All Forum Posts by: Anthony Wright

I have a .25 acre lot that I own free and clear just west of downtown SLC. Ideally I would try and maximize density but the city will only allow a SFR. I am curious how to go about building a cheap home on the lot to add to my portfolio and increase my monthly cash flow. I am mostly just looking for a bare bones cheap simple build or manufactured home.

In July I purchased another rental in the East Sugar House neighborhood in SLC UT. The home had not been renovated/updated since the 1950's. I gutted the home, redid all of the electrical, plumbing, bathrooms, kitchen, flooring, and many other structural and cosmetic changes. Now that it is tax season, I am curious how I can best reduce my tax liability. I understand that a capital expense is supposed to be depreciated, but can i do accelerated depreciation on the repairs, or do i need to amortize them over 27.5 years. Also with only owning the home for 6 months of the year do i only do 50% of the normal depreciation?  Does anyone have any good guidance on what counts as an improvement vs a repair? And what supporting documentation would I need to provide to the IRS if i am audited? 

Thanks Jennifer! I understand the first paragraph but could you explain the second and third more? When you get money from your own network does that not count as a gift that you will need to pay tax of 50% on?

and what do you mean by asking the seller to leave into the property? it may not work on this deal but maybe a future deal.

Thanks

I am curious if anyone knows of a lender who will take a low down payment < or = to10% on SFR investment properties in the SLC or Utah Market. I would like to avoid hard money lenders but not opposed to the idea.

I started with conventional, found seller financing for the next, have also done owner occupied so a mixed bag really. If seller financing is available I love doing that but it is hard to come by now a days. How about yourself? 

Hello Bigger Pockets community,

I am a 24 year old owner and manager of multiple rental properties in Salt Lake City, UT. I am here to learn how to keep growing my business and hopefully become my own boss. I am looking to exchange knowledge about real estate investing with other individuals with unique strategies.