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All Forum Posts by: Freddy Poveda

Freddy Poveda has started 1 posts and replied 2 times.

Thanks for the feedback. I would be a 5th wheel stationed on a fixed lot at least for a season paying  monthly rent on that lot near the beach. This would remove from the equation the motor part of the RV which based on my research can be an issue down the road, plus on the road liablity. I would not want to have to explain each time to renters how to move it, that is why a fixed location is the goal. 
The accelerated depreciation is actually has name:  bonus depreciation. It can be done with  assets that depreciate in less than 20 years. All things equal a single family home would be better for the resale value but it would not qualified. The RV does. 

I am considering buying a 5th wheel RV in the name of my business so I can use apply accelerated depreciation and get 100% depreciation on year 1, which I want to offset my wholesaling income for the year.  I consulted this with accountant and he says as long it is a 100% business use is a valid opportunity from the tax perspective. The idea is to park it and pay rent for the lot on a RV resort in Florida that already allows airbnb rentals. Once set up it will be available on all short term rentals websites, rv share and doorsy. 

Does anyone here know where can I get the best financing for this opportunity? 
Anyoned done something similar? what else am I missing? 

Any feedback is appreciated. Thanks.