All Forum Posts by: Jim S.

I recently had a deal fall through as a result of major inspection issues. I had already requested an appraisal + loan application fee + was using an attorney so overall I'll be ~$2k in the hole.

I'm fine with that, better than getting stuck with a money pit for 20 years. My question is can I deduct these expenses somehow?

I have one rental property in Colorado, this purchase was in upstate NY. I intend to buy a different property in upstate NY instead.

Is there a way to either generically write off this loss or  less preferably add to the basis for another subsequent property in same part of upstate NY?

Perfect, thank you Jared!

My current understanding is that my DTI will actually get worse as I acquire more properties even if they have comfortable cashflow margins. Example below to try to explain what I'm thinking.

-----------

Let's say salary from my day job is 100k. I get a mortgage/insurance/etc. on a property that costs $25k/year, is currently vacant and I have no other obligations to keep it simple. My DTI is 25/100 = 25%.

My property now rents out at $40k a year, a $15k margin so I decide to invest in another identical property. My income should now be 100k + (75% * 40k) = 130k/yr, and if I buy a new property my expenses will be $25k (old) + $25k (new). 

My DTI for the new mortgage is 50/130 = 38.5%

-----------

Is this the correct way to look at this? Will my DTI get worse even as I acquire profitable properties or am I calculating this incorrectly?

My lender has been telling me that since I have 2 years of short term rental history on my ski condo w/ tax returns I should be able to count 75% of that as income.

We're about to see if it's true - just put an offer in on a place 10 minutes ago :)

Yep title basically covers it. I'm from the Albany area but currently investing from Denver. Would like a realtor that can do some FaceTime showings for instances where I can't head back in person.

Has anyone worked with a good REI realtor in this area?

Thanks!

@Brett Pirie That's good context, did not think of that possibility.

That's an amazing deal. Just getting started on some basic buy & holds here but eventually that is the exact kind of move I want to make.

Great resource, thanks for sharing!

I'm an Albany native living in Denver currently. Thinking of buying a place in downtown of either Troy or Albany - for a buy & hold w/ 30 yr horizon which market looks more promising?

I know when I come home for the holidays at least and meet up with friends Troy is where we end up grabbing drinks. Doesn't mean the job/rental market is there however.