All Forum Posts by: Sam Hudacek
Sam Hudacek has started 12 posts and replied 39 times.
Post: Investor friendly title company in Chicago for Subject-To
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Quote from @Rafa Hurtado:
@Sam Hudacek could I get the attorney contact Thanks.
Yea sure! send me a message!
Post: Moving to DC, looking to connect!
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Quote from @Jack Seiden:
Quote from @Sam Hudacek:
Hey all!
I will be moving to the Northern Virginia/DC area in a couple of months and would love to meet investors from the area as well as a real estate agent, insurance broker and/or attorney familiar with LTR/STRs. Lastly, if anybody has a recommendation for a leasing agent to find apartments for rent that would be greatly appreciated!
-Sam
born & raised in the area, also as far as leasing agent, we’re not like New York or Boston, you should be fine just leasing directly through Zillow.
Good to know thanks!
Post: Moving to DC, looking to connect!
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Hey all!
I will be moving to the Northern Virginia/DC area in a couple of months and would love to meet investors from the area as well as a real estate agent, insurance broker and/or attorney familiar with LTR/STRs. Lastly, if anybody has a recommendation for a leasing agent to find apartments for rent that would be greatly appreciated!
-Sam
Post: Investor friendly title company in Chicago for Subject-To
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Quote from @Ulises Zermeno:
Hey Sam. I was wondering how it went with the subject to deal? I am looking for my first deal in the Chicagoland area and am trying to build my team. Would you have contact info for attorney? Have you done anymore creative finance deals since?
Hi Ulises,
The sub-to deal was through family so it was a little easier, I haven't closed another creative deal unfortunately, message me and I'll give you the attorney contact!
Post: Should I add an STR(s) to my LTR business to take advantage of the STR Tax loophole?
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Quote from @Michael Plaks:
Quote from @Sam Hudacek:
would it be beneficial for me to buy one or two STRs primarily for the purpose of being able to offset my W2 income?
Business first. Do you want to be an STR operator? Does it make sense business-wise for you to own and operate an STR in your market? And it needs to be in your area if you're going for material participation. If yes, THEN we can talk taxes.
You may be able to offset some of your W2 income with STRs. Remember that it only works for one year. You will need to be expanding your STR portfolio each year to stay in this game.
Can you offset all of your W2 income? In theory yes, but it does not make sense from a tax planning point. Lower income is taxed so low that you're better off paying tax on that low-tier income.
Read this post:
https://www.biggerpockets.com/forums/51/topics/1122635-the-s...
Thanks Michael! the linked post you wrote clarified a lot of the myths. I can see how I would pretty much need a new property every year to be able to continue to offset that W2. I will speak to my CPA on his thoughts and see what my options are.
Post: Should I add an STR(s) to my LTR business to take advantage of the STR Tax loophole?
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Quote from @Joseph Chiofalo:
Hi Sam,
Like my colleague mentioned, we have assisted many W-2 high wage earners that have purchased STR's to add to their portfolio.
Most lenders will require a 15-20% down payment assuming credit is strong and property can perform from a producing income standpoint.
It would be best to speak to a seasoned cpa to address your tax concerns.
Hey Joseph! that makes sense, I want to get familiar with the tax strategy and hopefully venture into the STR world once I move in the next year or so, let's stay in touch!
Post: Should I add an STR(s) to my LTR business to take advantage of the STR Tax loophole?
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Quote from @AJ Wong:
HI Sam. We've helped several high W-2 wage earners take advantage of the STR tax 'incentive,' here on the OR Coast. I would probably focus on a single STR (if that was the route you went) and find something of slightly higher value for a larger proportion of accelerated depreciation.
One way to look at it, is that the monies you would have paid in taxes could essentially be a down payment if structured favorably. Similar to a 'high gross weight' vehicle deduction. If you're paying anyway..might as well get a G Wagon, or in this case a STR out of it. lol
Check in with me if you'd like to explore OR, I work with a lot of absentee investors from your region. Also check with @Joseph Chiofalo for some further STR investor loan programs and he has a close tax rep we work with. Good luck!
Hey AJ, thanks for the info! a G-Wagon is definitely in the near future as a business expense! let's connect and discuss further!
Post: Should I add an STR(s) to my LTR business to take advantage of the STR Tax loophole?
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Hey BP! I currently own a couple multi-family properties that are all LTRs and work a full time 6-figure job, so becoming an RE pro is almost impossible. I max out the $25k to offset my W2 under passive activity rules (as its slowly phased out for me).
That being said, would it be beneficial for me to buy one or two STRs primarily for the purpose of being able to offset my W2 income? (providing I meet all the criteria). If they were the right land/building ratio and made sense to do a cost seg/bonus depreciation, could I potentially offset my entire W2 salary? If I owned several LTRs and STRs, I'm under the assumption those two would not mix when it comes to depreciation and tax deductions because one would be active vs passive?
Hopefully these questions make sense, and I'm open to suggestions on more tax savings, thanks!
Post: Pulling equity out of vehicle to use on property down payment?
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Quote from @Matt Hoadley:
What bank is willing to spit out 100 percent at 3%?
Granted this was last winter but Service First FCU in South Dakota, their rates were 2-3% lower than some banks after calling 25 banks.
Post: Tenant threatening to sue in small claims court over security deposit
- Investor
- Arlington, VA
- Posts 46
- Votes 41
Awesome, thanks for all the answers!