All Forum Posts by: Jason Miller

@Patricia Steiner

That helps a lot. Thank you I appreciate it!

My wife and I own 3 rental properties and our primary house. We both have W2 jobs and gross about $130k together. We are not real estate professionals.

My CPA says it’s best for us to take the standard deduction despite our expenses from rental properties and repairs/Reno greatly exceed the married standard deduction.

My CPA explained to me this is because our rental deductions only apply to our rental income and does not reduce our W2 taxable income. I feel like this isn’t correct since it’s taxed as ordinary income right?

Am I missing something?

Thanks!!

Jason

I'm having trouble finding a lender that will provide a HELOC on a rental property in Indiana.

I am an out of state investor.

The issues I’m running into are:

Not owner occupied

Not living in state

Not working in state

Not going to school in state

Not going to church in state

I own more than 2 investment properties.

Property worth is about $70k and 70% LTV is just fine.

I’ve called every local credit union in town and major bank in Indianapolis. None of my Credit Unions will lend out of state.

I would rather a HELOC over a mortgage given current interest rates and how much the property rents and cash flows.

I appreciate any help. Thank you!