All Forum Posts by: Will Walker

Hello Everyone!

My family has owned a rental home on the Cape for as long as I can remember, and the past few years I have taken more of a leadership role in managing the property.

With that said, I am looking for some guidance in making sure I help my family file the tax correctly online.  We have created an account on MassTaxConnect already as it is required to do so. (Filed as an Operator.)

The first renters come in July 2nd all the way up through September 6th (Labor Day).  Different renters come in weekly (as change over is either Friday or Saturday), no renter exceeds being down there for more than 14 days per stay, so there is never a complication of it being a long term renter.

My family did not have to file last year as we did not have renters due to the pandemic, so this is our first year going through this process.

We are not going through an agency, so we have to do the filing on our own.  We incorporated the tax with the payment and have documentation of weekly rates including fees + tax (the Cape is not cheap!).

Because this is our first time filing this Short Term Rental Tax, I am looking for reassurance that we are doing this correctly and if anyone has any experience doing this I would love to hear your story! (It is understood that for tax/legal advice I should always speak with a tax/legal professional, so whatever you feel comfortable sharing is much appreciated.)

Is it difficult to send in the tax? 

Should I file it a month early if the rent checks are coming in a few weeks prior to guests actually vacationing at my rental home?

Anything else you think I might be missing?

Am I overthinking this?

Thank you all for the time and I look forward hearing from you!

-Bill Walker

@Fletcher Ryan Fletcher, yes I am just looking around at multi-family homes and looking at these estimated mortgage payments and they are cheaper than my rent! Obviously this does not tell the whole story of what the true costs would be, but it is motivating to say the least!

Also, thank you for the reminder about the first full month mortgage payment.  I actually was not aware of this, so I appreciate it.  Continuing to add tools to the tool belt, best of luck to you as well!

@Olivia Radziszewski Olivia thank you!  I am almost there, just finished up the course tonight so now I am awaiting for my registration number to take the tests.  

In the lease I am pretty sure I am not allowed to sublet, I will have to take a second look, I think I might have to provide a written statement asking the landlord for permission prior to getting a sublessee.  I appreciate you taking the time to respond.  Best of luck to you!

@Stephen Kehoe Thank you for this advice, I have been trying to find in the lease how much it would cost to break the lease.  I have not been able to find clear information about it.  But it does seem like there is only one move to make!  Again, I appreciate the time.

Hello BP Community!

Been awhile since my last post, but have been thinking about this for a little bit now.

I am currently under a lease agreement for a single person apartment for the entirety of 2021, but I want to take action in my real estate investing career.  Feel like I am stuck and can't do anything until the lease is up.

Looking to eventually house hack/manage 2-4 unit multifamily home to get going.

Currently in the process of getting my real estate license as well.

Thoughts on how I can keep preparing/make the next step in my real estate investing career?

Thank you all for the time!

Best,

Bill Walker

@Lien Vuong Thank you for the warm welcome!  It is awesome to see how much support I have already received on BP.  That is such a great idea, I love closer to Norwood/Foxboro area.  Do you have any specific organizations that you have in mind that I should check out?

@Courtney Trahan @Marlen Weber Thank you both for the kind words.  I appreciate the insight, best of luck to the both of you as well!

@Erica Larence-Penna  Love to see a fellow New Englander here. I Just send you a connection and we can find a time to chat. Thank you for your openness to speak!

Awesome to hear @Jon McCarron ! Another great read, love his perspective. I definitely will reach out if I have any questions!

Hello BiggerPockets Community,

It is a pleasure to meet all of you! I wanted to start out by introducing myself. My name is Bill Walker, I am 24 years old and I live in the Boston area in Massachusetts. Truthfully I am a complete newbie to the real estate game.

From hearing all the amazing stories from the BiggerPockets Podcast, it really has inspired me and given me the confidence in becoming a real estate investor. I know with hard work, networking, and the ability to find great deals I will be able to pave my way of obtaining financial freedom.

With that said, I have read Brandon Turner’s book The Book on Investing in Real Estate with No (and low) Money Down and I found that to be a great read and very informative. Like many, I am trying to find the balance of continuing to educate myself on the ways of real estate to ensure I am best prepared and when it is appropriate for me to take action. I am reaching out to all of you to hear your stories and to see if anyone has any good tips on actually taking that first step. Everything I listen to is about taking action and for someone like myself; new to the real estate game, young and willing to take risk, it would be awesome to hear how you all got started!

If anyone is willing I am absolutely open to have a discussion over the phone or if you would feel more comfortable via BiggerPockets I am more than happy to communicate here!

Thank you all for taking the time to read this post, I look forward meeting all of you and hearing your stories. Best of luck as you continue your journeys and as always be well and stay safe during this time.

Cheers,

Bill Walker