All Forum Posts by: Jason A.

Greetings,

I'm getting some conflicting advice on this topic. Can I deduct both mortgage interest and depreciation from my rental property on my personal taxes?

Wow all super useful. In terms of goals, it has always to been to hold the property and rent it indefinitely. Frankly, I've not been as educated as I should have been so have not thought of a lot of these questions.

I like the point that "someone else is paying the interest" which resonates with me. I'll have a think about the best way to approach based on the feedback. Thanks a lot!

Thanks for the advice! I think being cash flow positive is a good goal to start with but don’t know how to analyse against the extra total interest over the life of the loan. Any advice?

Greetings!

New to BP and investing. I'm super impressed with how helpful the community is here and I already feel at home!

Long story short, I'm considering refinancing my fixed rate 15 year mortgage to a fixed rate 30 year mortgage to reduce monthly payments and become cash flow positive. I've refinanced two or three times over the years as rates have reduced and landed on the 15 year mortgage to save tens of thousands of dollars in interest over the life of the mortgage.

Here are the details:

• Purchased: 2009
• Property type: Condo
• Market: Downtown Chicago
• Equity: $100k
• 15 year mortgage terms: 3.625%, $1,150/month, 13 years remain
• HOA: $580/month
• Other expenses: $50/month
• Property taxes: $3,300/year
• Income: $1,900/month
  

I had been comfortable with this in the past because I'm enjoying some capital appreciation but after spending a few weeks on BP, I'm questioning whether I should refi back to a 30 year mortgage (monthly mortgage payments would be around $650) to capture positive cash flow.

Seems like a no-brainer but wanted to test with the pros on BP for some pros and cons I'm probably not considering.