All Forum Posts by: Andrew Thomas Vedder

@Melanie P.

hey thank you for the reply. A vacation rental would be nice but I would like to buy another house in the area for a quality of life improvement. 

My W2 income is 160K. I have a primary residence. I want to buy another home, move into that one, then rent out my current home. 

If my PITI is $2200, and rents in the area are $1800, can I use any of the $400 loss to offset my W2 income?

What else can I write off from my W2 income once I start to rent out my home? 

Thank you 

@Chris Seveney I could be mistaken but I believe a vehicle has to be used >50% of the time for the business. If I kept a daily log I believe an audit would not be an issue. 

Thanks for your contribution to this post. 

 Hey Joseph, thanks for contributing to this post. Ok this is what I thought. Yeah my plan was to keep my daily driver for my W2 and buy a truck for working on my real estate deals. 

I am a real estate agent that also has a W2 job. This year I closed on my primary residence where I acted as my own agent and earned a commission so I will have a 1099 from my brokerage at the end of the year. 

I am gearing towards buying my first BRRRR. I want to buy a pickup truck so I can complete some projects on this BRRRR. Can I purchase a truck and depreciate it over five years / use accelerated depreciation to defer the cost?

If I can do this, let’s say I purchase a truck for $50K. Can I depreciate it over five years. For simplicity sake let’s say I sell the vehicle for 20K after it’s fully depreciated after five years. I would owe 25% of that, 5K to the IRS correct?

If anyone could provide guidance on this I’d appreciate it. Thanks BP

 Are you happy with your decision? What strategy do you use for the equity you’ve built up in your primary to further your investments. 

Thanks for the reply. 

 Sure thing. CIT Bank. Minimum deposit of 5K to get the 4.85%. Was relatively quick and easy to setup. 

Hi Linda,

Sounds interesting, I’ll take a look if you care to share. 

No debt here, not even a car payment! 

Yes I’m going to keep adding savings to my high yield savings account and save for a 6 month safety net on both my primary and my rental property then add onto it for a down payment. 

I'm very interested in a hard money loan for a BRRR. Being able to take most of my money out after the refinance stage is the most important variable for it being a success. I understand finding a deal that fits this criteria is hard but if I drive around enough and knock on enough doors surely it will happen.

Thanks for your contribution to my post.