All Forum Posts by: Mose Gebremeskel
Mose Gebremeskel has started 12 posts and replied 207 times.
Post: Home on Sale for over 100 days
- Posts 212
- Votes 127
Should I worry if I'm interested in a home that's been 104 days on the market in a great area?
Post: Multi Family Tax write offs?
- Posts 212
- Votes 127
Good questions. This trips up a lot of first-time house hackers. The short version is: you can only write off the portion of the property that’s used as a rental. If you buy a duplex and live in one unit, you can generally deduct expenses tied to the other unit (repairs, insurance, depreciation, etc.). Things like property taxes and mortgage interest usually get split between your personal side and the rental side based on square footage.
You don’t get to write off the actual purchase price as an expense, but you can depreciate the rental portion of the building over time. That’s where a lot of the tax benefit comes from. My team just had a great conversation with KC Chohan, a real estate tax strategist, on our podcast about this exact topic, how to maximize deductions and use tax loopholes legally. Might be worth a listen if you’re starting out with a duplex/triplex and want to get the strategy side right from the jump: https://linktr.ee/rentishpod
Post: Drop your favorite real estate podcast and why?
- Posts 212
- Votes 127
Thanks all. I've been listening to these guys. Love it!https://linktr.ee/rentishpod
Post: Drop your favorite real estate podcast and why?
- Posts 212
- Votes 127
Drop your favorite real estate podcast and why you like it? I seem to get bored with the same old real estate stories and am looking for something funny, not so professional and more casual.
Post: If You're A Newbie or just want to learn more...
- Posts 212
- Votes 127
A podcast my friends made to help guide those that are new to real estate. It's almost real estate for "dummies" as they explain these hard terms and facets of real estate in a simple and fun way. They're also renters so it's from a different perspective than normal pods. https://open.spotify.com/show/4qwPkq2Nwuv9R8QBR3cz78
Post: House Hacking with friends or family? Share your pros/cons
- Posts 212
- Votes 127
I think if done right it can be beneficial. You have to make sure you set clear boundaries and make sure you have a good lease clearly stating all the important things.
Post: Places To Find Tenants For Mid-Term Rentals
- Posts 212
- Votes 127
Quote from @Allen Duan:
Quote from @Brad Smith:
@Allen Duan - For corporations, who do you typically reach out to? The HR head? Or is there a separate relocation/leasing departments in these companies?
Also, can you suggest a few relocation companies that you might know of? Thanks in advance.
Most of our insurance bookings come through CRS and ALE Solutions. But I've heard it can depend on market since these companies have different markets they focus on.
Super helpful! Thanks!
Quote from @Jacob Nevarez:
Quote from @Mose Gebremeskel:
That's awesome! Couple of things I looked out for:
- Area, make sure it's somewhere that will have stable demand
- I stayed away from homes that had a lot of renovations that were needed
- During the tour see if you can spot basic issues like if wiring is old or how new is the HVAC system, etc.
- If you decide to keep the tenants that are already there see how well they keep the place
@Mose Gebremeskel These are great tips! I have yet to hear these, especially about staying away from homes with many renovations. Typically, you hear people flock towards those properties. What were your thoughts that kept you away from those properties?
The main thing was monetary reasons. We had a budget in mind for repairs we're willing to do. I thought that was very helpful!
Post: Internet service for Duplex
- Posts 212
- Votes 127
I currently just have 1.
You can use property management software that does everything online. We use Innago which allows my tenants to sign leases, send rent, and fill out applications for free.