All Forum Posts by: Matt Bode

Why would it matter before or after advertising?

So my wife is a stay at home mom, and I make just enough to be over the MAGI limit. I’m about to rent out my current home and buy another to live in. She will be pretty much be handling the rental property- is there any way she could be come the “real estate professional”?

Thanks, so starting in 2018, depreciation is over 25 years? Would it make sense to just keep the property that I'm in and use it for a rental? Or sell it and use proceeds to put down on two units? I'm thinking about just keeping my current house, and just seeing how it goes, and expanding from there.

I would like that- but I don't think it's possible- I guess we are looking at it two different ways- where I live there is no way you could find a property for 80k. The median house would be atleast twice that. I get what you are saying though- I have about 200k in equity in my current house- I was thinking of just renting it out, and hopefully use it for tax help on my primary job, all the while being able to pay the note off by a renter. I won't be over extended to the point where if it's vacant, I'll be okay. The little amount of money I make on the house will just be icing.

And just go from there- I've also thought about paying it off out right and then turning it into a rental- but with such low interest rates, I don't think that's a good idea.

@Anthony Dooley if I'm looking at getting into rentals, should I sell it though? My interest rate is 2.75 and I owe around 70k on it. I'm calculating I should be able to make atleast $400 month on it. I'm really just looking for somebody to pay the note, not make much on it and own it free and clear. My goal is to have 3-4 houses one day- I live in a really hot rental area. Right now the only investments I have is in the stock market- just looking to diversify a little.

@Anthony Dooley I plan to get a CPA, trying to figure out which one to use.

I am just trying to figure out my tax situation before having my first rental. Thanks!

I'm about to put my primary home up for rent and purchase a new primary. I own about 70% of the home. Question and I can't find a straight answer anywhere.

Depreciation on the rental- I realize its over 27.5 years- is this depreciation just for the income of the rental, or will I be able to use it to lower my taxable income on my main job? 

Thanks, you all have definetly changed my outlook on this. 

The rate was due to a job relocation, i agree I got very lucky. I'm just looking to buy a new house, and rent this one. I just don't know what is the best way of doing it without taking on too much risk.

Or whatever you experts agree. The rental market is good here- I just want to start small on rental, hopefully buy a property every few years.