All Forum Posts by: Claudio Golia

Looking for book recommendations as well related to this topic. I was looking at this one: 

https://www.amazon.com/Every-Airbnb-Hosts-Tax-Guide/dp/1413327176/ref=dp_ob_title_bk

Hi all, 

I was curious about the tax implications related to a STR? I understand there are a variety of scenarios that may apply depending on how often you use the property, your income, etc. I read through what's available by the IRS, but can anyone share some real world experience related to this? I'm trying to wrap my head around the things I need to be aware of, before I step into the STR world.

I plan to speak with a tax specialist or attorney, but I thought I would start here and see what the forums had to say.

Appreciate any feedback you might be able to provide. 

Thank you, 

Claudio

matt katsaris In this case it's a mfh. 

Good afternoon.

A question for you seasoned house hackers out there?

When attempting to analyze a deal for a house hack, can the BP's Rental Property Calculator be used to assess the deal?

I'm thinking I would just need to enter my portion of the rent as rental income in addition to my tenants? Does that sound accurate?

If not, what are others doing in this space to assess potential house hacking properties?

As always, thank you.

Claudio

@Account Closed My target multi-family is preferably a two unit, but not a duplex. Rather a two family home if possible. I've just started to look around my area and get a feel for what's available in my price range, but still need to do some real world analysis. 

Your point regarding downsizing to a smaller SFR and finding a multi as an investment is understood It's something that's not completely off the table, but I think I'd prefer to go the multi-family as the primary residence if things shake out the way I would like.

Thanks for the feedback.

Hello all. 

I've been bouncing around BP for about three years now, listening to podcasts, reading, and sucking in all the REI information I could get my hands on, but have yet to take any real action. Mostly due to lack of savings, fear, and unconvinced spouse.

After saving a bunch, seeing a healthy increase in my salary over the last few years, having the support of my spouse, and seeing some appreciation in my SFR, I feel like I'm ready to make a move.

I currently own a SFR residence in CT, but would like to get out of it within the next 6 - 9 months. I don't personally want to live on CT long term. I'd like to be gone and living somewhere on the SE (FL, SC, NC, TN) in 10 years. Ten years is important, as that's when my daughter would leave for college and allow my wife and I to move. We don't really want to uproot her at this point in her life.

In the interim, I thought I would use these 10 years wisely and instead of buying another SFR or renting, perhaps buy a multi-family and house hack with my small family at 43 years of age. I know this is typically a strategy for younger investors, but after listening to "Set for Life" I see no reason why some of the same concepts can't be employed by someone like myself?

I thought I might sell my SFR, purchase a multi, and live in one unit for 3-5 years. Subsequently move out after that time, rent my unit, and then purchase another multi and repeat the process. After I moved out of the second multi, my daughter would be off to college and my wife and I could buy the home we would eventually live in down South. I would keep the properties here in CT, and use a property management company to handle them locally.

I haven't thought beyond 10 years, if my experience went well perhaps I would want to scale my portfolio further. However, initially I want to generate some wealth to allow my wife and I to have the home we would like for our later years in life, travel, and help my daughter with college expenses. I thought this house hacking some properties in the next ten years would allow this to become possible.

I haven't run any real numbers just yet, but I plan to start analyzing costs of real world scenarios. I just wanted to throw the notion out her of house hacking later in life to see what the experience has been of others, and if there were any insights/tips, or suggestions to be shared.

Appreciate your time.

Claudio

Appreciate the thoughts and feedback from the group.  Thanks all!

@Raymond B. No Health or IT companies coming to CT that I am aware of. Actually quite the opposite. Aetna appears to be on the fringe of movie their headquarters out of CT after 150 years. Not look good at all. Hence my post.

Good afternoon.

For all you REI in CT, how are you feeling about the long term climate of real estate in CT long term? Enthusiastic, depressed, don't know? I know there's no crystal ball that can give us our answer, but I'm wondering whether or not it's worth buying my next home or first investment property here?

The economy and the fact that more folks are leaving than coming in, scares me.

Interested in your thoughts?

Thank you.

Hello. I'm a Senior Business Analyst that's part of an Agile Software Development team at a Healthcare IT company. I've been here going on 10 years. Work is good, and I have no real reason to depart. I see REI as a secondary tool to help satisfy my financial goals and allow my family and I the flexibility to do more traveling, and time together.

I've been bouncing around Bigger pockets for a few years now, sucking all the knowledge in, but not yet taken any action. Lots of variables as to why, but nevertheless I'm hoping to change that this year by house hacking a multi-family. I'm older than I'd like to be implementing this strategy, but with a F/T income and financially stability, I believe it's the REI strategy that is most likely to succeed.

Good to meet you all and see the various backgrounds out here on the forums.

Look forward to speaking with folks as I re-engage.