All Forum Posts by: Clarke Wegener

@Account Closed Thank you for the input sir. My rental income should always be more than my depreciation so that's good news that I keep that deduction. Any input on whether I'll be able to write of taxes and insurance?

Hello all. I have a question my fiancé and I have been mulling for a few months. We want to get married but neither of us are so enamored with the idea that we're willing to take a huge tax hit over it. But we just aren't too clear what the tax penalties would be. She earns enough in her W2 job that if we file jointly it will severely limit (or eliminate completely) what I'm able to expense on my rental properties. I also have a W2 job so our combined W2 income and my passive income also make the AMT a factor. Real problem to have right? I know. I'm not complaining but I would like to hear what the BP community has to offer by way of your own personal experience or even professional advice. 

Thanks @Jeff Fields and @Kurt Hines super stoked about this site! I'm in the process of refinancing a property I had paid off. I'll use the proceeds to purchase the two properties I have contracts for! Getting great ideas from BP so far!

@Ramon Huerta

Nice to see some Michigan investors on here. Thanks for tips. There's plenty here to get overwhelmed with. But overall great information. I can't believe looking for local groups never crossed my mind before joining this site.

Hi guys! Thanks for the welcome and thanks for the suggestions! I've looked at the beginners guide a bit but will be sure to give it a thorough read. @Michael S. @Account Closed 

Thanks man! Just what I was looking for!

What a website! I've been reading the blogs and forums and listening to the podcasts nonstop since I found BP a few days ago. Thanks for everything so far and I'm looking forward to a great relationship! Here's a little about me in order to meet some like minded and similarly situated people to share wisdom and advice. I'm 46 and started property investing in 2007. During the first whiffs of the crash I bought a real beater! Its a three unit in Bay City, MI. I was immensely confident in my construction skills and my network. I paid a little too much and put a little too much money into it. Money well spent for the lessons I learned. It's cash flowing fine now and I own 6 more in the same market. I got progressively better at the game with every one. I'm a journeyman electrician with a BA in accounting and business,some other degrees, and plenty of construction and mechanical experience. I found property investing to be the perfect fit for who I am. I call it my passion. Anyway, I'm super excited about the site and hope to learn some lessons for way cheaper than my first!

Great thread. I'm back to working a full time job after enjoying living on only my passive income for 18months. My number was $2000/month. It's cheap where I live and I had VA health insurance and no vehicle payments. It was a nice break. But I saw that I couldn't grow to my next freedom number while living on my first number. As a matter of fact I couldn't upgrade my vehicle or replace a furnace on that first freedom number. I'm going to try "retirement" again when I hit $5000/month. Having a regular job while investing in passive income sure hastens the pace. I've been back to work for 6months and I'm already in the process of closing on my next two projects. My first time for a two at once.

"Polititions, like generals have a tendency to fight the last war." I would expand that to include investors strategizing to beat the last bubble. We experienced a once in a lifetime event in 2008 and 2009. I don't believe we'll ever see a national residential property bubble burst again. I've been waiting since 2010 for the commercial bubble to pop but it's turning out to be just a slow deflate instead. I digress. My advice here, for what it's worth, is to stategize over the coming inflation. Pour all your money and all you can borrow into hard assets whose cash flow will keep pace with inflation. I'm a buy and hold residential real estate investor so I may be biased. Back to the mantra though, buy low sell high. If you can get top or above market price for a property, by all means take some profit. Just be sure to invest that profit versus sitting on it or blowing it on something that won't help you in an inflationary environment. Just my two cents and the strategy I pursue currently.