All Forum Posts by: Shaun Ng

Hello BP community,

My job may be taking me to Broward County, Florida next year or two.

Typically, I like to purchase rather than rent, and take advantage of lower mortgage rates that come with owning your primary residence. And then rent it out once I know the area better and know what kind of house we want.

With that in mind, we may want to purchase something at a lower price point but have good consistent long term rental demand, when we move out.

Given I’m not familiar with the area, I’m wondering:

a) pros and cons of purchasing a condo vs SFH

b) any particular area in Broward that anybody would recommend?

c) any shortcomings that I should be aware of with this strategy (purchase first and then rent it out after say 1 year?)

Thank you all!

Want to thank BP community again for so many thoughtful advice.

I have a lot to consider. Will definitely discuss with my daughter.

Grateful!

So many good advice - I need to digest it. Thank you all so much! Love this community!

My daughter is going to college this fall. I'm exploring RE strategies in her college town for the next 4 years and potentially beyond. I can't seem to find anything in past posts. Options that came to mind:

1) buy and rent to my daughter (at market rate) and her friends

2) rent a property and sub-lease extra rooms to my daughter and her friends

3) daughter to buy on her own and sublease additional rooms to her friends

Assuming zero price appreciation in the next 4 years, what are the pros/cons for taxes and other considerations?

Thanks! 

Thank you @Taylor L. and @Yonah Weiss.

I'm trying to fill in Form 3115. This is what I found online, and not sure if you guys and others can validate:

- Cost Segregation study is considered an "Automatic Change Request" under Part I of Form 3115...

- and it's considered under DCN #7: Depreciation & Amortization

- I've written what I can for Schedule E, but if there is a sample anyone can share, I would greatly appreciate it.

Thanks!

I used the Cost Segregation firm founded by Alan Goldstein after listening to the Passive Real Estate Investing podcast. Does anyone have any information about him?

Thanks to all for your replies. 

Will the answer change if the W2 income is above $150K? Looking at my communications with my CPA, she said that because my W2 income "exceeds the $150,000 threshhold for passive losses, you are unable to utilize the losses each year. If you were to transfer title in those homes to your spouse, she will be able to utilize losses generated since she is a full-time real estate professional." 

I appreciate your thoughts before I change my CPA.

Thanks. Shaun
 

Hi BP community, I need some advice.

Through advice here, my wife is a real estate professional starting 2 years back. But some of our properties are jointly owned. 

We have not been claiming losses from those properties that are jointly owned, against my W2 income, as I was told by a CPA in the past that as long as my name is on the property, (even though my spouse is also on the property), the losses are not allowed. I recently heard from another CPA that this is not the case. As long as my wife's name is on the property, and she is a real estate professional, the losses on the property is 100% deductible against my W2 income.

Who is correct?

Confused, Shaun

Hi BP family, I'm new to BP and relatively new to real estate investing, and I'm also new to Cleveland. 

The forum has been most helpful so far, and I'm grateful to and impressed with the knowledge of, so many BP contributors / members. 

I have a few rental properties and is currently looking to add to the portfolio. I may have to sell 1 or 2 in a few years when my kids go to college. There are also other considerations which will be too long for me to get into here.

Would anybody recommend local Cleveland Ohio seasoned tax planning specialists and experienced real estate attorneys (for asset preservation - I read about Land Trust and LLC etc).

Thank you!