All Forum Posts by: Tyson Hosey

well, a lot of it comes from the fact that I just started this year with having a rental property, and with all of the repairs, insurance, depreciation etc etc it's more than the gross income. That will change next year and I'll probably have to be far more conservative, but for this year, I'm just concerned about using the income that I've netted from the rental.

@Justin Fox so if after I take all those deductions and I'm taking a loss, then setting aside 15-20% of the income that I end up using would be pretty conservative, right? (I'm still going to set money aside, even though I'm at a loss on P&L, just to be safe)

I know this topic has been covered in the forums a few times over, but I can't find the posts on it and I'm really concerned about this, so I'm going to start a new thread.

I've done all the calculations for setting aside money for repairs, vacancy etc. etc., but after all that I'm left with my net number (a.k.a. "Cash Flow"). I hear people talking about "living off the rental income" and that sounds amazing. But I should probably take a percentage out of that for paying taxes on the portion that I use, correct? Or am I only paying taxes on the gross income? Totally confused.

Side notes: I'm in the 15% tax bracket, married filing jointly, property isn't in an LLC.

Hey @Janett Lewis I sent one over earlier this morning, I think it's still pending. I didn't send a message with it, so I don't know how it looks on your side.

@Janett Lewis My father in law is a handyman in that area and would love the referral. PM me and  I'll give you his contact information.

@Marc C. Ooooo I like that. Wonder if PM's would do that.

@Robert Gilstrap Interesting! I think I'm going to work out a few scenarios to see if they make sense in my situation.

this concept is blowing my mind. fyi.

@Robert Gilstrap how did you structure your deal with the investor? Does the contract allow for one or the other to buy the other out? Do they receive any income or does it all go to the repairs until paid off then it adjusts?

@Craig Garrow  don't mean to hijack the thread, but this is fascinating.

@Craig Garrow how are they taking that piece? As in they are owning 10% of it?

Hello @Ian Owen Welcome to BP. I'm in ABQ just here from St. Louis, Mo.

Keep on reading and soak it all up, there's a lot of information here to help kick-start your journey!