All Forum Posts by: Catherine Javier

Good day guys, newbie here.

My spouse and I are travel nurses. We have a condo 2/2 under our own name bought 2021. We also just bought a townhome 3/2 under partnership LLC (3/2022)- cashflowing and managed by a property manager. Both of these are in FL.

We are  in WA right now and in the process of purchasing a house (second home loan) for us to live in while working here (relatives are here). we want to rehab the house and rent other part that we’ll make a studio to travel RNs as well.

Here are our questions:

1. We want to house hack our condo to travel RNs in FL (rent 1 of the rooms as midterm rental) to help in mortgage payment. We want to know if we can operate this under LLC?
2. if so can we just add this to our existing LLC?

3. Thinking to add an umbrella policy- is this tax deductible?

(I know if we do this we are not fully protected. But we are thinking since we need to furnish the other room, we can do tax deductions on items we need to buy to be able to start renting to Travel RN. Also, we want to open a business credit card which would allow us to purchase under business instead using our own Credit cards).

4. If this is not a good idea, kindly share your thoughts and pls give us your suggestions.

5. The second home in WA is our names, we want to do the same. Rent other part of the house. Can we also put this is an LLC to operate it as midterm rental? (Purpose is same as above. )

Thank you for all your help! Very much appreciated!

Thanks @Ashish Acharya!

If we do STR, and we hire a property manager because we work W2 out of state, I dont think we can qualify for 100 hrs material participation.

I am reading Tom Wheelwright’s book and I came across about adding a parent with low tax bracket thats why I became interested. Did I misunderstood it?

Thank you so much!

Travel RN here. Recently we closed with US Commercial using DSCR Loan. @Stephanie P. recommended it and we worked with Tom Potter. He's great and so patient because we are clueless and rookie. This is our first investment. 

Good luck!

Hello everyone, I am a rookie and need some light.

My spouse and I are recently closed on a LTR under LLC. Both of us are w2's with AGI >150k. We have read that even if you're an active investor, if AGi >150, there will be no deductions.

1. Is that true, will we even the losses from depreciation at all?

2. We cannot qualify as an REP since we only have 1 unit. and even if we convert to STR, we might not be able to qualify because we will use a property manager. Can we or Is it wise to add my Non- working & senior father in our LLC so that our tax brackets will be lower?

3. And if so, by how many percent?

Thanks a lot everyone!

 Yes Please! Thank you so much for helping us!! :)

Hi @Stephanie P. Yes, we closed with Tom last March 2022. 

We are trying to plan for our next plan. He said David from Crescent. 

Any recommendations for WA for a 2nd home loan?  Thanks!

Thanks @Tal Shachar 😃 What you said are so helpful!