All Forum Posts by: Eric Jones

Hey Everyone!

We are beginning our search for another STR (currently have one in the Smokies) and Rodanthe keeps popping up. I am in the early stages of research, but beach erosion appears to be a big issue there. We would like a beach front property (I have learned I want the it factor in a market), but I really don't want to see one be washed away. I found a few older threads but couldn't find any new ones on the area. Does anyone have property there that would like to chat about the area?

Thanks!

Eric

 I’ve been trying to work with them. They wouldn’t even call me until today. Can I propose that the money be used as part of the first payment instead of going straight to the principal?

I recently bought a home and the seller brought credits to the table. This was a 20% down second home and the credits ended up making it so I did not need to bring the full 20% down to the table. However, the bank didn’t catch this (and I didn’t realize it was a rule I had to bring 20% and seller credits couldn’t be part of this). We are several weeks post closing, and the bank is calling saying that I need to bring additional money to the table. They want me to essentially pay the difference to them, and then they will reduce my loan by that amount.

 I am waiting to hear back from my lawyer. It’s around $2,000. I would obviously rather have that cash then the loan reduction. Are there any other solutions to this?

Thanks!

Thanks Jason. This puts me more at ease! I am also going to be looking at umbrella insurance. I have heard you typically have to use your car insurance provider for this. Is that true?

Thanks! It's more around how to policy is structured. It covers all sorts of things not related to owning a home which has me wanting to make sure it is what i actually need. The policy was less than others in the area, but around the home it has all the coverages I need. Ill send you a DM with a picture of the policy. I appreciate it!

I recently bought a STR, and am using Erie. The policy is a ErieSecure Business policy. Does anyone have any history with this? Thanks in advance.

Check out the Tax Smart Real Estate Investors Podcast. Its also called The Real Estate CPA Podcast on Apple (they cant get the name changed for some reason). They have several episodes on there and walk through some applicable court cases. I wont give advice as I am literally setting up a STR right right now and about to use the STR "loophole"..but that podcast and their Facebook group have been an amazing resource.

 Kevin, did you have to do anything to prove it was passive income? I ask because I am going to do a cost seg study on a property I am buying next month. I want to use the cost seg study to offset W2 income, which means its no longer passive. I don't see why Tennessee would ever need to know this..but am curious on what documentation they need to prove the income is passive. 

Thanks!!

Hey everyone! I am about to make an offer on a house full furnished. I have heard it would be advantageous to have written into the contract a price for the furniture. Will this help when doing bonus depreciation? Thanks!