All Forum Posts by: Ryan Tyree

Quote from @Account Closed:

"writing off these losses against my W-2 income which is telling me I am entitled to a refund" Are you properly qualifying as real estate professional? Please ensure you are. If you are not, you are improperly taking that write off. These passive sydications should generate passive losses for most people, those exceptions being folks who qualify for REPS AND are properly participating in and electing the rental activity 

I do not qualify as a real estate professional.  I have emailed my accountant to see if his software has me tagged as such and that is why the huge discrepancy between what I thought I would owe vs what he came up with.

I invested in 7 syndication funds in 2023 as a limited partner with the expectation that I would generate first year losses from cost segregation that I could use to offset my gains on my personal real estate investments (self storage).  The K-1s I received all show a Net rental real estate income loss on Part III line 2 as expected.  The software my accountant is using is writing off these losses against my W-2 income which is telling me I am entitled to a refund.  We went on to talk about deferring some of these losses for a net impact of 0$ so I could apply these to gains in 2024.  From everything I've read something doesn't seem right here.  I underpaid on W-2 slightly, had long term capital gains on stock sales, and a small income gain on my personal K-1.  I was only expecting the limited partner K-1 losses to offset the personal K-1 gain.  Any experience others have had is welcomed.  I live in WV and own my self storage rentals in WV.

I’m interested in joining you. I don’t do social media but happy to link up in a colleague request to exchange contact info. 

@Jerome Keizer For what it’s worth I am a big supporter of our military. Personally, knowing that back pay is coming and tenant is of good quality, I’d wait it out. Our military is what makes this country great. The biggest reasons we have the freedoms that we often take for granted.

I had the exact same conversations with my wife. It is almost like you and I live the same life. I simply went out and did it anyways. My business partner and I own 2 triplexes and 1 owner finance deal since starting our journey earlier this year. Six months later my wife sees the business bank account and is suddenly on board. She finally gets it now. 

FULL DISCLOSURE: I don’t recommend or endorse the approach that I took. Lol

I use Mint. It is free. You can link your mortgages to it to track pay down each month and it also allows you to enter appraised values for net worth. You can link bank accounts, investment accounts, 401ks, credit cards, car loans, etc to get a complete picture of net worth. You can also use it to setup and track budgets to keep your monthly spending it check.

I’ve done the same searching except have concentrated in the Palmetto Dunes plantation. Same song different verse. I was thinking that breaking even could be a win bc we would pay down the principle with other people’s money and have a nice place my family could visit a couple times a year. Prices are high and expenses are crazy. Ultimately decided I would invest my money elsewhere and use built up net worth to purchase a home on HHI when the time comes to retire.

Your property manager/realtor is short sighted if they are wanting a commission. It is the long term income from the monthly fee that will make them their money. I have a similar situation where I’m investing. The realtor I am using also manages the properties. He has even been running CMAs on off market deals for us and will handle the paperwork on the off market deals as a means of protecting me and my business partner. He does ask for a $500 fee for the his time to do the paperwork which we gladly pay. He does all of this knowing he will earn 10% monthly on gross rents for as long as we own the property which will dwarf any commission he would have received.

I’m a grown man, 35 years old, and not ashamed to admit that Brandon’s song about his daughter brought tears to my eyes. If you haven’t heard it, I highly suggest you listen to the podcast to catch the song at the end. I have a 2 year old boy at home and the song really hit home with me. Great song Brandon. You should be proud!

2006 Heisman Trophy winner Troy Smith? If so, I'd leverage that in your marketing on the Ohio State campus. You a legend in Columbus.