All Forum Posts by: Jarrod Ochsenbein
Jarrod Ochsenbein has started 21 posts and replied 119 times.
Post: Classifying Spouse as Real Estate Professional
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
Quote from @Lance Lvovsky:
You are filing jointly, so only one spouse needs to qualify as a real estate professional to offset income from income sources such as your W-2. Be careful; the rules for qualifying for a real estate professional are extremely complex - it is an area of the tax code that many practitioners and even judges (tax court cases) have gotten wrong. Consult with your CPA.
Post: Padsplit / Co-living is treating me well so far.
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
Started REI in August of '23. Purchased a test pilot home for shared housing. It was successful so I bought 2 more. I am pleased with the results so far. Using Padsplit along with FB Marketplace and Turbo Tenant for marketing. I haven't made my first payment on my 3rd house yet and super happy with the results. Thanks Tom Wheelwright for writing the book "Tax Free Wealth". I read it in April/May of '23 after the tax season and I swear if I ever meet Tom I am going to give him a big ole Kiss!!!! :)
Post: 1st Co-living house
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
Investment Info:
Single-family residence buy & hold investment in Glendale.
Purchase price: $452,000
Cash invested: $42,000
8 Bed 2 bath Co-living house
What made you interested in investing in this type of deal?
Cash Flow
Post: 2nd Co-living House
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
Investment Info:
Single-family residence buy & hold investment in Phoenix.
8 bed 2.5 bath Co-living house
What made you interested in investing in this type of deal?
Cash Flow
How did you find this deal and how did you negotiate it?
Off the MLS - Had it under contract twice. :) Long story -
How did you finance this deal?
DSCR
How did you add value to the deal?
Added bedrooms
Lessons learned? Challenges?
When adding LVP make sure to have the temp up to at least 65 Degrees
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes - Stephen Gomez out of Arizona (Realtor)
Post: DSCR for acquisition of existing PadSplit
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
I purchased an existing Padsplit with a DSCR loan. Since some of the rooms did not have closets technically they are not bedrooms. The appraisal stated one was an office, another was a den and the 3rd was I think called a daylight room. At any rate it is possible, but depending on your appraisal it could be a gamble. :)
Post: DSCR for acquisition of existing PadSplit
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
Quote from @Josh Bowser:
Bob - I have five occupied padsplits under contract right now with Fernando Corona and have closed several with him this year.
Normal DSCR brokers have issues getting this through underwriting - it's important to work with a broker / lender that fully understands how to get these to CTC.
I'll PM you
I have spoken to Fernando a few times and he seems great although I haven't done a loan with him yet.
Post: 3rd Co-living house in the books.
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
Investment Info:
Single-family residence buy & hold investment in Arizona.
8 bed 3 bath Co-living house
What made you interested in investing in this type of deal?
Cash flow
How did you find this deal and how did you negotiate it?
off market via networking with other investors
How did you finance this deal?
DSCR 30% down
How did you add value to the deal?
I bought after reno but added brand new 5 Ton AC unit, dual sets of washer and dryers.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No
Post: 50th Birthday on Tax Day and signing docs! :) How appropriate
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
LOL - I actually like tax season now. :) This year was a $45k return! Whohoo!
Post: 50th Birthday on Tax Day and signing docs! :) How appropriate
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
It is my 50th birthday today April 15th. I find it appropriate that I am signing docs today!
As a Tax Baby I finally figured out after 50 years how to offset my tax burden through real estate!
Post: Depreciation Works!!! - Thanks Jeff Nash - CPA
- Rental Property Investor
- Oregon/Arizona
- Posts 124
- Votes 78
Quote from @Jeff Nash:
Glad to help Jarrod! Making the transition from an employee to a business owner is very hard work but rewarding in the long run.
Thanks Jeff. Bye the way folks, Jeff is my CPA and he makes the magic happen. If you are looking for a CPA Jeff is the man!