All Forum Posts by: Aaron Murphy

Thank you for the information! I did not realize that I could only hold 1 FHA loan at a time. Since that is the case it sounds like I would need to the initial property first or purchase the second with a different type of loan.

Either way my time period concern would seem not to apply.

Hello,

I am interested in the House Hacking Strategy where you buy a home-- rent it out while living there and then transition to another property using the fact that you are moving into the new property as a primary dwelling to continually minimize the amount of cash that is required for down payment.

I have purchased one house already and am starting to analyze the market for the next property.

How long do I have to stay in the first home if I financed with an FHA loan before moving to the next to satisfy the requirement that I bought it as a primary residence?

I have read 1 year-- I have read 6 months. If it is not a hard and fast rule-- where is the best place for me to find the specific requirement for my area?

That is also helpful, thank you for the clarification!

I am expecting the losses to be around 9500 a year. I am still learning about which things I can before off as part of managing the property so it may be slightly higher but I am sure it will be less than 25k so it sounds like I will be alright for now and I will look more into the RE pro designation when I start approaching that threshold.

Thanks for your help!

I am in the process of setting up a house I have recently purchased to be a rental property.

My understanding is that I be able to use depreciation of the asset to offset income from the asset so that the property shows paper losses for tax purposes.

I read that if you are considered a real estate professional you can use those losses to offset active income as well.

Since I work as a consultant to Commercial Real estate professionals I was wondering if I qualify to do this. Does anyone know if that is sufficient to receive that tax treatment?