All Forum Posts by: Billy Au-Yeung

is this for investment property? If yes, the taxes that you paid is considered as business expense and you get to deduct from it from the gross income.  You deduct it on Schedule E. 

If it is your primary residence, you can it deduct it on Schedule A however, it is only beneficial to you to do so if your itemized deduction is bigger than standard deduction.  If it is the later case, then you are out of luck.  You don't get to deduct it. 

I did contact the listing agent of that off market listing.  I asked him whether the seller is still motivated to sell.  If yes, then schedule a time to see the house.  One good thing about this is if you ever decide to make an offer, nobody will compete with you because it is no longer in the market.  It really depends on what the seller what to do.  

That's what I suggest my friends to do do too.  Live on one side of the duplex and rent out the other.  From here, you are able to save up for other investment while the tenant next door is paying your mortgage.  Eventually, the duplex is yours once it is paid up.

Welcome Jordan! I am in the Seattle area as well. We share the same goals and maybe we can catch up sometimes.

Welcome to BP, Celine! Yes, this is a good site to exchange ideas and get helped.  

Welcome Errin!! You are at the right place. I am from Seattle as well. 

Hi Chad! Welcome to BP.  You are at the right place.

I would assume the worse if the seller refuse to show the interior of the property.  I will knock off five thousands at minimum depends on the size of the house.  I will try to knock off to an amount that is big enough for the seller to reconsider their option. If they are really want to sell it and do not want to have someone knocking off a ridiculous amount , they should show the interior.  This is just my way to handle it. 

If you are able to finance the whole project by your own cash and equity from another property, that's the best.  Private lending is not cheap. Most require 1% origination fee then about 1% interest each month. It is intended for short term project like 90 days, so time management is very important. If you can't get the project done on time with funds from private lending, the interest chew up your profit fast. 

Hi Carol. Welcome to BP.  Sounds like a good plan. Good luck!