All Forum Posts by: Soomin Kim

Hi,

Husband and I own 1 bd condo and have water leaking issue. We want to move to bigger place and rent out current condo. But I am not sure when this water issue will be fixed. Management is working on it but not sure of timeline. So my plan is to buy bigger place and rent it out for a few years and once water issue is fixed, we will move to that rental property. How tax will work if the property changes from rental to primary residence? Is there anything that we need to consider(probably will buy bigger condo)? 

Any advice is greatly appreciated!!! Thank you! :)

@Carl Fischer Why having mortgage on rental property a good asset protection? Thank you!

Thank you so much @Andrew Kerr and @Alan Rohrer. It definitely helps!

Thank you @Andrew Kerr and @Alan Rohrer for quick responses!

I can get mortgage on condo again after pay it off?

How depreciation work if property value goes up in few years after I convert it to rental?

Hi BP community!

I am currently living in a 1 bedroom condo. Mortgage is almost paid off. Husband and I plan to buy bigger place and rent out this 1 bedroom condo. I heard if there is montage on rental property, you offset with rent income and mortgage expense. If mortgage is paid off and rented out, rent income will be reported 100%? Is there other way to reduce tax on rental property?

Thank you!

Welcome @Justin McElroy !

I am new here. I am also in the next town in Union City, hi @Eric Beepat ! May be we all can meet up for coffee. :)

@Tracey F. Welcome Tracey. I am new too in north NJ, Union City! You mentioned that you spoke with turnkey provider, Morris Invest. You are thinking about invest in turnkey as 1st invest property? Market here is too expensive. I don't know how i can invest in local.

@Odie Ayaga Thank you! I do listen to BP Money podcast. I love all BP podcast. :)

Thank you @Matt Motil !

@Dmitriy Fomichenko

Thank you for links. I am listening BP podcasts and downloaded Beginner's Guide. The market in my area is too expensive, I think I have to wait like 5 years to save downpayment.