All Forum Posts by: Account Closed

@Andriy Likhman Can I get the name of your accountant? 

@Djuan Snowden I agree with Marci, I would take care of your tax debt first. I would think lenders would have access to your tax debt, but I don't know this for sure. I would also reach out to a broker or lender and find out for sure. I wouldn't start funding your Roth until you've purchased your 1st property. Once your 1st property is shored up and cash flowing, then you can start funding that Roth. I wish you the best on your real estate journey. 

I recently found a house that is a mile away from my primary residence. I would like to
buy it owner occupied, I would take one of the bedrooms and rent out the other ones
to tenants. Are there any laws against this, since it's so close to my primary residence?
Thanks in advance for any responses. What would be the best loan vehicle in this instance?

@ayana check out whodoesyourtaxes.com ask for Adore, she came to me with great recommendations.

Looks great, very sturdy, looks in great shape. How were the numbers? Where is it? What did you learn?
Thanks in advance.

A good CPA is worth their weight in gold.

Hello BP!!!!! I'm trying to figure out my depreciation for the upcoming tax year.
I've only owned the rental since August 2020. I'm under the impression that you add
purchase price + rehab costs and - land value. Since I've only owned the property'for
5 months would I only be able to depreciate for the time I've owned it? Thanks

@Johann Jells,

Wow great info. I really appreciate it, and I'm sure others will as well.

Thanks

I was wondering if the following repairs or updates would be considered a repair or depreciation.

1) Kitchen Flooring 2) New Appliances 3) New Tub 4) Kitchen Cabinets 5) Water Heater

I'm guessing Appliances and Water Heater fall under depreciation, but what is the formula?

Thanks

@Andy Mejia, Very well said Andy, I know I joined BP to network and help others. Hopefully, James was having a bad day and will make up for it 10x (think Cardone). Joy, I think it was a great question, and the piece that Kenneth G shared about eminent domain was very helpful and pertinent to my existing situation.