All Forum Posts by: Amy Gardner

Thank you! Yes, I think I will need to diversify in order to sleep at night. Too much uncertainty!

I have had a very positive experience in Santa Barbara County, CA and am considering renting a second unit out to Section 8. However, I am a little concerned with the long-term viability of this strategy, considering the cuts from the current administration. I echo Travis' comment about the rent coming in steadily being a huge perk, and I don't mind the inspections as it makes my tenants keep things nice and me informed. The housing authority has been really easy and efficient to deal with, even through annual rent increases (which was a bit of a learning curve from my end).

I have a duplex in Santa Barbara County. One side is rented at market rate to a family with section 8. It has been a very positive experience. The other side is coming up for rent. At this point no new vouchers are being issued, but none are being taken away. With our current administration making sweeping cuts to government programs, what are your thoughts on the section 8 program and HUD in general going forward? I am hesitant to put all my eggs in that basket, but the market demand in that area is significant.

Hello,

My CPA recently told me that the $50k we spend last year can not lower our tax burden because I have too high an income? Something seems to be missing here...I have never heard of this on any of the podcasts (I don't think). Perhaps deduction is not the right word? We replaced flooring, window treatments, painted the interior, made major upgrades to the termite infested exterior, and more. This is what our CPA says:

"The rental real estate loss allowance is a federal tax deduction available to taxpayers who own and rent property in the U.S. Up to $25,000 may be deducted as a real estate loss per year as long as the individual's adjusted gross income is $100,000 or less. The deduction phases out for individuals earning between $100,000 and $150,000. People with higher adjusted gross incomes are not eligible for the deduction."

I make $110k per year from my W2 before taxes and I live in CA. My husband makes about the same and we file jointly. We do not have the rental property in an LLC or S-Corp. Any ideas on how to optimize the $50k we spent to upgrade our rental would be much appreciated. We filed an extension and are about to finalize for 2022.

Many Thanks!- Amy

Hello,

I'm interested in a MFU which is fully occupied. It is also showing signs of termite damage which needs to be repaired and treated. From what I have read, tenting is the most effective way to treat termites (although the recommendations are a more cut-and-patch type method of affected areas). If I decide to go for it and determine that tenting is the best solution, how does one deal with tenants for the three days of tenting? Would I be required to get them hotels for the duration? Thanks in advance for your input!

I have a fair amount of cash saved up for a down payment which I have pondered about using to buy an investment property with my father who has very little retirement savings/plans. I am thinking we could buy something together for around 120k in GA and rent it out, hopefully covering the mortgage and then in 10 years, when he needs the money, and if markets are agreeable, we could sell and that would help both of us out, especially him. My issue is this: I live in CA and can not afford to buy a home for myself out here, which I would ultimately LOVE to do. I do have the money to purchase in GA, but since I would not be living there I would not get the 1st time home buyer's interest rate. I can't decide between waiting and saving another 10k (or 20K) to buy out here in CA where the prices have never been higher or put my money to use in GA while I save, giving up that 1st time buyer's sweet interest rate. My father can not live in the rental because I want to keep it in my name only for various financial reasons. Any insight is greatly appreciated!