All Forum Posts by: Luke Predmore

nice not so little bait to get me to ask about your software. I bet you are quite the salesman for some people. Anyone else have software they use that they aren't afraid to say the name of?

I'm getting ready to start purchasing real estate properties for rental. I already have one that I more just inherited. But I'm wanting to expand out and buy more. I have the funding and know that my area is overall a great place to be. But I'm wanting to do a more targeted market analysis to find the absolute best areas and types of houses to purchase for rental. I know that a good deal of this is just leg work. But I'm wanting to streamline my process as much as possible and know all the tools at my disposal. 

What programs/tools/resources have you found helpful for things like:

• Finding areas that are most likely to increase
• Finding the best size or room numbers to optimize profit
• Any other areas that would be good to know

Thanks in advance

@Frank Chin

Thank you very much. Like I said, I know there are a lot of complications and different ways to do things. And I'm not necessarily looking to avoid paying what I am supposed to pay. I'm trying to figure out the options so that I know what is ultimately worth the headache. 

So I bought a house that has the basement completely converted into it's own 2 bedroom apartment. It has it's own kitchen and everything, with their own entrance. Currently, I am allowing a friend to stay there for a few months, then I'm considering using it as a rental property.

What I'm trying to figure out is what my options are for tax reporting on this. Me and my fiance have looked into possibly starting a business and having the income be for the business, instead of it being personal. Long term, we would like to have several homes that we rent out as a legitimate business. This would just be our starter.

Could we have the tenant pay the rent to the business and have the business paying towards our mortgage? Could we even just have a tenant pay directly to the mortgage company? I have a friend who said he does this with his tenants. He has them fill out a direct deposit page, and then he puts it into his mortgage and just has them pay into his mortgage. That way it doesn't count as income since it never passes to him. Personally, I think that's a little shady and not sure if that is actually right. I just know that with real estate there are lots of options. And renting out part of a primary residence seems like a niche thing that is a little confusing.

Please only respond if you really know the answers or have personal experience with this. And thank you in advance!

So I am about to start renting out part of my home. Is there a way that I can avoid paying taxes on the rental income? Could I have my renters pay my mortgage rather than pay me? Like have them give me a money order that's written out to the mortgage company every month instead of writing me a check?