All Forum Posts by: Aaron Zimmerman

I would recommend keeping track of receipts paid for improvements and renovations. This will increase your basis and therefore reduce your gain. Closing costs also reduce the gain on sale as well (both at purchase and sale)

I would start by house hacking. Live in one unit and rent out the others or live in one bedroom and rent out the others. It requires A low down payment and you need somewhere to live anyway 

1% rule is extremely tough in todays market. To get 1% rule, you'd need to do a combination of short term rentals, medium term rentals, or rent by the room to amplify cash flow. 

I would say right now identifying cost segregation opportunities is a no brainer for many clients. As others have noted, it's a tax deferral and not a true tax savings 

There's tons of great CPAs on here and I'd recommend reaching out to a few people and see who you'd like working with. 

I would read the book on house hacking by Craig curelop if you're looking for a good book to acquaint yourself with the strategy! 

House hacking - reduce your expenses, low down payment, and learn how to landlord. 

@Lauren Sanford thank you for sharing!

Are there are any good podcasts anyone recommends on note investing?

from a tax perspective, it's more tax efficient to put the notes into a Roth or Ira. Otherwise, you'll get taxed at your marginal tax rate. So if you lend out $50k and have $5k in interest income, you'd pay tax on the $5k of income. Compared to a Roth or Ira, it would either be tax deferred or tax free. 

To add to what Josh and Jason have said, you'll want to create a time log of your hours. Hours spent towards your bar and personal part of your house hack will not count. 

How many hours are you working at your bar?

There could be a potential opportunity to aggregate the bar and the property as a self-rental which could unlock some potential deductions