All Forum Posts by: Christopher Morris

Quote from @Julio Gonzalez:

@Christopher Morris His scenario is much more complicated than many recognize. And some of it is due to losses being carried forward for years that he is now able to use to offset against gains. His portfolio is also not 100% real estate, so it's due to a multitude of factors. Just want to help set expectations!

You do not need an LLC to qualify for 100% bonus depreciation. If you have an FHA loan are you house hacking or is the property a personal residence? Only investment properties (or the non-residential portion if you are house hacking) is eligible for a cost segregation study. You do not need to have REPS status to qualify, but it is typically helpful.

Here's an FAQ on cost segregation studies that you may find helpful. Please reach out if you have any questions.

https://www.biggerpockets.com/forums/51/topics/1113749-cost-...

Yes I am house hacking a duplex, thanks for the helpful info!

I was just using trump as an example… I didn’t mean to compare his situation to mine. 

Thank you for the great info!

Hello BP,

I'm just learning about 100% bonus depreciation and how Trump pays no taxes… who qualifies for that? Does the property need to have an LLC in place? Does it matter that I purchased with an FHA loan? Do you have to be a "real estate professional" to qualify?

Any advice would help! Thank you 

Hello BP, 

Any suggestions on a split unit ac / heat window unit? I have an attic that is finished but has no heat or AC. Not trying to spend an arm and leg on this... Any recommendations would be helpful! Thanks 

That is some great info, thanks!

Hello BP, 

I just started looking for 1 year lease tenants in my duplex over in Northern NJ. It’s been a few weeks of my first unit on the market but I am confident I can find a quality tenant. 

But when talking to my neighbor who owns a few similar properties… he swears by Airbnb. That’s definitely something I want to get into, but never thought I’d be able to do that in my first property. 

BP, what would you do? Is it odd to have one unit be a year lease and the other unit Airbnb? Would you dive right into BnB with your first deal? I’ve done very little research on what it takes to furnish / maintain a Airbnb property but I imagine it’s not the easiest. 

Would love some advice, thanks! 

Quote from @Ryan Muska:

Quote from @Christopher Morris:

Quote from @Jake Handler:

Why not explore the new 5% down conventional allowance if your situation allows?

Yes, I will be exploring that. But from my understanding, the 5% conventional is still an owner occupied loan. Which means I can't have the FHA and 5% conventional at the same time. Is that your understanding of the new rule?

This is not the case. You can have an FHA loan on the home you are leaving and still get a conventional primary mortgage on the new home.

So you are saying I can have an FHA and 5% conventional at the same time? 

I was under the impression if I went the conventional route I’d need at least 25% equity in the property since it’ll be considered an investment property. FYI, these are duplex properties. 

Quote from @Jake Handler:

Why not explore the new 5% down conventional allowance if your situation allows?

Yes, I will be exploring that. But from my understanding, the 5% conventional is still an owner occupied loan. Which means I can't have the FHA and 5% conventional at the same time. Is that your understanding of the new rule?

Hello BP,

I'm currently working on getting tenants into my first duplex. I used an FHA for this property and already have the itch to get the next one… I've heard many times on the BP podcasts to FHA the first property, refinance to conventional, then FHA property number 2. Repeat.

It sounds like a great idea and one which I’d like to do, but I feel it’s harder to do that than said. 

Are there any issues when it comes to refinancing and transitioning into another FHA? Are there waiting periods for this process? Any tips and advice would be greatly appreciated!

Hello Kislay, thank you for doing this with the BP community. I’m sure many appreciate it!

I just purchased my first house hack a month ago and have been doing a decent amount of renovations (adding walls, doors, painting, adding a new kitchen and plumbing, electrical work, switching old lights out) 

Im expecting my first tenant and rental income to start on Jan 1st. What would be the best way to offset my W2 and how do I go about depreciation (I know very little about this)? Is there anything else that would help me on taxes?

When should I start working with a CPA?