All Forum Posts by: Mason Haley

Hello, I am currently in the process of finding a short term rental to purchase and wondering how to best take advantage of what I am doing from a tax implication. I am in a high tax bracket so the implications could be very beneficial. For example, we are traveling to the city we are looking and going to be staying a couple days specifically to look for STRs. Is this all a deductible expense as long as it is tracked, even though I do not currently own any properties or have a LLC?

Likewise, I am a member of a local REIA, bigger pockets pro member, etc. are those write-offs I can take advantage of at this time? If so how or how do I get to the point that these are deductible expenses?

Thank you for your help! 

Hello, say that you have an offer accepted with an inspection contingency and hypothetical $2,000 in escrow. You pay $500 for a general inspection and figure out the deal will not work after the inspection and bids from contractors you choose to back out. Am I assuming correctly that You would get the $2,000 back that is in escrow but still be liable for the $500 you paid for the inspection and any additional inspections you choose to have?

Makes perfect sense thank you Nathan!

Hello, I am just wondering the process to submitting an offer/purchase agreement and if disclosures can be seen before submitting an offer or is this generally seen after submitting an offer and after the offer has been accepted? 

Just looking for some clarity to how to this works and is it always the same? 

Thank you! 

@Julio Gonzalez great and through reply. I appreciate the answer and understand the situation much better now! 

@Greg Scott thank you for the reply. Assuming I am not a real estate professional the couple of years (nor is my wife) the (1) active income of ours could not be offset or very minimally offset? 

(2) However, if someone investing with us is a real estate professional, they could potentially offset the majority of their active income? 

Can someone speak to cost segregation and the possibility of this being done with a partner or multiple investors? I see the obvious benefits of cost segregation but my wife and I will likely be in full time jobs the next few years where becoming a real estate professional is not attainable. 

Is there a way to leverage this with partnership or investment groups? If so what does this look like? 

@Henry Clark super high end information and greatly appreciated strategy toward getting started. I totally agree with keying in on one REI type, learning it, and scaling that. My career in dentistry is time consuming and feel like I will be a master of none if I spread myself too thin. The past year, plus I have been consuming different types of real estate podcasts, books, content just to familiarize myself with the terminology and see which avenue I would like to invest in.

The majority of my funds will be going toward purchasing a dental practice in the coming year, so I am not at the point of investing in RE just yet. However, I am trying to develop a plan toward financial freedom and real estate has become more intriguing to me and definitely part of that vision. 

Self storage storage has slowly started to seem the most appealing to me based on the limited knowledge I have and my particular situation. Is there any particular content you would recommend as a must read or listen to regarding self storage? 

Last, I noticed you have storage in Council Bluffs. Small world, I am finishing up school now in Omaha and will be leaving soon. It is a great place my wife and I have really enjoyed it! 

Thank you, I appreciate the help Brian! 

Thank you Zach, I have listened to some of your content and think rent to retirement could be a viable option for me in the future. I am just graduating dental school and focusing on acquiring a practice in the coming year but have interest in rent to retirement moving forward.