All Forum Posts by: Angelo Llamas

My cousin that I have been trying to get on BP has an interesting situation. He bought a home for himself in Lodi California but work in the Bay Area long story short he can’t deal with the commute anymore and decide to stay with a buddy close to work. He’s wondering if he should rent it out but he did purchase the home and live in for months and has an fha loan. So if he were to rent it out wouldn’t that show up on his taxes and say if the bank finds out and is okay with what would he do with it on the tax side of things would he report it as soon as it it’s in service or what would he do for tax purposes. Or just wait until a year passes and he can rent it out  

I’m doing medium term rentals and I’m breaking even cash flow wise. Some months I’ve unfortunately had to pay like $150 out of pocket but I’m Planning on holding long term wise and the let the rental bare fruit later in my life because I’m only 22 and just wanted a base hit or a rental in a great neighborhood. I’m self managing myself but the tax side of it is a little confusing to me but I’m recording everything involved as far as maintenance, traveling, expenses etc. just want to know what some people would do in my situation or what to I can benefit from come tax season 

I’m a little confused on what happens when your rental breaks even and you do tax breaks or write offs for maintenance , travel, etc. Does nothing happen or you don’t get anything since the property is not generating income or do you not do it at all to begin with? Might be a silly question just new to it all. thanks a lot! 

Awesome and as far as tax deductions do you still do them to get a return or do you only do those so you don’t get taxed on your rental income 

Recently bought a rental that I am living in and will start to renting it out early next year. I’ve done my calculations and have seen that I will be breaking even with this investment day one. On a rental that’s not generating income is it any different book keeping wise then you would for a rental that’s is making money Or what are good things to know or learn Thank you !

I recently bought a property am living in it and after a year plan on classifying it as a rental. During that transition phase once i get rental income what should i begin to account for or change or tell my CPA to make my taxes go smoothly 

Awesome man thank you if you don’t mind me asking where are you investing and what strategies have worked for you. Long term rentals ? 

Any insight on neighborhoods that you believe may be good for medium term rentals. Or any nicer neighborhoods that you’ve seen work well or would prefer to invest in

I’m looking into Modesto does anyone have any insight on areas that are good or to stay away from. 

quick question before investing is it prudent to find a CPA before acquiring a property or is after okay