All Forum Posts by: Tyler Neison

Hi, 

I'm looking into purchasing another investment property in the Destin, Naples, or similar area this year to use predominately as a STR. My active income will be at its highest level this year, so the goal with this purchase would be to help offset this as much as I can to reduce my tax liability hence the STR. If the property can produce enough income to offset the mortgage and other liabilities/reserves then it's a win for me. With all of this said, in general, would I find a bigger opportunity for deductions with a SFH property or a condo? I am aware of the qualifications that must be met to be able to classify the income and expenses from this property as active and not passive...

Thanks!

My dad and I are looking into buying a STR property in Florida. We both want it to use as personal vacation property when we go down, but I'm predominately interested in it for the active loss tax benefit. Given some of the qualifying rules, such as "you must spend more time than any other person", I would assume he and I both would not be able to utilize the benefit of the active loss scenario? Would the losses be classified as passive losses for him, meanwhile mine are active-- assuming I meet the requirements...?

I'm designing my next primary residence. It's a single story house and the standard layout is 3bd 2ba. I have the option of converting the 3rd bedroom to a den/study for a minimal expense. I work from home and I know that is becoming a lot more common nowadays for others. For the best resale and/or rental value, which design would you choose?

Sounds like #2 is the overall recommendation. I know I'll need to consult with a CPA for specifics, but in general, any depreciation and expenses related to running this property once I turn it into a LTR can only offset the income the property generates by itself and can't bring down the income from my main job (not related to RE)? To offset my actual job income it would need to be a STR or I'd need to qualify as a RE professional?

Thanks!

I live in East Louisville, KY (40245) and within 5-6 miles of my current house there are at least 4 brand new (started in 2020-present) single family home communities that have been constructed by builders like Fischer Homes, Ball Homes, Pulte, etc. They will probably continue building new homes for another year or two in these neighborhoods. Curious how all of this continual new construction affects the rental market in this area if at all? 

I bought one of these sfh as my first house back in 2020 with a 2.5% 30yr conventional mortgage. On paper, I have ~$50k in equity in this house but don't plan to pull any out and given the rate I plan to hold indefinitely. With all of that said, I want to buy my first SFH investment property this year. I'm considering a couple of different options, would love to hear thoughts if anyone else has been in a similar situation in their market.

Option 1: stay in my current house and buy a sfh outside of this ~10 mile radius where new construction isn't as heavily saturated but still growing in population.

Option 2: turn my current house into a STR to try to take advantage of the golf course tournament travelers, etc. OR LTR and cash flow >$200/mo. AND design (buy) another new construction home in a higher priced neighborhood, taking advantage of the 5-10% down primary mortgage, rate buy-down and paid upgrades (granite, flooring upgrades, etc) offers from the seller. Then potentially rinse and repeat after 2 more years... refinance somewhere along the way if rates come down again...

 Thank you, I will take a look at both of them. 

Anybody have any recommendations for knowledgeable CPA's in the Louisville area that can help me understand the ins/outs and properly structure STRs, cost seg, transitioning STR to LTR, etc?