All Forum Posts by: Account Closed

@Joshua Benjamins wouldn't I be legally required to report the rental income from the roommate anyway? Or if the total tax deductions exceed the rent amount does no one really care

Thanks for the input everyone. I'll just stick with conventional mortgages until I run out and cross that bridge when I get there then. Won't be for a few years anyway.

If I were to buy a 2 bed condo to live in and rent out the other room, would I get the tax benefits of it being a rental? Specifically, would I get to claim depreciation, write off the HOA fee, etc.?

Just to clarify, my theory is that I can pay cash for property #1, cash-out refi, and just keep repeating and buying each one with the cash pulled out from the last plus any savings I accumulate.

I recently learned about the BRRRR method as an alternative to just getting traditional, conventional mortgages on rental properties, since I heard that there's a limit of something like 4-10 mortgages you can have taken out in your name at a time. It sounds like a good strategy to me, as long as I'm patient enough to save up cash for that first property (assuming I'm not interested in private/hard money), and I'd have the advantage of being able to offer cash on purchases. My question is: is there a limit to the number of properties you can have refinanced or have a heloc (or equity loan) against? I'm evaluating this as a way around being limited to 4 loans, so is this a process that would let me leverage as many properties as I want?

@Riley Barnett Thanks a lot. I went exploring this past weekend and I loved Buckhead (certain parts anyway), Midtown, V-H, and Atlantic Station seemed nice too. Are you familiar at all with Decatur? I haven't had a chance to go there yet but I hear great things about that area too.

@Morgan Eriksson @Account Closed Thanks fellas, I put it in my calendar. Hopefully I'll be able to make it out soon.

@Jason Huff I really appreciate the insight man, thank you. I've seen a handful of condos in the MLS this week that have had price decreases so hopefully (for me anyway, lol) that's a trend that continues into next year when I'm ready to buy and not just a couple of outliers.

Thanks everyone, all the advice means a lot to me. I'm only just starting to shop and look into what my options are now, and don't plan on moving until at least early 2019, so I'm glad to start getting an idea of where to focus my efforts.

@Jason Huff do you happen to know if a lot of those new condos you mentioned are near completion? If some of them will be done and increase competition among sellers by the time I'm ready to move in 8+ months then that would be great for me, and even if it'll be just a little longer than that, I'd be willing to wait if it would give me an advantage as a buyer.

Hey BP, I currently live in Lawrenceville and I want to move ITP. I'm looking at condos in the Buckhead, Midtown, Piedmont Heights, O4W, Atlantic Station, and Decatur areas (among others in the north/eastern part of the city - basically everywhere north of I-20 and east of I-75) and I'd love to hear everyone's input who may be more familiar with the city than I am, what are some (if any) streets/areas in those neighborhoods that are unsafe or I should avoid for other reasons?

I'm 25 and single, so I'm looking for a fun area with lots of stuff to do. I'm talking about for my personal residence by the way, just in case I didn't make that clear. Any and all advice is appreciated. Thanks all!