All Forum Posts by: Brian Nordman

Edmund Ricker awesome that is great information thank you! Say I use 50% since we will be using the house equally will I then be able to deduct 50% of the depreciation expense from the gross income I get from my roommate to help offset my tax burden?

So I just had an offer accepted today on a 2 bedroom 2 bath SFH. I have a friend who is going to be renting out the second bedroom from me. I know when you live in one half of the duplex and rent the other you're able to take half of all maintenance expenses as deductions as well as half the interest expense and so on. Is the same able to be done even if the unit is a SFH? My hope is that I can still take half of all these deductions on my tax return for next year as well has deduct half of the depreciation expense incurred from the rental income to offset my taxable income. Is anyone aware if this is possible and legal?

Christopher Phillips wow thank you Chris you just answered my entire question! It was basically the outcome I expected but I wasn't aware of the limit on income to solely my future wife's if I were to use my eligibility now. So I appreciate that information!

Long story short....if you use a First Time Home Owners grant before you are married are you able to use this grant again once you're married and your spouse has not used their eligibility for this grant? Any help will be appreciated!

I'm looking into doing a deal and I've been made aware of the First Time Home Owners grant to be used on the down payment and closing costs. I'm currently single at the moment but will likely be getting married within the next few years. I want to use this grant on my first investment property while I house hack. But my concern is that if I use this grant now, my future wife and I would not be eligible to use this grant on a home of our own. If once we're married, we were to put the purchase of a new home in her name would be still be able to use this grant since it's technically her first time being a home owner? I know this is a strange question I'm just hoping someone has had some sort of advice on this situation.

@Ryan Murdock That is a good thought that hadn't crossed my mind. Is this something that you've heard of lenders doing?

@Darren Budahn That makes sense. The lender just suggested that I have the broker see if there were any possible comps before I spent the money on the appraisal and then have the lender tell me it's not good enough and a deal can't be done.

I'm currently in the process of trying to get a deal done one a duplex. I've been in talks with both a lender as well as a broker about the property. The lender informed me they would need three comparable properties to base the appraisal off of that have sold in the last 6 to 12 months in order for the loan to go through. If these three properties cannot be found the loan will not happen. Being in a small town there are not many properties similar to this one let alone ones that have sold in the last 6 to 12 months. If the broker cannot find me enough comparable properties what is recommended that I do? Can condos be used as comps for a duplex? Any help is appreciated!

I have a deal that I'm currently trying to get done on a duplex. Being in a small town the lender is worried we may not be able to find three comparable properties that have recently sold to base the appraisal off of. Will this stop my deal dead in its tracks or is there something I can do? Are condos able to be used as a comp for duplexes? Any advice is appreciated!

Ariel Bullinger oh wow okay. So either the duplex cannot be a part of an HOA or if it is it just has to be approved by FHA?