All Forum Posts by: Amanda Swetman

Looking for y'alls input. My husband and I are looking to purchase a property as an Airbnb. The cost of the property is 450k. My husband is a real estate professional and with this being an Airbnb that I will self manage, I am able to qualify as a material participant in the property to qualify for bonus depreciation. With the research I have done, a cost segregation and bonus depreciation can save you 20%-30% of the purchase price in that first year. This is exactly what we are needing for this year and is most likely a deal breaker for us purchasing if we cannot get that bonus depreciation. I have been trying to set up a time to chat with our CPA but his schedule is very busy. I will ultimately not make a decision until I speak with him but I wanted to reach out and see if any of you that qualify as a material participant have had luck with this on a SFH.

Looking for a CPA In Texas or Austin. 

My husband and I are looking into becoming an LP in a multi family deal in Austin as a way to use accelerated depreciation to help out on our taxes. My husband is a 1099 and I am a W2. This will be our first year with both of us having a significant income jump. Even though I am 100% commission, I am unfortunately still a W2 and cannot write off anything..

Our current goal with the knowledge we have would be to invest in a syndication every year to use accelerate depreciation or lower our taxable income each year. Im having a hard time finding actual case studies with logistics of the actual process you have to go through with accelerated depreciation so I can do my due diligence on this deal. Every website just says “depreciation will help on your taxes” Looking for any insight you all might have. And yes I know most of you are not tax professionals.

What is a cheap home owners insurance policy for an owner occupied situation?

Thank you for offering your advice! I currently own 1 property that I owner occupy as a short term rental. (I list it as a whole unit and reside with my boyfriend when my unit is rented) This unit is legally my primary residence. I know that when doing your taxes for depreciation you can deduct depreciation from the time the unit is "in service". Does that rule change for a primary residence but also a rental unit? For Example: a regular rental unit that was "in service" from Jun 1 - Dec 31 would deduct 1.818% for depreciation as being in service for half of the year. (on a 27.5 year depreciation) For a primary residence short term rental, if my unit was still in service from Jun 1- Dec 31, but only 3 months were rented, would I have to only take depreciation for the days it was rented since it is also my primary residence?

This may be confusing, but let me know your thoughts. Or any differences you can think of with this also being my primary residence. 

Thank you!

Amanda

My boyfriend and I already own two properties which maxes out our debt to income in looking for our third deal. I have heard of some podcasts saying “the bank wouldn’t give me a loan so my parents took out the loan.” Our particular friend wants to be a passive investor and wants their money back as quickly as possible. What are some strategies for this?

@Scott MacDonald When is the next meet up? Do you have a meet up.com group?

My boyfriend and I have acquired our first rental in Austin TX! We got this property specifically because the city will allow you to build a 1,100 sf home on the back of the property (ADU accessory dwelling unit) Our goal was to use private money from a family member to fund building the back unit. What are the legal logistics that need to be done working with private money. They will be paying for 100% of the build and permitting and then we will turn it into a mortgage at the end of construction. We will do an 8% interwst rate with a balloon payment at the end. Are there any tax benefits for our private money lender? Can they literally just write checks to subs and contractors and then when we finance a mortgage in the end we hand them a check back? Thanks for the insight!! Amanda

@Junior Picanco Where so in Texas? We’re in Austin. We just picked up our first deal!

Hi there! My boyfriend and I are in the middle of our first deal in the East Riverside area. We will be attending your meet up for the first time! Thanks! :)