know how to run a small rental business, and a lot about residential financing and tax strategy.

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    4y

    House hacking makes your tax situation more complex.
    You purchased a property that is treated as both an investment property and a personal residence. As such, payments that you make need to be prorated between business deductions and personal deductions.

    Payments that you make normally fall into one of 3 buckets
    100% of the payment can be factored in somewhere on the return
    Partial payment can be factored somewhere on the return
    0% of the payment can be factored in somewhere on the return

    House-hacking also has considerable tax implications in the event that you want to sell this property.

    You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.
    You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
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