All Forum Posts by: Lien Vuong

Getting freebie advice on a very intricate and personal problem on BP is not really going to serve you, any fees you pay to a tax professional is going to be worth the savings they're offering to you. Please do yourself a favor and get a formal consult. 

This is repeated behavior, I would like continue with eviction so you don't have this consistent anxiety monthly. You can only chase the current owed rent, not future predicted so the 14 days would make sense here. 

Check out the events page! There's quite a few on there that have monthly meet ups!

Housing, especially rental housing, that are within a small walking proximity to the train is always a huge plus. It is appealing to your tenants for the commute to work and would be very positive to gain equity in the future also. I would focus on that. As long as you understand the neighborhood and what you're getting into, I dont see BRRRRR in a less appealing neighborhood as a terrible thing for long term hold.

Congrats on the deal and the instant equity. Now time to stabilize and repeat!

That's currently not enough for a flip as they would require 20% down payment, I would focus on learning more about the process and saving more money before you engage in the venture. Boston is an expensive market to enter if you dont have at least $100k for reserves and down payment. 

Unfortunately its not that simple, you would need a REPS designation to take the full deductions from the scenario you outlined. Taxes is not for the faint of heart - dont feel like you're dumb, there's a reason there's an entire career dedicated to this. 

No but make sure whichever spouse it is follows all of the criteria for the REPS (Real Estate Professional Status) designation by meeting the min hours and accounting for their material participation. 

You will need to register with the state, the town will likely want you to register with them to have a health inspection to make sure the house is in good condition to host guests. Are you hiring a PM company or will be leading this endeavour yourself? If so, most of these details and design would be handled by the PM company so your parents will be as hands off as possible. 

Commercial rates my clients just got quoted are around 6.35% 30 am and no prepays!