All Forum Posts by: Andy Bailey

Hey folks My wife and I will soon be acquiring a 3/2 SFR before the end of 2017 by way of quit claim. The property is located in NE TN. We currently collect the rent and maintain the property now including all repair and upkeep. I have an appointment scheduled with tax professional but thought I would venture into obtaining some info from some of BP's wisest... 1. Is a QC the best route? The property is actually in my mother in law's name but we have been paying the taxes, insurance, repairs, etc., as well as collecting the rent. She is ready to sign over the property. (we have maintained this property for around 8 years.) 2. I've talked to an individual I work with now, who has obtained several business licenses and has made the comment multiple times that I should pursue obtaining a license as well. The reasoning presented is to take advantage of the deductions as a business as they would exceed any tax savings as individuals... again not sure? 3. When filing income tax on the property... what are some of the "majors" I need to consider at tax time and throughout the year? Also are there any other great ideas for tax savings when owning SFRs? Thanks ahead of time!

Thanks Jesse Shelton Like I said I will put in my calendar. I appreciate the info

Jesse Shelton how can I follow your postings? I am new here and would like to stay updated on different users activity. Am I missing something?

@Steven Gilmer thanks for the advice! I too am looking to replace an income eventually. I would like to be able to replace my wife's as my work schedule does allow quite a bit of time for other things. I'm looking ahead for a full 5 years. I have recently been looking for small multi family dwellings specifically duplexes. I actually made an offer a couple of weeks ago on one here in Church Hill where I live that are no rehab needed properties. The owner isn't very willing to come off the price and it is at or above market value already so... onto the next find. We are very happy with our home now so house hacking isn't really something we are considering at this time. Thanks again for the encouragement and insight!

@Jesse Shelton thanks for the invite! I definitely will put this on my calendar. I was hoping to connect with some folks in our area so thanks! Do you know of others in our are that I could reach out to and connect with here on BP? Sorry for the duplicate response... still trying to figure out the "@" tool for tagging.

Jesse Shelton thanks for the invite! I definitely will put this on my calendar. I was hoping to connect with some folks in our area so thanks! Do you know of others in our are that I could reach out to and connect with here on BP?

Thanks for the encouragement gentlemen! And thanks Ken for the get started advice, will do. 

I will correct a "fat thumb" typo... I am 35 years old, not married for 35, although I look forward to reaching that milestone one day.

Hello BP community! I'm a 35 year husband and father looking seriously into REI to build a future for my family. I currently work as a chemical operator in a local manufacturing company. I know that for my family's goals the month to month, paycheck to paycheck will not suffice. I have serious desire to create some passive income so that in 5-6 years my wife may be able to step out of her current career all together. However to make that happen I will need to act! The location we live seems to be very mild in potential properties and I know that creative searching will be key! I do work a schedule that allows me around half a month off and would be able to put that time to use to grow. I am in the information/education phase and essentially no cash flow to put towards REI at this time. I am hungry to understand so that I can take that leap of faith soon. I live in NE Tennessee and would like to connect with someone who is familiar with this area so that I can gain some specific insight. I do have some general goals in mind for the next 5+/- years ahead and that includes buy and hold rentals as well as a vacation/rental. Big dreams I know!! But I see there are plenty of folks taking the plunge and successful stories to boot! I hope to be one of those fantastic story lines one day! Thanks ahead of time

Anyone aware of a forum close to Tri Cities in NE Tennessee? Looking for some beginners info for this area including... buy and hold, potential flips, finance options and potential partnerships. Thanks

Hello Bigger Pockets community!

I become ever more excited as I read and listen to success stories in this investing market of real estate. I'm excited at the opportunity to invest in my family's future! However, taking the first step seems a bit overwhelming. 

I'm looking to get some great advice as a beginner but more specifically, advice for the area I live. 

I am located in East Tennessee and there does not appear to be mass areas of properties up for grabs, so I understand that searching and selecting must be creative.

I would enjoy touching base with someone in this same area to gain some valuable insight!!!