All Forum Posts by: Havital Miltz

Not sure the code number, but I'm pretty sure you can find the publication that talks about depreciation..... I see you suffer from insomnia and are looking for ways to solve that without medication 🤣🤣🤣....

Taking depreciation isn't optional,  if you don't take it you still have to recapture when you sell...

@Tiffany Palaskas you don't have a property mag?

it's very difficult to manage from a distance,  if you decide to keep it, i highly recommend to higher one.

I live in SC, when i lived in CT i managed my units, once I left I got a PM.

Jade,  what's the median price for a duplex,  triplex or four-plex there

I may have to start looking for a property there,  (After tax season,  I don't have the time right now)

Scott, depreciation for a rental,  even if she has not taken it , would have to be figured during the sale. 

Whomever will do her taxes when she does sell, (can be done prior, and should be asap) will have to submit a change of accounting method form .....I've had multiple clients that never took depreciation and when they sold, we had to fix it...doing your own taxes isn't as easy as some tax software companies make it seem 

If you convert a main home to a rental,  you do not get the full $500k exclusion. You get a portion,  not all.

I didn't realize this was your main home. Did you live in one side and rent out the other, and now rent out both sides? If that's the case you most definitely don't get the $500k exclusion, even if you would not have rented out the portion you used to live in....

Usually MTR comes fully furnished with utilities included, so you pay for the convenience.

if the area has traveling nurses, other professionals that come for a few months for work they normally pay more, in certain cases the employer pays the rent 

not familiar with that particular market,  but worth looking into it.

I don't know, I would keep it, and when you go to MTR you will make more. 

if you buy something now, your mortgage rate will be higher, get a property manager , saves you the headache, worth the money and enjoy your cash flow.

Not sure I would use up my full emergency fund for a down payment, owning 2 properties and not having any funds for emergency is not advisable in my book. 

As for your ques if to wait, well, it depends on the market, in some parts of the country prices are still going up, slower, but still going up, other parts the prices are coming down, you know that area, what is happening there? 

also we do not know what is going to happen with int rates, they are very high now, the economy is not good and it is not certain they will be coming down this year. we know there will be more responsible gov spending, so maybe rates will come down, no way to know...

I think you need to know the market where you plan to buy well, and go from there

Best of luck

Hi,

As someone that moved from CT to SC, I will tell you property taxes here are very low, you would feel the same coming from NY. the 4% for primary and 6% for a rental, at least in Charleston County where I live, is not 50% more it is really x3 more , but still low compared to NY, so while others from SC may see it as high, you may feel it is a bargain.

Not only that, being a landlord here is much easier, you actually have rights on your property, which is not really the case in NY/CT.

I read your mortgage rates are in the 4's, expect to pay in the 8's right now, so unless your plan to pay cash, which, I personally am not sure I would do for an investment, many reasons for that, it is going to be very difficult to make money. if you are looking for appreciation rather than income, it may make sense.

Hope this viewpoint from someone that moved a few years ago from similar place is helpful. 

I by the way did not sell my units in CT, I have a property manager there.

Sounds like a challenging situation all around 

I would  not cancel the deal, but if he dies and it goes to the estate and probate you may want to start looking for something else just in case...

Best of luck. ...