All Forum Posts by: Kristin Kiddy

If you find yourself in Ormond Beach, let me know.  I'd be happy to show you around.  We're a small town just north of Daytona Beach.  Decent schools and a ton of medical for our size.

@Ryan Robinson I have been watching our MLS inventory numbers here in Daytona Beach go to unbelievable lows and still there are homes around here that need a flipper's touch (but they aren't for sale). I'm watching flips (and pretty much anything that is remodeled) go under contract in a single day.

  I too am shopping for an investment property in Kissimmee.  I'd love to hear more about where you purchased.  

To add on to @Nathan Gesner , buying an investment property to house hack is much easier when you have a w2 job.  I would take care of that part first, use the 20k as a down payment and any needed repairs.  Get some good renters into the other units so your rent goes down to low or none and then save up again for the major transition into real estate full time.  Plus I would prepare for a whole year of backup.  Of course it doesn't cost that much just to get your license.  Do that now, find an understanding broker to hang your license with, and start building contacts.  Maybe even sell a house or two while you are working FT (if you hustle) or better yet co-list some houses to learn the ropes.

So important that you speak with a CPA.  Even if you can back date the lease, your friend has not been declaring any depreciation for their "rental".  But when you go to sell, the IRS requires depreciation recapture regardless of if you took it each year or not.  

If you are going to pursue this change, it would probably be best to amend those years of tax returns.  Depending on costs of a mortgage, there might be a loss each year that your friend could be rolling over to use in the future against capital gains.  

But be careful, if your friend used their home for more than 14 days per year, the tax laws change considerably.

@Nathan Gesner I would like to add truthfulness to the mix.  An agent should be able to tell a seller how much they should realistically expect to get for a sales price, not some "pie in the sky" number just to get the listing.  And an agent should be able to critique a property and make suggestions on how to improve its marketability.  There might be quite a bit of cleaning, repairing, painting, and staging that needs to be done.  Do you do the work (put in the time) before putting it on the market and reap the benefits of it going under contract fast?   Or do you take the lazy man's road and hope for a buyer to come along who isn't as "picky".  In summary, the big question is: Can the seller take the truth?

@Shai Flax Here is a recent article from the local paper.  Our market is crazy.  The biggest problem is low inventory.  This is causing prices to go up, even for fixer uppers.  The rental market is insane too.  We are actually one of the most expensive rental markets (in relationship to median income) in the country.  https://www.news-journalonline...

@Jonathan Greene I'd love to see your Google form too.  Can you share to me?

Not sure if this applies outside of Florida, but if you haven't yet formed your LLC for the flips, when you do, you must check a box to request an EIN number. It's not automatic. And you need that EIN to open a bank account.

The best way to pick a place is to visit it.  I would plan a road trip to Florida and visit several areas (South, East, West, North, and Panhandle) and choose some cities/towns in each area to explore.  Let me know if you visit Daytona Beach (on the Central East coast) and I'd be happy to show you around!

@Mark Vivanco How about you contact your "HOA" and ask for the insurance declaration for the building (they may refer you to the company who has the policy... make sure you get a contact person, not just the general number). Then start again with your insurance agent, or a new one, with that declaration in hand and see what kind of answer you can get.