All Forum Posts by: Chad R.

Some great answers, my intent would not be to spend the $$ on the investment property but to pay off the mortgage on the primary. Taking the rental property mortgage form 162k ->362k. 

I am in the process of moving to FL where I have 2 short term rentals. both with mortgages on and the new Primary will also have a mortgage. Is there a tax advantage if I do a cash out refinance of one of the rentals and buy the primary out right?

I like the idea of owning our primary outright, but doesn't that Mortgage interest on the primary get deducted anyway?

Thanks in Advance

Recently acquired 2bed 3 Bath condo.

Seeking to hire Cost segregation specialist in the area.

Thanks

Chad

My wife and I currently have 3 properties between us. Our primary residence and her original home are in NH. We have been renting her place to long term tenants for the last 7 years, she has owned it for 18 years. Our third property is in FL which we use for short term rentals. Her tenants recently moved out and we are looking into potentially selling but struggling with getting an Indepth understanding dollar amount of our Tax liability and depreciation recapture. 

We would like to relocate to FL in 3 years and are trying to figure out most cost effective way do this. 

We have known about 1031 exchange however are concerned with the 45 day time period and lack of properties to choose from, not to mention the extremely high cost of property at the moment. 

Other Info: 

Primary residence in NH has equity of $400k + 

Rental in NH has equity of $260k+ (Capital gain on $120k?) 

Rental in FL has equity of $280k (mortgage of $200k) 

We would also like to structure as a business or trust as opposed to reporting everything on our personal income. 

We are not opposed moving to her rental in NH for a couple of years, but this is the less preferred option. Eventually when in FL we would like to be set with our primary and 2+ income properties 

Looking for direction / possibly someone to work with on how to make this best work for us amd not the tax man. 

Thanks in Advance 

My wife and I currently have 3 properties between us. Our primary residence and her original home are in NH. We have been renting her place to long term tenants for the last 7 years, she has owned it for 18 years. Our third property is in FL which we use for short term rentals. Her tenants recently moved out and we are looking into potentially selling but struggling with getting an In-depth understanding dollar amount of our Tax liability and depreciation recapture.

We would like to relocate to FL in 3 years and are trying to figure out most cost effective way do this.

We have known about 1031 exchange however are concerned with the 45 day time period and lack of properties to choose from, not to mention the extremely high cost of property at the moment.

Other Info:

Primary residence in NH has equity of $400k +

Rental in NH has equity of $260k+ (Capital gain on $120k?)

Rental in FL has equity of $280k (mortgage of $200k)

We would also like to structure as a business or trust as opposed to reporting everything on our personal income.

We are not opposed moving to her rental in NH for a couple of years, but this is the less preferred option. Eventually when in FL we would like to be set with our primary and 2+ income properties

Looking for direction / possibly someone to work with on how to make this best work for us amd not the tax man.

Thanks in Advance

Hello All,

My wife had her own house when we met, we live in the house I owned. She has been renting her place out since 2014.

If we sell her place can we use her equity to pay down the mortgage on the house we live in without having to pay capital gains?

Her details:

Original purchase $190K

Upgrades (to finish 2nd floor/ windows flooring etc) $22k

Approx Value $300k

Her Mortgage balance $110k

We have been looking into options of combining equity, initially to build but not sure if the scenario above is possible. More details available if required. 

Thanks

Its inside to condo, with visible signs of corrosion on the outside.

There's no mention of the shut off anywhere in the report, all other plumbing components. I considered it pretty thorough/ actually too nit picky- until this came up

Home warranty Maybe?

Hi,

I purchased a condo in FL in November, we had an issue with the shower in the Main bathroom this week and had it resolved through a Home warranty (that we negotiated into our deal). However when the plumber was their he tried to isolate the water inlet to the condo and it wouldn't stop the water! 

The shower was fixed by them, however he said the water shut off valve wasn't covered by the policy...

1. The policy states it covers 'valves' ( does not specifically address Main shut offs), are we covered by the home warranty?

2. In the home inspection report there is no mention of this valve ever being looked at. Should it have been? and would we have any recourse now that we are left with the issue? 

Warranty is with First American Home warranty - Planning to speak with them first.

Hoping not to get burned here.

Thanks

Chad

My wife and I are just closing on our second rental property and I’m looking for some guidance. I’m looking for a way to protect income from ‘our’ taxes and to maximize the growth to enable us to start saving for property #3. This maybe in the form of some sort of company / holding. We both have full time jobs and are not looking to draw income from this. I’m also looking for guidance from anyone using ‘Cost Segregation’ as a form of claiming depreciation.

There must be someone who has ‘done this successfully’ that can share their knowledge and help us get to #3!

Thanks in Advance..

Thanks Melvin, That's what we are waiting to establish from the HOA, Fingers crossed...