All Forum Posts by: Colleen Cupp

Good grief! I used to live in Rowlett in the early 1980's. In those Fox & Jacobs homes east of Dalrock Road. Those homes are likely good candidates for what you plan to do. My kids went to Rockwall Schools. How's the water level on Lake Ray Hubbard?

The lake is good now but a few years ago, we had such a bad drought that all of the lakebed on the 66 bridge and the bridge at Rowlett road was cracked and dry! It was crazy!

1 Vote

Quote from @Taryn Mitchell:

Quote from @Colleen Cupp:

Hi Taryn!

I’m from Rowlett, too! Nice to meet you! What type of investing do you do?

Hi Neighbor! I am still learning but I believe I am interested in driving for dollars?

Awesome! So driving for dollars is how you acquire a deal- you drive around and find properties that are run down and then call the owner to see if they are interested in selling. Then, if they want to sell, you have the option of wholesaling that deal to another investor, keeping it for a long term rental, making it a short term rental, or flipping it and selling it. There are lots of choices but my best advice is to find one niche and stick with it until you master it!

1 Vote

Hi Taryn!

I’m from Rowlett, too! Nice to meet you! What type of investing do you do?

1 Vote

I second using Air DNA and rabbu to help with your search. I would also suggest to look in a second tier market. A lot of the larger vacation cities are being priced out right now and it makes it really hard to make a profit. If you go to one of the smaller drive-to markets you may have a better chance of making the numbers work especially if you plan on using a property manager. (I suggest doing it yourself. I manage mine from 6 hours away)

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I used rocket mortgage. I know everybody says not to use them but my experience was pleasant. I told them that we would use the property but that we would rent it out when not there to “help cover the expenses” and they were fine with it.

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Originally posted by @Sastry Srini:

@Colleen Cupp yes, It will guide you through step-by-step. Walking through the steps, will help enhance your knowledge and it also has knowledge base, forums where you can post your specific questions. I have been using TurboTax for several years for LTR properties. I will be trying out our first STR ( which should not be different from other rental income/loss perspective).

Thank you so much! I might go ahead and try this route. You’re right, I should be building my tax knowledge. I’ll just make sure to get the version that comes with extra help! 🤣

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Originally posted by @Sastry Srini:

@Colleen Cupp I would suggest using TurboTax deluxe , which will guide you through step by step to prepare the taxes. STR is not be very different from regular LTR taxes. TurboTax do provide live CPA support Incase if you signed up for it.

Either way, doing yourself provides familiarity.

Thank you for your reply! Would turbo tax deluxe help with know what can be written off and what can't?

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Originally posted by @Daniel Hyman:

@Colleen Cupp

The STR does offer some unique tax planning opportunities so it's not a bad idea to partner with a CPA for strategies and compliance.

Do I need to find a cpa in the state of the property? Or in my state? Thanks!

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Originally posted by @Aaron Zimmerman:

@Colleen Cupp you may find some benefit in getting a CPA to do your taxes. Biggest things are getting basis right (CPA can help) and then making sure you get all available deductions once the STR is placed in service.

If you decide to do it yourself, you just need to make sure depreciation from the form 4562 flows to your Schedule E line 19 “Depreciation”

Thank you for your help! I don’t think I’m going to try to do it myself. I get confused just doing our regular taxes. 😅 I’d be afraid that I would mess something up! Lol! Plus, the shear amount of receipts is overwhelming 😬

2 Votes

All Forum Posts by: Colleen Cupp

Colleen Cupp has started 3 posts and replied 29 times.

Post: Is it uncommon for GCs to be insured and carry workers comp?

Post: Hello all I am a newbie in Rowlett, TX

Post: Hello all I am a newbie in Rowlett, TX

Post: Hello all I am a newbie in Rowlett, TX

Post: Looking to invest in an out of state Airbnb

Post: Lenders for Renting Out a Second Home/ Vacation Home

Post: Tax Help for a Newbie!

Post: Tax Help for a Newbie!

Post: Tax Help for a Newbie!

Post: Tax Help for a Newbie!