All Forum Posts by: Audrey X.

@Carl Kallgren IV

As a tax lawyer myself, I suggest you talk to an accountant first. You'd be surprised how many incompetent/inexperienced lawyers there are our there. An accountant specializing in real estate has industry experience. They can easily handle any questions you have for a first deal.

@David Smith

Most condos have rental restrictions. Can't have more than 20% rental due to warrantability for mortgages. Check the HOA governing docs.

I ended up using a company called Atlas 1031. Very fast turn around. I had to remind them a few times of deadlines but they did a good job overall. They didn't run away with my $ so that's a plus. Lol. http://www.atlas1031.com/

@Xavier Cabo

Hi Xavier,

A buddy of ours does high-end millwork including custom closets. He's currently building a custom wine closet for us in ATL. Highly recommend.

@Elijah Wichers

Sounds like a recipe for bankruptcy. If you don't have the $ to avoid PMI, it is too risky to acquire multiple properties. It costs $ to maintain properties after you buy them. All your cash flow will be eaten up by PMI and you won't have adequate capital for unexpected expenses. Don't make the rookie mistake of overleveraging.

@Andrew Chong

Just remember your capital will be tied up for at least 6 months before you can refinance.

@Jose Contreras

Real estate investors have plenty of federal tax benefits as is. You just don't understand it.

Trust a professional. If something sounds too good to be true, it probably is a scam. Good luck.

@Jose Contreras

Your CPA is correct. You are not a "real estate professional" for tax purposes. That is a defined term in the tax code, not your every day jargon.

Don't try to use real estate to reduce your taxable income on paper. That's tax evasion. If you have a profit, pay the tax.

@Mike Adams

Active participant rule: A taxpayer who is an “active participant” in rental real estate may use up to $25,000 of loss to offset non‑passive income. This exception is phased out for taxpayers with a modified adjusted gross income (MAGI) between $100,000 and $150,000 for the year.

@Damien Lee

Love the Mayfair Tower. Great location but not for renting. Those units are better suited for rehab flips or long-term appreciation. Your deal analysis is on point. Cash flow SFH rentals are ideally in the $100k range, but those are non-existent these days. Market is too hot. Multifamilies are overpriced too. With the amount people are asking these days, you might as well build new than purchase some beat up unit you'd have to keep fixing.